A comprehensive overview of the Dymension staking process and potential airdrop opportunities

On February 6, Dymension announced the launch of its mainnet. The community also received the second batch of DYM rewards. Due to the broad scope of Dymension's airdrop, users who staked 1 TIA, participated in Blast staking, or held Pudgy Penguins were eligible for airdrop rewards. This "even distribution" of airdrops has brought considerable benefits to its community.

Before the launch of the Dymension mainnet, Binance announced that it would list Dymension (DYM). Although some in the community speculated that the price of DYM would be between $3 and $5, DYM briefly surpassed $6.62 after being listed on Binance, and as of the time of writing, it was priced at $6.48.

After experiencing the unexpectedly generous airdrop, the community turned its attention to how to earn more rewards 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 airdrop rewards from project partners collaborating with Dymension in the future. BlockBeats introduces how to stake DYM through MetaMask and Keplr wallets, as well as potential staking airdrop rewards.

Staking DYM Tutorial

The staked DYM tokens will be locked for 21 days. If you want to sell DYM tokens, you need to un-stake them and wait for 3 weeks. Currently, DYM can be staked through MetaMask, Keplr, and Leap wallets, and users can choose the appropriate wallet based on their needs.

The staking operation based on MetaMask requires you to connect your wallet and operate on the Dymension mainnet; the Keplr wallet extension provides a link to jump to the dashboard, where users can stake on the web interface provided by Keplr and conveniently check their token holdings and staking status in the Keplr extension; the Leap wallet extension provides staking functionality, allowing users to stake without needing to jump to another page.

Using MetaMask Wallet

Enter the staking interface at https://portal.dymension.xyz/dymension/staking, and after connecting your MetaMask wallet, the interface will display the amount of DYM you hold and your staking status.

Scroll down the interface, select a validator node, and click Stake to enter the interface. Since the rankings of validator nodes may change, it is recommended to participate in staking with several nodes and avoid those with particularly low rankings to increase the chances of being included in future airdrop lists. In the pop-up interface, enter the amount of DYM you want to stake, and click Stake again to complete the staking.

After signing, return to the top of the page, and you can check your staking status in My Delegation.

Using Keplr Wallet

Since Binance does not support the Keplr wallet format, you need to transfer DYM from MetaMask to the Keplr wallet. In the Keplr wallet, click "Deposit," find the address for the Dymension network in the pop-up interface, and copy the address that starts with 0x. Send DYM from MetaMask to the address you copied in Keplr.

The advantage of the Keplr wallet is that users can directly view their staking status on the wallet interface. The Keplr wallet extension provides an entry to access the Keplr Dashboard. After entering the dashboard interface, scroll down until you see the buy, sell, and stake buttons, and click Stake.

In the pop-up page, select Dymension, then choose the validator node you want to join, and click Stake.

Finally, confirm again, enter the amount of DYM you want to stake (note that you need to leave some DYM for gas fees), and click Stake to complete the staking. When you return to the Keplr wallet browser extension interface, you can easily understand your holdings and staking status.

Using Leap Wallet

Enter the Leap wallet browser extension interface, and click the upper right corner to switch the network to Dymension.

Click the Stake button below to switch to the staking interface, which can display the staking status of DYM. Click +Stake to stake, select the validator node in the pop-up interface, confirm, and submit to complete the staking.

Potential Airdrop Opportunities

Currently, no projects have explicitly stated that DYM stakers will be included in their airdrop plans, but there are precedents with TIA. Potential airdrop opportunities can be speculated from two directions: Dymension's unissued token partners and RollApps that were previously deployed on the Dymension testnet.

Wormhole

The cross-chain infrastructure Wormhole announced its tokenomics the day after the Dymension mainnet launch, with an initial circulating supply of 1.8 billion governance tokens (W), of which 17% is allocated to the community.

Wormhole completed a $225 million financing round in 2023 at a valuation of $2.5 billion, with participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading. The community has thus placed high expectations on Wormhole's airdrop incentives.

However, the snapshot for the Wormhole airdrop was completed before the announcement was made. Given that Wormhole announced its partnership with Dymension on February 1, users who staked DYM before the announcement may have a chance to receive an airdrop.

Avail

Avail was created by Anurag Arjun, a co-founder of Polygon. In February 2023, Polygon spun off its modular blockchain project Avail into an independent entity. Similar to Celestia, Avail is a modular blockchain that allows developers to build customizable and scalable applications.

Related reading: "Understanding the DA Race that Determines Ethereum's Future: Who Will Be the Final Winner Among Celestia, EigenDA, and Avail?"

In November 2023, Avail launched the Clash of Nodes incentive testnet, where users can earn points by completing tasks. One of the tasks is "using Avail as DA to deploy Dymension RollApps," leading the community to speculate that staking DYM may also yield future token airdrop rewards from Avail.

ValiDAO

ValiDAO is an infrastructure project that provides services such as running validators, RPC, IBC relayers, and DA nodes for blockchain networks. On February 7, ValiDAO announced that it would airdrop VDO to participants of its Dymension validators, with multiple snapshots taken throughout February to determine eligibility.

As of the time of writing, ValiDAO ranks 18th among the 100 validator nodes on Dymension, having staked over 2.58 million DYM.

As of the time of writing, Dymension's market capitalization has surpassed $760 million, with an FDV exceeding $5 billion, which is a quarter of Celestia's market cap. However, considering that DYM has just been launched, such rapid growth is indeed remarkable. It can be said that in this new bull market, the narrative of "Ethereum killers" is still unfolding, but the focus has shifted to modularity. Whether DYM can follow the upward trajectory of TIA and what impact Dymension's development will have on Ethereum will be closely monitored by BlockBeats.