Dymension Raises $6.7m and Releases Testnet for a Network of Modular Layer-2 RollApps

World News

Tel-Aviv, Israel, Ninth February, 2023, Chainwire

Blockchain scaling startup Dymension has completed a $6.7M lift and announced the unencumber of its public testnet. Main blockchain VCs and angel traders joined the round having been impressed by Dymension’s imaginative and prescient and execution.

Dymension (‘Home of the RollApps’) is constructing a rollup pattern equipment (‘RDK’) for their modular network of Layer-2 blockchains. The EVM-acceptable rollups will most certainly be the indispensable ever rollups to glue to the Cosmos and IBC ecosystem and characteristic as the IBC layer-2 network. Its public testnet will open on February 15 with the mainnet to conform to.

A total of $6.7 million became as soon as raised by Dymension from a deepest round led by Mammoth Mind Holdings and Stratos with participation from Shalom Meckenzie of DraftKings, on-chain gaming DAO Matchbox and others.

Unveiling the project, Dymension Labs’ Yishay Harel explained: “Dymension makes modular blockchains a actuality, on the novel time. We’re scaling a network of blockchains with technology able to making the largest paradigm shift since Ethereum. Dymension Hub will most certainly be the heart of a novel web of designate, tranquil of a colossal selection of modular blockchains.”

Corresponding to used web applications, blockchain infrastructure is rapid evolving into a beefy-stack structure in which rollups characteristic as client-going by blockchains. Rollups efficiently batch transactions on Layer-2 blockchains and submit them to a “backend” Layer-1 chain for security and scale. Dymension’s public testnet rollups will publish recordsdata to Celestia’s modular blockchain and the Dymension Hub. This makes the approach of deploying and interacting with rollups extraordinarily rapidly, easy, and charge-ambiance pleasant.

With Dymension’s RDK, builders shall be in a location to with out problems deploy performant rollups that might presumably meet the requires of customers on the novel time. Builders are in a location to seamlessly integrate the liquidity, security, and decentralization of the blockchain world into their utility or assemble a novel one with the succor of Dymension’s RDK.

Dymension has centered its technology round ease of snarl and suppleness providing the Cosmos SDK as a rollup, with give a boost to for EVM, CosmWasm and other current virtual machines. This makes it that it is probably going you’ll presumably well presumably imagine for a entire lot of to assemble their beget rollup (or RollApp as Dymension calls it) with their beget charge and tokenomics.

Kasey, GP of Mammoth Mind Holdings, which led the round, mentioned: “Dymension RollApps are a foremost step forward for the blockchain infrastructure stack. They enable builders to monetize their apps as standalone chains with out huge infrastructure overheads. We’re extraordinarily inflamed to lend a hand the team on their traipse.”

At the muse developed for the Ethereum network, rollups have since enjoyed broader utilization on memoir of their capability to power increased efficiencies in novel blockchain structure. Dymension RollApps will lift ease of deployment and a foremost good buy in pattern charges for the Cosmos and IBC ecosystem making it more straightforward for builders, communities, and companies to faucet into blockchain security and liquidity from day one.

About Dymension

Dymension is a network of modular blockchains called RollApps powered by the Dymension Hub. Dymension permits anyone to assemble and deploy their beget consensus-free blockchain as a RollApp.
Learn more: https://www.dymension.xyz/