Dymension Goes Live, Airdrops $390 Million in DYM to Solana, Ethereum Users and More

Dymension’s anticipated airdrop took place on Tuesday as the network’s mainnet went live, serving up over $390 million worth of DYM tokens for early users and select communities as the token surged in value following the launch.

DYM is currently up 58% on the day to a current price of $5.60, according to data from CoinGecko, with some $246 million worth of trading volume already on exchanges including Binance, ByBit, and KuCoin. The airdrop spans 700 million DYM tokens, representing 7% of the total supply.

Dymension is a network built to let developers deploy app chains that it calls RollApps, and it’s a layer-1 blockchain built using Cosmos tech and the inter-blockchain communication protocol (IBC) to connect with various other chains. Builders can choose from various virtual machines and tokens on their RollApps.

The “genesis rolldrop,” as Dymension called it, was available to more than a million unique wallets across various chains and communities, including users on the networks Solana, Celestia, and Ethereum scaling networks such as Arbitrum, Optimism, Base, and the upcoming Blast.

Certain communities could also take part in the airdrop, including holders of the popular Pudgy Penguins NFT collection on Ethereum, as well as Mad Lads and Tensorians on Solana.

While more than a million wallets could have claimed a share of the 700 million airdropped tokens, the claim already took place in January—and only 528,523 wallets ultimately made a claim, which means that around half of eligible users left money (or DYM) on the table. Those tokens were ultimately redistributed to other users.

DYM is currently the second-largest token airdrop of 2024 based on the total value of the dropped tokens. It follows decentralized exchange (DEX) aggregator Jupiter on Solana, which airdropped 1 billion JUP last week—which, at the current price, puts the total value of that drop at $527 million.

Edited by Ryan Ozawa.