Hey folks, so hopefully if you’re one of the lucky half a million wallets that got some $DYM yesterday, not only are you probably ecstatic about the price action we’re seeing right now, but you also might be wondering what to do with it:
In today’s article, I’m going to be breaking down some of the more lucrative opportunities to leverage your $DYM to potentially qualify for some more a1rdrops, or at the very least some safe places to put your tokens while you wait for price to go up.
Let’s dive in shall we?
Granted I know EVM wallets are probably fine, but for reasons for why I’ll explain later, one of the first things I did was transfer my $DYM to my Keplr wallet. If you’re wanting to do the same, or transfer your $DYM into another more cosmos-friendly wallet (like Leap or Trust), you can do so in the following steps:
(1) Go to: https://portal.dymension.xyz/
(2) Connect your EVM wallet
(3) Click on your wallet again to open the dropdown menu, where you click on ‘Withdraw Funds’:
(4) And then finally, enter your desired Keplr DYM address and hit withdraw:
OK, now that we’re set, here’s the top plays that I’ve seen…
One of the major annoyances with most Comsos chains in general is that when you stake your tokens to a validator, there’s no auto-compounding function and you constantly have to claim and re-stake your tokens. In other words, in order to compound your yields, you have to manually do so, which can be quite cumbersome. One of the advantages with sending your $DYM to Keplr as opposed to something like Metamask is that you you can auto-compound your $DYM through restake.app:
Currently there’s roughly 30 different validators for $DYM that have re-staking enabled, many with differing restake timeframes, ranging from every minute to once a day. Right now there’s about a 5–6% APY difference if you decide to re-stake.
For those of you that have hung around since the TerraLuna days, you might remember Pryzm as one of the hottest protocols that was able to get you some insane arbitrage $LUNA opportunities back in its heyday. What might be less known is that even with the crash of the whole TerraLuna ecosystem, Pryzm has been continuing to build and once they go live, I suspect that they’ll make just as many splashes as other ex-Terra projects did such as Kujira ($KUJI), Astroport ($ASTRO), and Mars Protocol ($MARS). Evidently they’ve already announced that they were going to make people eligible for their a1rdrop for $ATOM, $TIA, $OSMO, $LUNA, and $INJ stakers, so it didn’t come as a surprise when they announced the same for $DYM stakers as well too:
Added tip — be sure to check out their quest board on Zealy too, to get some added bonus points.
Similar to Przym, ValiDAO also announced that they would do an a1rdrop of $VDO on their validator:
One thing to consider with ValiDAO’s validator node— it’s always best practice when farming to not stake with validators with the most voting power. ValiDao is currently at #18 at time of writing, which I imagine might get more popular if they announce an official snapshot.
As part of an incentive to attract more stakers, Gata DAO is doing a promotion over the next for weeks for those who stake at least $50 DYM on their validator, Gata Hub:
Once again, it’s usually recommended to choose validators that are at least outside of the top 10 in voting power, and Gata Hub definitely checks off that box for as of time of writing, they’re not even in the top 50:
If you still have some $DYM left over at this point (first of all good for you!), then the general prescription to stake includes the following factors:
(1) As I mentioned before, stay away from the top validators, especially those in the top 10.
(2) There’s none that I could really see (yet) for Dymensions, but don’t stake with a validator that’s associated with a CEX (Binance, Coinbase, etc.)
(3) Stay away from validators that have more than 5% commission — it just means they’re eating that much more of your profits, and there’s plenty of other trustworthy validators that only take 5%.
Are there any staking opportunities that that you think I’ve missed? If so, hit me up in the comments below, and I’ll definitely go check it out.
And as always, thanks for taking the time to read this and be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!
Disclaimer: This is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone!
