Dymension, a layer-1 blockchain built on the Cosmos network, has recently launched its mainnet and native cryptocurrency, DYM. Hours after the $403 million DYM airdrop distribution, the asset’s price has skyrocketed by over 2,500%.
What is Dymension?
Founded in 2022 by its co-founder and CEO, Yishay Harel, Dymension adopts the modular blockchain structure. It implies that several layers are specifically assigned to different functions to improve overall performance, scalability, and efficiency.
Dymension touts itself as a “network of easily deployable and lightning fast app-chains, called RollApps.” The protocol uses the Cosmos technology and the inter-blockchain communication (IBC) protocol to standardize rollups and connect with other blockchain networks. Through RollApps, developers can select any compatible virtual machine and token.
Before the mainnet deployment, the project launched its Genesis Rolldrop, a reward program where more than a million addresses were eligible to partake in a claim of up to 70 million DYM tokens (7% of total supply) from January 2-21.
Users from other blockchains, such as Solana, Cosmos, Celestia, and Ethereum L2 networks like Arbitrum, Base, Optimism, and Blast, were welcomed to join the Rolldrop. Holders of certain NFTs, like the Pudgy Penguins, were also welcome to join the claiming process.
Dymension’s DYM Token Explodes
After keeping its testnet open to developers for several months, the Dymension team has now deployed the mainnet.
The mainnet launch was accompanied by the DYM token distribution to participants’ wallets. Shortly after the crypto asset was airdropped into these wallets, DYM’s price surged rapidly from $0 to as high as $6.02. At the time of writing, DYM traded at $5.77, representing more than an applaudable 2,500% gain for holders.
Source: CoinStats
Hours ago, a handful of centralized exchanges listed the flourishing DYM cryptocurrency. They include Binance, ByBit, and KuCoin. Note that U.S. citizens are not eligible to partake in the airdrop.
Meanwhile, DYM’s airdrop success ranks it among the successful airdrops that have occurred in the crypto market within the past few weeks.
