Dymension (DYM) gains 58% on the first day after airdrop.

• Dymension (DYM) saw a massive first-day gain of 58% after 700 million tokens (worth $390 million) were airdropped yesterday. But now questions are swirling about the validator.

A day after Cosmos-based RollApp platform Dymension airdropped 700 million tokens to users, DYM is trading at $5.60, about 58% higher than yesterday.

Its current fully diluted value stands at $5.6 billion, according to Coinstats. data. Keep in mind that fully diluted valuations assume the entire supply of the coin is circulating in the market, even when this is not the case.

The overwhelming majority of transactions took place on Binance. DYM reportedly recorded $511 million worth of trading volume on its first day. Coin Starts.

Dymension launched its mainnet on Tuesday and distributed more than $390 million in DYM tokens through airdrops to early users and communities across Solana, Ethereum, and other networks.

See also: Dymension (DYM) surges 40% after airdrop distribution to over 1 million users.

The airdrop included 700 million DYM tokens, equivalent to 7% of the total supply.

Dymension is a layer 1 blockchain that allows developers to deploy app-specific chains. “LOL Apps,” It uses Cosmos technology and the IBC protocol for cross-chain connectivity. that much “Genesis Roll Drop” Although it reached over a million unique wallets, only about half claimed a share.

However, there are already concerns about how staking concentrated 35 million DYM tokens and over 44% of total voting power on just one validator, Big Brain Stake.

The Dymension team has yet to comment on the concentration of staked DYM tokens or say anything to reveal the identity of the validators.

35 million $SMOKE Delegated to Big Brain Staking

Voting Power 44.49%

The APR was around 1,100% and dropped below 200% within the first 3 hours. While JUICY profits were generated, users were left confused and without information on how to stake.

Who is Big Brain Staking? @dymension ?

Wen decentralized? pic.twitter.com/0RwhesL4rw

— Airdrops (@Airdrops_one) February 6, 2024

During the early volatile days when the DYM token was falling, the Dymension indicator showed dashboard Still promised an APR of 65.32% for staked tokens. But that is likely to change. It has already fallen 98% since yesterday.

DYM’s airdrop is the second largest airdrop by value to date in 2024.

This follows Solana’s decentralized exchange (DEX) aggregator Jupiter, which airdropped 1 billion JUP last week. Based on current prices, the total value of the drop is $527 million.

See also: Price Analysis: Lido DAO (LDO) price rises more than 3% in less than 24 hours.

Dymension’s token economics includes a total supply of 1 billion DYM with 7% allocated to airdrops, with the goal of distributing native tokens to support the security, growth, and sustainability of RollApps in the ecosystem.

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