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DYM surges by 25% amid mainnet launch

News
DYM surges by 25% amid mainnet launch

Blockchain platform token Dymension DYM soars after announcing the launch of its mainnet.

According to CoinMarketCap data, over the past 24 hours, the token has risen in price by more than 25% to $5.00. Trading volumes jumped by 3,098,114% over the last 24 hours and reached $450.2 million. Against the backdrop of record levels, the token’s market capitalization reached $731 million, an increase of 25.4% over the day.

DYM surges by 25% amid mainnet launch - 1
Source: CoinMarketCap

The rapid growth of the coin’s performance is associated with the project’s mainnet and the upcoming airdrop.

On Feb. 5 Dymension launched its mainnet but soon after the project encountered problems during its launch due to issues with consensus among validators. Chorus One, the ecosystem’s largest validator, experienced node issues that have prevented it from effectively participating in the consensus process. Chorus One holds 34.8% of the voting power on the network. In blockchain technology, validators are individuals or groups who lock tokens and run software that can store and verify data to ensure accuracy.

The same day saw an airdrop of over $390 million worth of DYM tokens to early adopters and select communities as the value of the token increased following the launch.

Although more than a million wallets could claim their share of the 700 million tokens transferred over the air drop, this claim had already been made in January – and ultimately, only 528,523 wallets applied. These tokens were eventually redistributed to other users.