Dymension Airdrop ($DYM) is Live: Eligibility Criteria and How to Claim
In a previous article on modular blockchains, we talked a little bit about Dymension blockchain and possibility of an airdrop of its native token $DYM. Well, it’s here. Let’s dive in to see what are the eligibility criteria for this airdrop and how to claim it.
What is Dymension — Home of the RollApps?
Dymension is a modular blockchain. What this means is that it is a network of applications (front-end) built on the Dymension Hub (back-end), assisted by the data availability layer, which helps the entire ecosystem of applications.
RollApps are essentially decentralized applications (dApps) built on the Dymension network. These can be related to decentralized finance (DeFi), NFT projects, games, and anything else. RollApps function in a similar way to Ethereum Layer 2s (L2), as in they can function independent from the Dymension Hub (Layer 1), but relies on it for transaction finalization and security.
The benefits of this setup is much faster transactions and much cheaper transaction costs, both of which are very essential especially for DeFi and gaming applications.
Dymension uses Inter-Blockchain Communication (IBC) protocol for communication between the RollApps and the Hub. This means no nasty ‘bridging’ business. All RollApps can easily transfer data (tokens, transactions, etc) among each other and with the Hub.
What is $DYM token?
$DYM is the native token of the Dymension network. The token is used to secure the network in the proof-of-stake consensus. There are 1 billion $DYM tokens and 7% of this will be released at Genesys.
Full tokenomics are yet to be revealed.
$DYM token Airdrop
Genesis airdrop for Dymension token is live now. The team allocated 70,000,000 tokens for the first airdrop, available to claim until January 21, 2024.
This is the only official link to claim the airdrop (be very careful of scam links).
https://genesis.dymension.xyz/
How to claim the $DYM airdrop
- Visit the link above
2. In the ‘Select Chain’ dropdown, pick a blockchain that you use (eg: Ethereum)
3. In the space next to it, copy and paste your Ethereum (EVM) address
4. Click ‘Check’
5. If your wallet qualifies for the airdrop, the page will show the eligible $DYM token number and request for an EVM wallet address. For this provide your MetaMask address (this applies even if you check the eligibility for a Solana or Cosmos wallet).
6. That’s it. Your tokens will be airdropped after the claiming period ending on January 21, 2024.
Any unclaimed $DYM tokens will be re-allocated to the wallets that claimed the airdrop. So, there is a very high chance that your token airdropped will be higher than what your eligible amount.
$DYM token airdrop Eligibility
Several chains on the Cosmos Network, Solana, Ethereum L2s such as Arbitrum and Optimism, and some NFT holders across above chains were eligible for the $DYM airdrop. Snapshot date for all below criteria was on December 19, 2023. Let’s dive into the specifics.
- Ethereum L2s – Arbitrum and Optimism – 10,000,000 $DYM
Various users of the above two chains based on undisclosed usage criteria, funds locked in bridge contracts, and previous airdrop lists. - Cosmos Network – 17,500,000 $DYM
Cosmos Hub ($ATOM stakers) – Min 1 and Max 5,000 as of snapshot date
Osmosis ($OSMO stakers) – Min 10 and Max 10,000 as of snapshot date - Celestia Network – 20,000,000 $DYM
As the leader of modular blockchain thesis, users who staked $TIA tokens (min 1 and max 5,000) as of snapshot date - Solana – 10,000,000 $DYM
Various users of applications (Eg: Wormhole, Tensor, Drip.Hous, etc) and must have held min 1 $SOL as of snapshot date - Pudgy Penguins – 5,000,000 $DYM
Holders of the NFT (capped at 20 max per wallet) as of snapshot date - Mad Lads – 2,500,000 $DYM
Holders of the NFT as of snapshot date - Tensorians – 2,500,000 $DYM
Holders of the NFT as of snapshot date - Bad Kids – 2,500,000 $DYM
Holders of the NFT as of snapshot date
If you fall into any of the criteria above, congratulations, you will receive $DYM tokens and genesis, and you are ready to begin your modular blockchain journey.
If you did not qualify?
Fear not. This is merely the genesis airdrop. There will be future airdrops, likely based on Dymension blockchain activity on mainnet–based on usage.
Earn free $DYM by providing liquidity
You can also earn free $DYM by providing liquidity to the blockchain when mainnet launches. Users who bridge tokens such as $USDC, $USDT, $TIA, $ATOM, $ETH, and $SOL will be able to earn $DYM rewards based on the percentage of contribution for each pool. Additionally, you can also deposit your $DYM tokens to incentivized liquidity pools and earn more $DYM.
What to do with your $DYM airdrop?
With every new airdrop, the next question is ‘what to do with the airdrop?’ Sell everything? Sell partially? Hold it? or stake it?
I cannot make this decision for you. Personally, I would not sell any of my $DYM airdrop. I will stake everything (most likely scenario) on the Dymension blockchain for staking rewards, voting rights, and more airdrops.
More airdrops? Yes, I am speculating there will be more and more airdrops within the Dymension blockchain itself. Why? The RollApps built on the blockchain can have their own tokens and there is a very high probability that these tokens will be partially airdropped to $DYM stakers and $DYM liquidity providers (among others).
I foresee a snowball-effect with airdrops in the modular blockchain thesis. Chains built on chains and airdrops on top of airdrops.
Of course, there is also a chance that none of this materializes at all and Dymension fails and $DYM is valued $0.
Are you eligible for the $DYM airdrop? If so, what do you plan to do with it? Leave a comment below.
Stay connected with Dymension: website
Disclosure: Cryptocurrency and all its related components are inherently risky and unregulated. There is a very likely possibility that all your investments go to zero. Exercise caution when investing, do your due diligence, and only invest what you can afford to lose completely.
