💼Token
The Dymensify protocol’s official token will be $DYMENSIFY, and it will play a pivotal role in its use and governance.
Here are the utilities of the token:
The protocol plans to have a Decentralized Autonomous Organization to steer its progress. Dymensify, like many other DAOs, utilizes Snapshot for proposal submission and voting. It is easy for any community member to create a proposal with Snapshot.
A major objective of the blockchain, after all, is the decentralization of leadership. As a result, Dymensify plans to be a community-led bridge.
Therefore, it operates token-weighted governance where the holders of the $DYMENSIFY token can create and vote proposals. More importantly, voting power will correspond to how much $DYMENSIFY each member holds.
The protocol has the goal of enriching all stakeholders without preference or prejudice.
Every important aspect of the community will enjoy the benefits of the protocol.
Particularly, 60% of the revenue from the node validator will accrue to the $DYMENSIFY holders.
Apart from the liquidity rebalancing initiative of this strategy, it is also an avenue to incentivize those bagging the protocol token.
The users can stake the $DYMENSIFY and gain some rewards over time.
This utility exists for two primary reasons:
$DYMENSIFY tokens that are not used in the user’s wallet have no benefit to them and the protocol. Thus, it’s brilliant to have a structure where such “unused” tokens can increase.
Secondly, the staking of the $DYMENSIFY helps provide more liquidity in the ecosystem.
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