Dymension ($DYM) Token Staking Guide: Which Validators for more airdrops?
Dymension ($DYM) comprises a network of swiftly deployable and high-speed modular blockchains known as RollApps. The projects have just finished their airdrop, and those who had just staked 1 Celestia ($TIA) tokens were able to get thousands of Dymension ($DYM) tokens! However, even if you did not manage to get the Dymension ($DYM) token airdrop, it is still worth getting some tokens so you can stake it. This is to position yourself for more airdrops in the future just like Celestia! Here is our Dymension ($DYM) token staking guide for MORE airdrops!
Check out our Dymension ($DYM) Token Staking Guide!
What is Dymension ($DYM)?
Dymension is a groundbreaking blockchain network characterized by its modular blockchains known as RollApps. These RollApps serve as the front-end, offering users a platform for diverse applications such as games, decentralized finance (DeFi), and NFTs. Central to its operation is the Dymension Hub, akin to a back-end server, which orchestrates network activities, manages requests from RollApps, and ensures cohesive functionality within the ecosystem. In its architecture, Dymension incorporates Data Availability Networks via Celestia, paralleling the role of databases in traditional web setups. These networks provide temporary data storage, enhancing efficiency and adaptability. Complementing this structure is the Dymension RollApp Development Kit (RDK), based on the Cosmos SDK. This kit facilitates the creation of RollApps, offering essential tools and pre-built modules for developers to efficiently build and deploy their applications, each with distinct client and server components. Dymension distinguishes itself through its innovative consensus mechanism and interoperability features. RollApps delegate the consensus process to the Dymension Hub, which maintains network integrity and manages state root updates. This delegation enables rapid transaction processing and high transaction throughput. Furthermore, the network’s design promotes smooth interoperability within the Cosmos ecosystem through the Inter-Blockchain Communication (IBC) protocol, fostering a connected and collaborative ecosystem.
How to stake Dymension ($DYM) tokens for more airdrops
Time needed: 15 minutes
Here’s our guide on how to stake Dymension ($DYM) tokens for more airdrops.
Get Dymension ($DYM) tokens
Claim your Dymension ($DYM) tokens. If you missed the airdrop, you can still buy Dymension ($DYM) tokens on exchanges such as Bybit.
Sign up for a Bybit account here!
Connect to Dymension portal
Connect your wallet (either MetaMask, Leap, Trust or Keplr wallets) to the Dymension portal at https://portal.dymension.xyz/dymension/staking. Also follow the steps to add the Dymension network to your wallet.
Choose a validator to delegate your Dymension ($DYM) tokens
Choose a validator to delegate your Dymension tokens to. Avoid picking validators associated with centralised exchanges, those will have the exchange in its name. We suggest delegating your Dymension ($DYM) tokens to the ValiDAO validator because they announced a ValiDAO ($VDO) token airdrop to all address who delegate their $DYM with their validator!
We also suggest delegating your Dymension ($DYM) tokens to the Enigma and Frens validators. Essentially, it is a good idea to delegate your Dymension ($DYM) tokens to validators with their own DAO because they are likely to make their own DAO token and airdrop it to you as a reward.
Delegate your Dymension ($DYM) tokens
Once you have chosen your validator, click “Stake”, select the amount of $DYM you wish to stake and click “Stake”. Note that staking will lock up your tokens for 21 days. To access your staked tokens again, you will need to go through the un-staking process.
Keep track of your validators
Keep track of any announcements from the validators you have delegated your $DYM with. Follow their Twitter, Discord and Telegram pages for any announcements regarding additional airdrops.
Frequently asked questions (FAQs)
We suggest the ValiDAO validator because they announced a ValiDAO ($VDO) token airdrop to all address who delegate their $DYM with their validator.
The best Dymension validators are those with their own DAO. This is because they are likely to make their own DAO token and airdrop it to you as a reward. We suggest you follow their social media channels closely to get the latest news on any airdrop announcements.
The amount of Dymension ($DYM) tokens to stake for airdrops depends on the validator. Each validator will have their own airdrop eligibility criteria.
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Filed under: Bitcoin - @ February 9, 2024 6:24 am