SunCrypto recently added DYM Token to its platform, which is the native token of Dymension, a blockchain player with a focus on interoperability and scalability. To that end, SunCrypto users want a clear video that explains what the DYM token is and how to buy Dymension (DYM) in India or through SunCrypto.
How to Buy Dymension (DYM) in India | What is Dymension?
Dymension (DYM) was founded by Yishay Harel in 2022, and it offers a breakthrough in Web3 technology by creating a network of high-speed, modular blockchains known as RollApps. These RollApps are intended to be simply deployed, providing a streamlined approach to developing varied blockchain applications.
Dymension’s innovation is centered on its RollApp Development Kit (RDK), which is similar to the Cosmos SDK for RollApps and provides developers with a powerful toolset to speed up the development of these applications.
The word “RollApp” is taken from the concept of “rollups” in blockchain technology, which are solutions aimed at improving blockchain scalability by combining or batching many transactions into a single transaction. A “RollApp” is a major component of the Dymension network, representing a new type of blockchain applications that strive to be both flexible and efficient.
What is DYM Token?
Within the Dymension ecosystem, the native cryptocurrency is called the DYM token. The DYM token is a versatile and vital component of the Dymension ecosystem, fulfilling a variety of functions such as network security, governance, and interoperability between blockchain networks.
Its architecture strives to align the incentives of the ecosystem’s various stakeholders, encouraging active involvement, network security, and long-term growth.
▪️ Dymension uses a Delegated Proof-of-Stake (DPoS) model, in which validators are in charge of protecting the network and processing transactions. These validators stake DYM tokens or delegate them to token holders, which incentivizes network security and integrity. Validators receive compensation in the form of DYM tokens for their contributions to the network.
▪️ DYM token holders have governance rights, which allow them to participate in decisions about the Dymension ecosystem’s future evolution. This includes voting on ideas for network upgrades, policy changes, and resource distribution in the ecosystem.
▪️ Given Dymension’s emphasis on interoperability and cross-chain communication, DYM tokens enable transactions and interactions between blockchain networks. This includes covering the expenses associated with cross-chain data and asset transfers.
▪️ Dymension includes an Automated Market Maker (AMM) in its hub, and DYM tokens can be used inside this framework. Token holders can contribute to liquidity pools, potentially receiving benefits for providing liquidity while also facilitating efficient asset trade and price discovery within the ecosystem.
▪️ The supply of DYM tokens is susceptible to algorithmic changes based on staking patterns. The issue pace of new tokens is modified according to the proportion of DYM tokens pledged, with the goal of striking a balance between network security and token supply.
Working of Dymension (DYM)
The utilization of RollApps is crucial to Dymension’s operations. These are essentially separate, application-specific blockchains (rollups) installed on the Dymension network, which can be customized and optimized for certain use cases. Furthermore, RollApps use EBP to generate blocks on-demand in response to network activity.
The RollApps Development Kit (RDK) is similar to the Cosmos SDK but designed specifically for RollApp development. It makes RollApp development easier by providing pre-built modules and tools. The Cosmos SDK includes core modules such as Bank, Gov, Upgrade, and IBC, as well as unique customizations such as Epochs and specialist Mint modules.
Dymension serves as a hub, connecting numerous RollApps (spokes) and facilitating interoperability and communication across blockchain ecosystems. RollApps can communicate with other IBC-enabled chains via the Dymension Hub, resulting in a smooth cross-chain experience.
Sequencers validate, order, and process transactions within a RollApp. They provide immediate status reports following transaction submission. Sequencers aggregate and broadcast transaction blocks to peer nodes and on-chain data availability networks while taking an optimistic approach to state validation. If fraud proofs show that a state transfer is invalid, the Hub can roll back it, preserving network integrity.
Meanwhile, Dymension uses a DPoS consensus mechanism based on the Cosmos SDK and Tendermint. It provides network security while permitting connectivity to other blockchains. Validators in Dymension contribute to block production, ensuring the network’s security and decentralization.
The DYM token is essential for transaction processing, staking, governance, and serving as a means of cross-chain value transfer. Dymension’s economic architecture automatically changes DYM issuance based on staking ratios and network activity, ensuring that inflation and token supply are balanced.
Use Cases & Uniqueness
Dymension’s modular blockchain architecture, particularly through RollApps, is intended to greatly improve numerous blockchain applications, like Uniswap. In Dymension’s ecosystem, Uniswap might run more autonomously, with transactions and fees managed in its native currency (UNI) rather than a base network token like ETH.
This autonomy extends to fee structures, allowing Uniswap to adopt creative economic models without being bound by the limitations of the underlying blockchain. As a result, Uniswap on Dymension would benefit from lower operational expenses and greater flexibility, resulting in a more efficient and user-friendly trading experience.
How to Buy Dymension (DYM) in India or SunCrypto?
The process of buying Dymension (DYM) or any other cryptocurrency token in India is straightforward, but locating a reputable exchange is one of the most challenging tasks. In this case, SunCrypto leads the pack by adhering to all regulatory requirements, making it the safe haven of the Indian crypto sector.
Follow these simple steps to find out how to buy Dymension (DYM) in India:
- Download the SunCrypto Application from the Google App Store or Apple App Store.
- Complete the registration and KYC process, and then simply add a bank account on the SunCrypto application.
- To buy DYM Tokens, deposit INR on SunCrypto using IMPS or a bank transfer.
- Search DYM in the market section and click on it.
- Tap the BUY button and enter the amount.
- Click the PAY button and enter the MPIN to complete the DYM purchase on SunCrypto.
- And you are done with your buying, you can check your DYM token holdings in the portfolio section.
Dymension (DYM) is a prominent cryptocurrency with a strong reputation in the crypto industry, making it a suitable option to start with affordable prices. Even though the investment is simple, a person should conduct research before entering the market.
To learn more about how to buy Dymension (DYM) in India or SunCrypto, go check out SunCrypto Academy.
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