App-chain infrastructure Dymension released its mainnet today, opening the claim period for its native token, the DYM. Two hours after its debut, the token jumped 40% after being listed on major centralized exchanges, such as Binance.
Over one million addresses qualified for the airdrop of 70 million DYM units, which accounts for 7% of the total supply of the crypto asset. Dymension team used different criteria for eligibility, such as interactions with Ethereum layer-2 blockchains, Celestia (TIA), Cosmos Hub (ATOM), and Osmosis (OSMO) staking, and activity on Solana.
According to DYM tokenomics, 80 million tokens were issued today, which is 8% of its 1 billion supply. At the current price of $4.63 registered at the time of writing, DYM now holds over $370 million in market cap, and over $4.5 billion in fully diluted value.
Dymension is an infrastructure aimed at facilitating the creation of blockchains of specific purpose, commonly called app-chains. Since those app-chains are created on top of layer-1 blockchains, they received the name ‘RollApps’, a mix of rollups and applications.
This new project comes in a new wave of protocols, such as AltLayer and Celestia, betting on modularity to solve Web3 scalability problems. A modular blockchain serves as the foundation on which other chains are built, with their own set of rules, native tokens, and purposes.
Image: Celestia.org
To make it possible, modular blockchains like Celestia separate their execution layer, where transactions’ information is processed, from the data availability and consensus layers.
