The DYM token is the native asset of the Dymension blockchain, with an initial total supply of 1 billion tokens. Dymension employs a dynamic token issuance process, where the issuance rate is algorithmically adjusted based on the proportion of staked DYM relative to the total supply. The system targets a 67% staking ratio, with issuance rates varying between 1% and 10% annually, depending on whether the actual staking ratio is below, at, or above this target. These parameters can be modified through on-chain governance. The token plays a vital role in maintaining the network’s integrity and facilitating various functionalities within the Dymension ecosystem. For more detailed information, you can visit the Dymension Docs.
The Dymension blockchain conducted an airdrop, which was a significant event for the platform and its users. Here’s an overview of the key details:
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Airdrop Scope: Dymension announced a token drop targeted at over a million crypto users across various chains and projects. This airdrop was part of the network’s promotional strategy to increase awareness and adoption of its technology and native token, DYM.
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Token Allocation: The airdrop involved distributing a substantial portion of DYM tokens. Specifically, 70,000,000 DYM tokens were allocated for the airdrop, representing 7% of the total supply of Dymension’s native token.
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Eligibility: The airdrop was open to a diverse group of users, including those involved with Ethereum Layer 2 solutions, Cosmos, Celestia, Solana, and various NFT holders. Eligibility criteria were based on different parameters, such as staking in specific platforms or holding certain tokens or NFTs by a designated snapshot date.
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Claim Process: Eligible users were required to visit the Dymension airdrop claim page, select a chain, submit their wallet address, and then claim their tokens if they were eligible. The tokens were then locked and scheduled to be distributed to the provided Dymension address.
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Timeframe: The airdrop had a specific claim period, with users having until January 21, 2024, to claim their tokens. After this period, unclaimed tokens would be reallocated to those who had already claimed.
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Additional Incentives: There were also additional rewards for users who bridged tokens to the Dymension network after the genesis event.
This airdrop was a strategic move by Dymension to widen its user base and incentivize participation in its ecosystem, which is centered around modular blockchains called RollApps and the Dymension Hub. The Dymension platform is built using the Cosmos SDK and Celestia Data Availability layer, emphasizing modular architecture and efficient data management. The airdrop is now over, there are lots of scams out there saying you can claim so please be aware and only follow Dymension on X for all the updates.