Dymension’s native cryptocurrency for the modular blockchain has surged in price after the blockchain’s launch on Tuesday, despite concerns that a single validator named Big Brain Staking controls about 18.5% of the voting power.
DYM has increased nearly 30% in the past 24 hours to $6.01, putting its market cap at $877 million and its fully diluted valuation at $6 billion.
Despite the price appreciation, crypto denizens have raised eyebrows over the fact that the voting power of Big Brain Staking, the largest validator securing the Dymension network, stands at roughly 35.6 million DYM, according to data from Dymension’s portal website.
A blockchain explorer website created by Dymension validator Nodes.Guru shows that total voting power is composed of 192.49 million DYM tokens, which means Big Brain Staking controls about 18.5% of that.
At presstime, the top 10 validators by the number of DYM tokens control over 65% of the entire voting power for the fresh modular blockchain network, per Nodes.Guru’s explorer on Dymension.
One person asked in the general channel of Dymension’s Discord, “What are the best validators to stake with?” A community member with the role of “Gate Keeper,” in Dymension’s Discord channel with the screen name “Kolodovan” responded, “I’d recommend those who have less tokens to make the network more decentralized.”
The community members’ push for decentralization follows Dymension creating its genesis block for its layer-one blockchain that was “launched with a decentralized global set of validators,” as stated in its blog post published on the same day of its rocky mainnet rollout.
For example, yesterday, Chorus One – another validator that has a voting power of over three million DYM – experienced technical difficulties that adversely impacted Dymension’s ability to reach consensus.