Dymension (DYM) Goes Live and Skyrockets, Amid Second Largest Airdrop in 2024

Dymension (DYM) has gained over 24% in the past 24 hours and takes the top spot for best performing crypto of the hour. Haven’t heard about Dymension before? Well, you are probably not alone there.

Dymension mainnet went live Tuesday US Time and has been in the making since 2022. Dymension calls itself a RollApp, which is a network of permissionless chains. Dymension’s website states “Dymension is a multi-layer blockchain protocol which revolutionizes the infrastructure stack for decentralized applications and online communities.”

The platform is designed to enable developers to create and deploy their own application-specific blockchains, known as RollApps.

DYM Leverages Cosmos and IBC

This layer-1 blockchain utilises technology from Cosmos and the Inter-Blockchain Communication (IBC) protocol, facilitating connectivity with a variety of other blockchain networks. Developers have the flexibility to select from different virtual machines and tokens for use within their RollApps, providing a customisable environment for blockchain application development.

The airdrop on Tuesday dished out almost USD $400m (AUD $600m) worth of DYM to nearly half a million wallets – despite one million unique wallets eligible for the airdrop.

According to a Kraken report DYM is going to focus on play-to-earn gaming and the DeFi sector. Trading is available on Kraken as well as many other platforms such as Binance, KuCoin and Bybit.

The DYM airdrop is the second largest so far in 2024, only surpassed by the Jupiter (JUP) airdrop, which saw the price of JUP crash by 66% and is yet to recover.