A Guide to Dymension Staking Process and Potential Airdrop Opportunities
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A Guide to Dymension Staking Process and Potential Airdrop Opportunities
Should I sell the DYM airdrop?
Navigating Web3 tides with focused insightsAuthor: Joyce
On February 6, Dymension announced the launch of its mainnet. The community has also gradually received the second batch of DYM rewards. Due to Dymension's broad airdrop distribution—where users who staked 1 TIA, participated in Blast staking, or held Pudgy Penguins were eligible—the "fair-share" airdrop brought significant gains to its community.
Prior to the mainnet launch, Binance announced it would list Dymension (DYM). While some community members speculated DYM might trade between $3 and $5, the token surged past $6.62 shortly after listing on Binance, and was priced at $6.48 at the time of writing.
After enjoying unexpectedly generous airdrop rewards, the community is now turning attention toward maximizing returns on DYM. Currently, Dymension’s mainnet has over 530,000 active addresses, with a DYM staking APR of 39%. Beyond staking yields, users may also qualify for future airdrops from projects partnered with Dymension. In this article, BlockBeats outlines how to stake DYM via MetaMask and Keplr wallets and explores potential staking-related airdrop opportunities.
How to Stake DYM
Staked DYM tokens will be locked for 21 days. To sell DYM, users must first unstake and wait three weeks. Currently, DYM can be staked through MetaMask, Keplr, and Leap wallets—users can choose based on their preferences.
For MetaMask, users need to connect their wallet and perform staking operations directly on the Dymension mainnet. The Keplr wallet extension provides a direct link to its dashboard, allowing users to stake via Keplr’s web interface and conveniently monitor holdings and staking status within the browser extension. Leap Wallet offers built-in staking functionality, enabling users to stake without leaving the extension interface.
Using MetaMask Wallet
Visit the staking page, connect your MetaMask wallet, and the interface will display your DYM balance and staking status.
Scroll down, select a validator node, and click “Stake” to proceed. Since validator rankings may change, it’s advisable to delegate across multiple nodes and avoid those ranked too low, increasing chances of qualifying for future airdrops. Enter the amount of DYM you wish to stake and click “Stake” again to confirm.
After signing the transaction, return to the top of the page to view your delegation status under “My Delegation.”
Using Keplr Wallet
Since Binance does not support the Keplr wallet format, users need to transfer DYM from MetaMask to Keplr. In Keplr, click “Deposit,” locate the Dymension network address in the pop-up window, and copy the address starting with “0x.” Send your DYM from MetaMask to this copied address.
Keplr’s advantage lies in its integrated dashboard for tracking staking activities. From the Keplr wallet extension, users can access the Keplr Dashboard. After navigating to the dashboard, scroll down until seeing the Buy, Sell, and Stake buttons, then click “Stake.”
On the next page, select Dymension, then choose your preferred validator node and click “Stake.”
Finally, confirm the transaction, enter the amount of DYM to stake (remember to keep some DYM for gas fees), and click “Stake” to complete. Back in the Keplr browser extension, users can easily monitor their holdings and staking status.
Using Leap Wallet
Open the Leap Wallet browser extension and click the top-right corner to switch the network to Dymension.
Click “Stake” below to enter the staking interface, which displays current DYM staking status. Click “+Stake,” select a validator node in the pop-up window, and submit to complete staking.
Potential Airdrop Opportunities
Currently, no project has officially confirmed that DYM stakers will be included in their airdrop plans. However, given precedents like TIA, we can speculate on two potential sources of future airdrops: Dymension’s undisclosed token partners and RollApps previously deployed on Dymension’s testnet.
Wormhole
Cross-chain infrastructure platform Wormhole revealed its tokenomics the day after Dymension’s mainnet launch. Its governance token W has an initial circulating supply of 1.8 billion, with 17% allocated to the community.
Wormhole raised $225 million at a $2.5 billion valuation in 2023, backed by Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading. As such, the community holds high expectations for Wormhole’s airdrop incentives.
However, the airdrop snapshot was completed before the official announcement. Given that Wormhole announced a partnership with Dymension on February 1, users who staked DYM prior to the announcement may still have a chance at receiving an airdrop.
Avail
Founded by Anurag Arjun, former co-founder of Polygon, Avail was spun off as an independent entity in February 2023. Similar to Celestia, Avail is a modular blockchain enabling developers to build customizable and scalable applications.
In November 2023, Avail launched its Clash of Nodes incentivized testnet, where users earned points by completing tasks. One task involved “deploying Dymension RollApps using Avail as the data availability (DA) layer,” leading the community to speculate that DYM stakers might qualify for a future Avail token airdrop.
ValiDAO
ValiDAO is an infrastructure project providing services such as validator operation, RPC, IBC relayers, and DA nodes for blockchain networks. On February 7, ValiDAO announced it will airdrop its VDO token to participants running Dymension validators, with multiple snapshots planned throughout February to determine eligibility.
At the time of writing, ValiDAO ranks 18th among Dymension’s 100 validators, with over 2.58 million DYM staked.
At the time of writing, Dymension’s market cap exceeds $760 million, with a fully diluted valuation (FDV) over $5 billion—about a quarter of Celestia’s market cap. Considering DYM has only just launched, this rapid growth is highly impressive. Indeed, in this new bull cycle, the narrative of “Ethereum killers” continues—but the spotlight has now shifted to modular blockchains. Whether DYM can follow in TIA’s footsteps and what impact Dymension’s development will have on Ethereum remains to be seen. Stay tuned.
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