On February 6, Dymension announced the launch of the mainnet. The community has also received the second batch of DYM rewards. Due to the wide range of Demension's airdrops, users who pledge 1 TIA, participate in Blast staking, and hold Pudgy Penguins can all receive airdrop rewards. This "even-handed" airdrop has brought a lot of benefits to its community.
Before the launch of the Dymension mainnet, Binance had announced that it would list Dymension (DYM). Although some in the community speculated that the price of DYM would be between $3-5, DYM once broke through $6.62 after listing on Binance, and was quoted at $6.48 at the time of writing.
After experiencing the unexpected surprise airdrop, the community turned its attention to how to get more benefits on DYM. At present, the number of active addresses on the Dymension mainnet has exceeded 530,000, and the staking APR of DYM is 39%. In addition to staking income, in the future, you may also receive airdrop rewards from projects that have a cooperative relationship with Dymension. BlockBeats introduces how to stake DYM through MetaMask and Keplr wallets and potential staking airdrop income in this article.
Tutorial on staking DYM
The staked DYM tokens will be locked for 21 days. If you want to sell DYM tokens, you need to cancel the stake and wait for 3 weeks. Currently, DYM can be staked through MetaMask, Keplr, and Leap wallets. Users can choose the appropriate wallet according to their needs.
Among them, the MetaMask-based staking operation needs to be performed on the Dymension mainnet after linking the wallet; the Keplr wallet plug-in provides a link to jump to the dashboard. Users can stake on the web page provided by Keplr and can conveniently view the holding and staking status of tokens on the Keplr plug-in; the Leap wallet plug-in provides a staking function, and users can stake without jumping.
Using MetaMask Wallet
Enter the staking interface at https://portal.dymension.xyz/dymension/staking. After linking the MetaMask wallet, the interface will display the number of DYM held and the staking status.
Slide down the interface, select the verification node, and click Stake to enter the interface. Since the ranking of verification nodes will change, it is recommended to participate in the staking of several nodes and avoid verification nodes with particularly low rankings to increase the probability of entering the future airdrop list. Enter the number of DYM to be staked in the pop-up interface, and click Stake again to stake.
After the signature is passed, return to the top of the page and check the pledge status in My Delegation.
Using Keplr Wallet
Since Binance does not support Keplr's wallet format, you need to transfer DYM from MetaMask to Keplr wallet. Click "Deposit" in Keplr wallet, find the address of Dymension network in the pop-up interface, and select the address starting with 0x to copy. Send DYM from MetaMask to the copied address on Keplr.
The advantage of Keplr wallet is that users can view the staking status directly on the wallet interface. The Keplr wallet plug-in provides an entry to Keplr Dashbord. After entering the dashboard interface, scroll down until the Buy, Sell and Stake buttons appear, and click Stake.
Select Dymension on the pop-up page, then select the verification node you want to join, and click Stake.
Finally, confirm again, enter the amount of DYM to be staked (note that some DYM needs to be reserved as gas fees), and click Stake to complete the stake. When you return to the browser plug-in interface of the Keplr wallet, you can more conveniently and clearly understand your holdings and stakes.
Using Leap Wallet
Enter the Leap wallet browser extension interface and click on the upper right corner to switch the network to DYmension.
Click Stake below to switch to the staking interface. This interface can display the staking status of DYM. Click +Stake to stake, select the verification node in the pop-up interface, and submit after confirmation to complete the staking.
Potential Airdrop Opportunities
At present, no project has explicitly stated that DYM stakers will be included in its airdrop plan, but with the precedent of TIA, potential airdrop opportunities can be speculated from two directions, namely Dymension’s pre-coin issuance partners and RollApps that were deployed on the Dymension testnet.
Wormhole
The cross-chain infrastructure Wormhole announced its token economics the day after the launch of the Dymension mainnet. The initial circulation supply of the governance token W is 1.8 billion, with a community allocation of 17%.
Wormhole raised $225 million in 2023 at a valuation of $2.5 billion, with Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading participating in the round. Therefore, the community has paid close attention to Wormhole's airdrop incentives.
However, the snapshot of the Wormhole airdrop was completed before the announcement. Given that Wormhole announced its partnership with Dymension on February 1, perhaps users who staked DYM before the announcement may have a chance to receive the airdrop.
Avail
Avail was created by Anurag Arjun, a former co-founder of Polygon. In February 2023, Polygon spun off its modular blockchain project Avail into an independent entity Avail. Similar to Celestia's positioning, Avail is a modular blockchain that allows developers to build customizable and scalable applications.
Related reading: "Understand the "DA Competition" that determines the future of Ethereum in one article: Celestia, EigenDA and Avail, who will be the final winner?"
In November 2023, Avail launched the Clash of Nodes incentive testnet, where users can earn points by completing tasks. One of the tasks is to "deploy Dymension RollApps using Avail as a DA", so the community speculates that staking DYM may also receive Avail's future token airdrop rewards.
ValiDAO
ValiDAO is an infrastructure project that specializes in providing services such as running validators, RPC, IBC relayers, DA nodes, etc. for blockchain networks. On February 7, ValiDAO announced that it would airdrop VDO to participants of its Dymension validator, and multiple snapshots would be taken during February to determine eligibility.
As of writing, ValiDAO ranks 18th among Dymension’s one hundred validators, with a total of over 2.58 million DYM staked.
As of the time of writing, Dymension's market value has exceeded 760 million, and its FDV has exceeded 5 billion, which is a quarter of Celestia's market value. However, considering that DYM has just been launched, such rapid development is indeed very impressive. It can be said that in the new round of bull market, the narrative of "Ethereum killer" is still playing out, but the protagonist has changed to modularization. BlockBeats will continue to pay attention to whether DYM can break out of TIA's rising curve and what impact the development of Dymension will have on Ethereum.
