1. Project Overview

Dymension is a modular blockchain infrastructure focusing on executing settlement layer functions. Users can rapidly deploy high-performance modular blockchains called RollApps. Dymension aims to solve scalability issues in existing blockchains by providing easily deployable and rapidly operational modular blockchains. The project achieves efficient data processing and transmission through innovative technical architecture, supporting complex use cases and high transaction throughput.

The Dymension network architecture consists of three layers:

The front end comprises RollApps, where users can build games, DeFI, NFTs, and more.

The backend is the Dymension hub, functioning similarly to a server in traditional web applications. It orchestrates the network by handling requests from RollApps and facilitating communication between them (Additionally, it features an AMM for trading your favorite RollApp tokens).

The data availability network is used for storing data and other information.

Key Features and Highlights of the Project

1. Modular Blockchain (RollApps): Dymension offers a flexible and efficient blockchain network through RollApps, allowing for rapid deployment and upgrades to adapt to various application requirements.
2. High-Speed and Scalable: The core strength of the project lies in its outstanding performance and scalability, capable of handling a large volume of transactions while maintaining low latency.
3. Ecosystem Support: Dymension provides comprehensive documentation and tools for developers and users, supporting the development and deployment of applications within the ecosystem, fostering a healthy ecosystem development.

2. Main Products

Dymension RDK

Dymension RDK (RollApp Development Kit): Dymension RDK, built on the Cosmos SDK, is designed for RollApps. The Cosmos SDK is a development kit preloaded with multiple modules to expedite the building process. RollApps consist of two core services: server and client. The server is the application side offering functionality for deploying custom business logic and pre-packaged modules; the client component, referred to as dymint, serves as an alternative to Tendermint. Dymint is responsible for block production, peer message propagation, and inter-layer communication.

Most of the Cosmos SDK modules can be integrated into RollApp to build RollApp. Core modules inherited from the Cosmos SDK and IBC include:

1. Bank: Facilitates token transfers
2. Gov: On-chain proposals and voting
3. Upgrade: Handles software upgrades
4. IBC: Bridging Protocol

Additionally, additional smart contract frameworks have been developed and deployed, including:

Ethermint: EVM smart contract

1. CosmWasm: Wasm framework built by Confio and Cosmos contributors

Liquidity liquidity module

Dymension features an embedded Automated Market Maker (AMM) serving as a centralized liquidity layer for the RollApp ecosystem. This AMM supports functionalities like cross-RollApp exchanges, efficient token bootstrapping, and provides access to protocol incentives.

3. Ecosystem Development

According to the official website, there are currently 1,164 RollApps, with several noteworthy ones highlighted on the official Twitter account: https://twitter.com/dymension/status/1730240802553577845

However, based on our investigation, the Dymension ecosystem is still in its early stages, and actual activity levels appear to be relatively low.

Note that RollApps are currently only deployed on the Froopyland testnet: https://devnet.dymension.xyz/rollapps

Evaluated from TVL, RollApp’s TVL is very low, with the highest being 288,000 DYM, valued at approximately $1.5 million. Upon reviewing the data for these RollApps, it was observed that the number of active addresses is notably low. The screenshots below showcase the top 4 active data rankings, revealing that two RollApps had only 1 active address over the past 7 days, while the other two had only double-digit figures.

However, I believe this is not necessarily a negative sign, considering that the Dymension mainnet has been operational for just over a month. Often, with the arrival of favorable market conditions and an ecosystem incentive program, a surge of ecosystem projects can be anticipated, subsequently increasing the demand for DYM.

4. Tokenomics

Dymension operates as a Proof-of-Stake (POS) mechanism Layer 1 blockchain protected by the DYM token. It is tailored to provide security, interoperability, and liquidity for RollApps.

Security: RollApp funds are secured by Dymension validators.

Bridging: RollApps connect with each other and the entire crypto economy through a single IBC connection to Dymension.

Liquidity: The only application logic in Dymension Hub not strictly restricted for RollApp validity and bridging is an embedded Automated Market Maker (AMM).

DYM Total Supply: 1 Billion

DYM Distribution | Dymension Docs

Genesis DYM Distribution

docs.dymension.xyz

Public Allocation: 8%

1. Genesis Rolldrop and Incentivized Testnet
2. Fully unlocked at creation

Ecosystem and R&D, 20%

1. Allocated to the Dymension Foundation to promote ecosystem and R&D while ensuring long-term benefits
2. 33% is available immediately, and the rest is unlocked linearly over 3 years

Incentives Manager, 33%

1. Holding and distributing protocol-owned funds for the purpose of RollApp Credit Streams, Rolldrop Seasons, and AMM Incentives
2. Decided by on-chain voting

Community Pool, 5%

1. Acting as a long-term treasury of the Dymension protocol
2. Decided by on-chain voting

Backers, 14%

1. Reserved for partners providing funding and support
2. 12-month lockup period, followed by 24-month linear unlocking

Core Contributing Team, 20%

1. Reserved for the early contributing team for past and future contributions
2. 12-month lockup period, followed by 24-month linear unlocking
   

From the whitepaper, we can see that DYM is initially unlocked at 14.6%, with 8% allocated for airdrop incentives and 6.6% for the ecosystem. Subsequently, it will be unlocked on a monthly basis.

5. On-chain Data Analysis

On-chain data shows that DYM holdings are highly concentrated.

Address 1: Unlocked DYM

Address 2: Unlocked DYM

Address 3: Presumed to be staked DYM

Address 4: Speculated to be held by the project team, staking 25 million DYM

Address 8: Presumed to be held by Binance

While on-chain data support is relatively low, we can glean the following information:

1. On-chain locked DYM data aligns with the whitepaper, indicating project consistency.

2. DYM holdings are highly concentrated, with the top 10 addresses holding 98% of the total supply.

3. Binance holds approximately 6.76 million DYM.

4. There is a substantial amount of staked DYM, including significant holdings from a super whale, with tracked staking of 10 million DYM, 13.26 million DYM, and 4 million DYM, suggesting official involvement. It is estimated that the staked DYM is over 50 million.

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