A day after Dymension, a Cosmos-based RollApp platform, airdropped 700 million tokens to users, DYM is trading for $5.60—around 58% higher than it was yesterday.
It now also has a staggering $5.6 billion fully diluted valuation, according to CoinGecko data. Keep in mind that fully diluted valuation pretends that a coin’s fully supply is circulating in the market, even if that isn’t the case.
The overwhelming majority of trading has occurred on Binance. Altogether, DYM has seen $511 million worth of trading volume in its first day, according to CoinGecko.
Dymension launched its mainnet on Tuesday and distributed more than $390 million in DYM tokens through an airdrop targeting early users and communities across Solana, Ethereum, and other networks.
The airdrop involved 700 million DYM tokens, representing 7% of the total supply.
Dymension is a layer-1 blockchain enabling developers to deploy app-specific chains, or “RollApps,” using Cosmos technology and the IBC protocol for cross-chain connectivity. The “genesis rolldrop” reached over a million unique wallets but only about half claimed their share.
But there’s already concerns about how staking has concentrated 35 million DYM tokens—and with it, more than 44% of total voting power—with just one validator: Big Brain Staking. The Dymension team hasn’t yet commented on the concentration of staked DYM tokens or said anything to reveal the identity of the validator.
35 MILLION $DYM Delegated to Big Brain Staking
44.49% of Voting Power
APR was around 1,100% and fell to under 200% within the first 3 hours. That’s JUICY returns, while users scrambled with no info on how to stake.
Who is Big Brain Staking @dymension ?
Wen Decentralization? pic.twitter.com/0RwhesL4rw
— Airdrops (@Airdrops_one) February 6, 2024
In the early, volatile days of the DYM token dropping, the Dymension metrics dashboard still promises 65.32% APR on staked tokens. But that’s liable to change. It’s already dropped by 98% since yesterday.
DYM’s airdrop ranks as the second-largest by value so far of 2024. It follows decentralized exchange (DEX) aggregator Jupiter on Solana, which airdropped 1 billion JUP last week—which, at the current price, puts the total value of that drop at $527 million.
Dymension’s tokenomics include a total supply of 1 billion DYM, with 7% allocated for airdrops, aiming to distribute the native token to support the ecosystem’s security, growth, and the sustainability of RollApps.
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Source: https://decrypt.co/216228/dymension-first-day-gains-big-brain-staking
