Step-by-Step Guide to Buy Dymension (DYM)

Dymension is a blockchain platform aiming to provide scalability and efficiency through high-speed transactions with reduced costs. It uses DYM as its native cryptocurrency, which provides security through staking and allows token holders a say in the blockchain’s future development. 

DYM is now available at CEX.IO. Therefore, let’s explore what Dymension is, the role of DYM in its ecosystem, and how to purchase DYM on CEX.IO.

What is Dymension (DYM)?

Dymension (DYM) is a modular blockchain network designed to optimize scalability and efficiency through RollApps — customizable rollups that connect seamlessly to its ecosystem. By utilizing an innovative approach to blockchain architecture, Dymension aims to enable high-speed transactions with reduced costs. This could make it ideal for applications requiring rapid settlement and minimal latency. 

The Role of DYM in the Dymension Ecosystem

Like most native cryptocurrencies, DYM plays a fundamental role in securing and maintaining the Dymension ecosystem. It is used for staking, allowing validators to participate in network consensus and potentially earn rewards. For some users, this might seem familiar, as CEX.IO offers a similar feature where eligible customers can potentially earn crypto rewards through Staking. However, it’s vital to note that DYM is currently not available for staking at CEX.IO. Still, we offer other potentially interesting cryptocurrencies some might find worth exploring. 

Additionally, DYM is essential for paying transaction fees across RollApps, ensuring seamless interactions between users and applications. Governance is another key function, as DYM holders can vote on protocol upgrades and ecosystem decisions. This is not new, as plenty of other native tokens offer similar functionality, but it adds to DYM’s multi-purpose utility. 

How Dymension Works?

As mentioned, Dymension operates as a modular blockchain network that leverages RollApps — specialized rollup chains — to enhance scalability and interoperability. RollApps execute transactions off-chain and settle them on Dymension's core layer, potentially reducing congestion and transaction costs. 

The network employs a Proof-of-Stake (PoS) consensus model, where validators secure the system by staking DYM tokens. Additionally, Dymension is built with interoperability in mind, allowing RollApps to communicate seamlessly with each other and external blockchains. This architecture potentially enables developers to launch highly efficient, customized blockchain applications while benefiting from shared security and liquidity across the ecosystem.

What Makes Dymension Potentially Unique?

Dymension potentially sets itself apart through its modular RollApp ecosystem. These rollup chains may help the network enhance scalability without compromising security. Unlike monolithic blockchains like Ethereum (ETH), which handle execution, consensus, and data availability on a single layer, Dymension decouples these functions, allowing RollApps to run independently. 

Some might find its design similar to Celestia (TIA), another modular blockchain. However, Dymension might differentiate itself by offering native liquidity and interoperability across RollApps. 

Compared to traditional Layer 1 solutions like Solana (SOL), which prioritize speed through a monolithic approach, Dymension’s modularity may provide greater customization and efficiency. 

How to Buy DYM on CEX.IO: Step-by-Step Guide

Eligible customers can acquire DYM through Spot Trading by trading this token against Tether (USDT) and USD currencies. This way, users can explore price fluctuations and obtain DYM at potentially more favorable market conditions. However, it’s also vital to note that this strategy requires expertise and experience. 

Hence, we understand that some participants might look for other ways to acquire DYM on CEX.IO beyond trading. For this reason, we offer Instant Buy functionality. This feature allows eligible customers to buy crypto, including DYM, at current market rates using preferred payment methods. Here’s how to do it: 

1. Visit our official website and create an account. 
2. Verify your identity according to KYC/AML policies. 
3. Log in using your established credentials and navigate to Instant Buy. 
4. Choose DYM as your preferred cryptocurrency. 
5. Select the fiat currency you want to use to buy DYM on CEX.IO. 
6. Specify the amount of fiat you’re ready to spend. Alternatively, you can choose an amount from predefined allotments. 
7. Choose your preferred payment method from the list of supported funding gateways. 
8. Review all transaction details. 
9. Complete your purchase following the on-screen instructions. 

How to Fund Your DYM Purchase on CEX.IO?

CEX.IO supports different payment methods, from traditional credit and debit cards to e-wallets. Here’s a complete list of available funding gateways you can use to buy DYM: 

• Credit/Debit cards (Mastercard and Visa)
• Prepaid card
• Bank Account
• Skrill
• Neteller
• PayPal (for US-based customers only)
• Google Pay
• Apple Pay
• MoneyGram
• Faster Payments

Disclaimer: Due to varying regulations between countries, some payment methods may be unavailable in your region. Because of this, we encourage customers to research available funding gateways before purchasing DYM at CEX.IO. 

FAQs

How do I store my DYM tokens on CEX.IO?

Once you register and verify your account with CEX.IO, you receive a free crypto wallet, allowing you to store, buy, sell, and trade DYM seamlessly. Our wallet is custodial, meaning that our platform takes care of your private keys, providing you with peace of mind when storing your DYM holdings. The CEX.IO crypto wallet does not require any additional software installations or incur extra expenses. Another potential advantage is that you can access your DYM holdings through both web platforms for desktop and mobile apps for iOS and Android for on-the-go DYM management. 

How can I check the price of DYM on CEX.IO?

There are a few handy ways to check the real-time price of DYM. However, the most intuitive one is through our cryptocurrency price page. This resource allows you quick insight into the current value of DYM, as well as its market capitalization and 24-hour price changes. 

What can I do with DYM tokens after buying on CEX.IO?

Users that have DYM tokens on their CEX.IO balances can perform various actions, including: 

• Storing – Customers can securely hold their DYM tokens on the CEX.IO wallet to potentially benefit from the asset’s price appreciation. 
• Trade – Utilize a cryptocurrency trading account on CEX.IO Spot Trading to explore DYM markets and place trading orders. CEX.IO supports DYM/USD and DYM/USDT currency pairs. 
• Convert – Exchange DYM for other assets and explore other opportunities via the CEX.IO ecosystem. 

Transfer – Move your funds to an external wallet.