DYM surges 40% following distribution to over one million users
The listing on major centralized exchanges, such as Binance, might have a role in the price leap registered by Dymension’s native token.
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App-chain infrastructure Dymension released its mainnet today, opening the claim period for its native token, the DYM. Two hours after its debut, the token jumped 40% after being listed on major centralized exchanges, such as Binance.
Over one million addresses qualified for the airdrop of 70 million DYM units, which accounts for 7% of the total supply of the crypto asset. Dymension team used different criteria for eligibility, such as interactions with Ethereum layer-2 blockchains, Celestia (TIA), Cosmos Hub (ATOM), and Osmosis (OSMO) staking, and activity on Solana.
According to DYM tokenomics, 80 million tokens were issued today, which is 8% of its 1 billion supply. At the current price of $4.63 registered at the time of writing, DYM now holds over $370 million in market cap, and over $4.5 billion in fully diluted value.
Dymension is an infrastructure aimed at facilitating the creation of blockchains of specific purpose, commonly called app-chains. Since those app-chains are created on top of layer-1 blockchains, they received the name ‘RollApps’, a mix of rollups and applications.
This new project comes in a new wave of protocols, such as AltLayer and Celestia, betting on modularity to solve Web3 scalability problems. A modular blockchain serves as the foundation on which other chains are built, with their own set of rules, native tokens, and purposes.
To make it possible, modular blockchains like Celestia separate their execution layer, where transactions’ information is processed, from the data availability and consensus layers.
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