Dymension Raises Almost $7M; Releases Testnet for Layer 2 'RollApps'External - Press Release
By: Chainwire •External PR
Tel-Aviv, Israel, 9th February, 2023, Chainwire
Blockchain scaling startup Dymension has completed a $6.7M raise and announced the release of its public testnet. Leading blockchain VCs and angel investors joined the round having been impressed by Dymension’s vision and execution.
Dymension (‘Home of the RollApps’) is building a rollup development kit (‘RDK’) for their modular network of Layer-2 blockchains. The EVM-compatible rollups will be the first ever rollups to connect to the Cosmos and IBC ecosystem and operate as the IBC layer-2 network. Its public testnet will launch on February 15 with the mainnet to follow.
A total of $6.7 million was raised by Dymension from a private round led by Big Brain 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 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.”
Similar to traditional web applications, blockchain infrastructure is quickly evolving into a full-stack architecture in which rollups operate as client-facing 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 data to Celestia’s modular blockchain and the Dymension Hub. This makes the process of deploying and interacting with rollups extremely fast, easy, and cost-efficient.
With Dymension’s RDK, developers will be able to easily deploy performant rollups that can meet the demands of users today. Developers are able to seamlessly integrate the liquidity, security, and decentralization of the blockchain world into their application or build a new one with the help of Dymension’s RDK.
Dymension has focused its technology around ease of use and flexibility offering the Cosmos SDK as a rollup, with support for EVM, CosmWasm and other popular virtual machines. This makes it possible for many to build their own rollup (or RollApp as Dymension calls it) with their own fee and tokenomics.
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.”
Originally developed for the Ethereum network, rollups have since enjoyed broader utilization on account of their ability to drive greater efficiencies in existing blockchain architecture. Dymension RollApps will bring ease of deployment and a significant reduction in development costs for the Cosmos and IBC ecosystem making it easier for developers, communities, and businesses to tap into blockchain security and liquidity from day one.
Dymension is a network of modular blockchains called RollApps powered by the Dymension Hub. Dymension allows anyone to build and deploy their own consensus-free blockchain as a RollApp.
Learn more: https://www.dymension.xyz/