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#DYM de Rollup Platform Dymension reaches $5.2 billion valuation after failed startup

As of Wednesday morning, validator “Big Brain Stake” holds more than 35% of the staked $DYM tokens, drawing criticism from DYM holders for their outsized influence on the network.

The launch of the much-hyped Dymension token was marred by transactional errors, delays, and delegation issues, as the new token posted a massive, fully diluted $5.2 billion valuation on the first day of its launch.

DYM, the rollup platform token, was highly anticipated in cryptocurrency circles and was distributed to users of the Celestia, Solana, and Ethereum blockchains based on certain criteria. He delivered tokens worth $390 million to these users through #Airdrop🪂

#dymension is a modular settlement layer that provides all the tools and infrastructure needed to easily launch roll apps.

The start on Tuesday was not ideal. Users claimed that the blockchain was unable to process transactions for at least five hours. Some were unable to add the blockchain to crypto wallets as the RPCs, which route blockchain data to users' wallets, took several minutes to update

Validators failed to reach consensus in the early hours of the network as Chorus One, a large validator, experienced node issues

The team addressed these issues in an X post, stating that their large token holdings likely contributed to the "failed launch"

"A couple more validators and we had a (still unknown) issue with the network node software," said Chorus One

“We bet our important shares in the genesis block. We are early supporters of Dymension. Other early-stage investors did not bet on genesis, which led us to have 34% power in the failed launch.”