On February 6th, Dymension announced the launch of its mainnet. The community has also received the second batch of DYM rewards. Due to the wide range of Dymension's airdrop, users who stake 1TIA, participate in Blast staking, or hold Pudgy Penguins can receive airdrop rewards, bringing considerable profits to the community through this "all-inclusive" airdrop.
Prior to the launch of the Dymension mainnet, Binance had announced the listing of Dymension (DYM). Despite some community speculation that the price of DYM would be between 3-5 US dollars, DYM briefly surpassed 6.62 US dollars after being listed on Binance, with a price of 6.48 US dollars at the time of writing.
After experiencing the unexpectedly pleasant airdrop, the community turned its attention to how to earn more profits with DYM. Currently, the number of active addresses on the Dymension mainnet has exceeded 530,000, and the staking APR for DYM is 39%. In addition to staking rewards, there may also be potential airdrop rewards from projects collaborating with Dymension in the future. This article by BlockBeats introduces how to stake DYM through MetaMask and Keplr wallets, as well as potential staking airdrop rewards.
Staking DYM Tutorial
Staked DYM tokens will be locked for 21 days. If you want to sell DYM tokens, you will need to unstake and wait for 3 weeks. Currently, DYM can be staked using MetaMask, Keplr, and Leap wallets, and users can choose the appropriate wallet based on their needs.
Staking with MetaMask requires staking on the Dymension mainnet after connecting the wallet. Keplr wallet provides a link to the dashboard on the plugin side, allowing users to stake on the web interface provided by Keplr and conveniently view token holdings and staking status on the Keplr plugin side. Leap wallet provides staking functionality on the plugin side without the need to navigate elsewhere.
Using MetaMask Wallet
Navigate to the staking interface at https://portal.dymension.xyz/dymension/staking, connect the MetaMask wallet, and the interface will display the amount of DYM held and the staking status.
Slide down the interface, select the validation node, and click "Stake" to enter the interface. Since the ranking of validation nodes may change, it is recommended to stake with multiple nodes and avoid nodes with particularly low rankings to increase the probability of being included in future airdrop lists. Enter the amount of DYM to stake in the pop-up interface, and click "Stake" again to stake.
After the signature is approved, return to the top of the page to view the staking status in "My Delegation".
Using Keplr Wallet
Since Binance does not support the format of Keplr's wallet, DYM needs to be transferred from MetaMask to the Keplr wallet. In the Keplr wallet, click "Deposit", find the address of the Dymension network in the pop-up interface, and copy the address starting with 0x. Send DYM from MetaMask to the copied address on Keplr.
The advantage of the Keplr wallet is that users can directly view the staking status on the wallet interface. The Keplr wallet plugin provides an entry to the Keplr Dashboard. After entering the dashboard interface, scroll down until the "Buy", "Sell", and "Stake" buttons appear, then click "Stake".
In the pop-up page, select Dymension, then choose the validation node to join, and click "Stake".
Finally, confirm again, enter the amount of DYM to stake (note that some DYM needs to be left for gas fees), and click "Stake" to complete the staking. When returning to the Keplr wallet's browser plugin interface, users can conveniently and clearly understand their holdings and staking status.
Using Leap Wallet
Navigate to the Leap wallet browser extension interface, and click the top right corner to switch the network to DYmension.
Click "Stake" at the bottom to switch to the staking interface, which displays the staking status of DYM. Click "+Stake" to stake, select the validation node in the pop-up interface, confirm, and submit to complete the staking.
Potential Airdrop Opportunities
Currently, no project has explicitly stated that DYM stakers will be included in their airdrop plans, but there is a precedent with TIA. There are two potential directions for speculating on potential airdrop opportunities: Dymension's unreleased coin partners and RollApps previously deployed on the Dymension testnet.
Wormhole
The cross-chain infrastructure Wormhole announced the token economics on the second day after the launch of the Dymension mainnet. The initial circulating supply of the governance token W is 18 billion, with the community allocation being 17%.
Wormhole, which was valued at $25 billion in 2023 and completed a $225 million financing round, has attracted high attention from the community for its airdrop incentives. This financing round was participated in by Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading.
However, the snapshot for the Wormhole airdrop had already been completed before the announcement was made. Given that Wormhole announced its collaboration with Dymension on February 1st, users who staked DYM before the announcement may have had the opportunity to receive the airdrop.
Avail
Avail, created by Anurag Arjun, former co-founder of Polygon, was split from Polygon into an independent entity in February 2023. Similar to Celestia, Avail is a modular blockchain that allows developers to build customizable and scalable applications.
In November 2023, Avail launched the Clash of Nodes incentive testnet, where users could earn points by completing tasks. One of the tasks was "Deploy Dymension RollApps using Avail as DA," leading the community to speculate that staking DYM might also result in future token airdrop rewards from Avail.
ValiDAO
ValiDAO is an infrastructure project that provides services such as running validators, RPC, IBC relays, and DA nodes for blockchain networks. On February 7th, ValiDAO announced that it would airdrop VDO to participants in its Dymension validator and would take multiple snapshots in February to determine eligibility.
As of the time of writing, ValiDAO ranks 18th among the 100 validators on Dymension, with a total stake of over 2.58 million DYM.
As of the time of writing, Dymension's market value has exceeded 760 million, with a FDV of over 5 billion, one-fourth of Celestia's market value. However, considering that DYM has just been listed, such rapid development is indeed very impressive. It can be said that in the new bull market, the narrative of the "Ethereum killer" is still playing out, but the main focus has shifted to modularity. BlockBeats will continue to monitor whether DYM can break out of the TIA's upward trend and what kind of impact Dymension's development will have on Ethereum.
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