Dymension, a blockchain scaling firm, has just announced the introduction of its public testnet and closed a funding round totaling $6.7 million. After being impressed by Dymension’s vision and execution, leading blockchain venture capitalists and angel investors participated in the round of funding.
A rollup development kit, also known as an RDK, is being developed by Dymension (also known as “Home of the RollApps”) for their modular network of Layer-2 blockchains. The rollups that are compatible with EVM will make history by becoming the first rollups ever to connect to the Cosmos and IBC ecosystem and function as the IBC layer-2 network. On February 15, it will open its public testnet, and then shortly after, it will launch its mainnet.
Dymension was able to successfully complete a private funding round, which was managed by Big Brain Holdings and Stratos and included participation from Shalom Meckenzie of DraftKings, the on-chain gaming DAO Matchbox, and other investors. The round brought in a total of $6.7 million.
Unveiling the project, Dymension Labs’ Yishay Harel explained: “Dymension makes modular blockchains a reality, today. We’re scaling a network of blockchains with technology capable of making the biggest paradigm shift since Ethereum. Dymension Hub will be the center of a new internet of value, composed of numerous modular blockchains.”
Streamlined Deployment & Interaction with Rollups
In a manner comparable to that of traditional web applications, blockchain infrastructure is rapidly transitioning into an architecture known as full stack, in which rollups serve the function of client-facing blockchains. Rollups are a method for efficiently batching transactions that take place on Layer-2 blockchains. These transactions are then sent to a “backend” Layer-1 chain so that they may be scaled and secured.
The Dymension Hub and Celestia’s modular blockchain will both receive data from the public testnet rollups that are conducted by Dymension. Due to this, the process of deploying rollups and interacting with them is designed to be highly quick, simple, and cost-effective. Using the RDK that Dymension provides, developers will have an easier time deploying rollups that are both performant and capable of meeting the requirements of customers today.
With the assistance of Dymension’s RDK, developers may easily design a new application or integrate the liquidity, security, and decentralization of the blockchain world into an existing one. The Cosmos SDK is offered by Dymension as a rollup, with support for EVM, CosmWasm, and other well-known virtual machines. Dymension’s technology is centered on user friendliness and adaptability. Due to this, it will be feasible for many people to develop their own rollup, which Dymension refers to as a RollApp, complete with their own fee and tokenomics.
A Major Step Forward for the Blockchain Infrastructure Stack
Rollups were first developed for use on the Ethereum network, but their ability to generate improved efficiencies in existing blockchain architecture has led to their widespread adoption since then. The Dymension Hub is the single point in the Dymension network, which consists of a collection of individual blockchains known as RollApps. Anyone is able to construct and launch their very own consensus-free blockchain using the RollApp format thanks to Dymension.
Kasey, GP of Big Brain Holdings, which led the round, said: “Dymension RollApps are a major step forward for the blockchain infrastructure stack. They allow builders to monetize their apps as standalone chains without massive infrastructure overheads. We’re extremely excited to back the team on their journey.”
The simplicity of deployment and a significant reduction in development expenses that Dymension RollApps will bring to the Cosmos and IBC ecosystem will make it much simpler for organizations, communities, and developers to gain access to the blockchain’s security and liquidity from day one.
