Key Takeaways
- Dymension secures $6.7 million funding from leading blockchain VCs and angel investors, which will help support its launch of the public testnet.
- The startup is building a rollup development kit (RDK) for a modular network of Layer-2 blockchains, which will be the first ever rollups to connect to the Cosmos and IBC ecosystem and operate as the IBC layer-2 network.
- The RDK will make it easy for developers to deploy performant rollups and integrate blockchain security, liquidity, and decentralization into their applications.
- The launch of the 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.
Blockchain scaling start-up Dymension has raised $6.7 million in a private funding round led by Big Brain Holdings and Stratos and participated in by on-chain gaming DAO Matchbox and others.
The funds will be used to complete the development of its rollup development kit (RDK) for its modular Layer-2 blockchain network, the first to connect to the Cosmos and IBC ecosystem.
Dymension’s RDK will make it easier for developers to deploy performant rollups, helping them to bring blockchain security and liquidity to their applications.
Dymension Labs’ Yishay Harel said the company was “scaling a network of blockchains with technology capable of making the biggest paradigm shift since Ethereum”.
Rollups are client-facing blockchains that batch transactions on Layer-2 blockchains before submitting them to a Layer-1 chain for security and scale. Dymension’s public testnet will publish data to Celestia’s modular blockchain and the Dymension Hub, making it faster, easier and more cost-efficient to deploy and interact with rollups.
Dymension has made ease of use and flexibility central to its technology, offering the Cosmos SDK as a rollup with support for EVM, CosmWasm and other virtual machines. This makes it possible for many to build their own RollApp, or rollup, with their own fee and tokenomics. The public testnet will launch on 15 February, with the mainnet to follow.
Kasey, GP of Big Brain Holdings, said Dymension RollApps were a “major step forward for the blockchain infrastructure stack” as they allowed developers to monetize their apps as standalone chains without major infrastructure costs. The company’s focus on ease of use and flexibility will reduce development costs for the Cosmos and IBC ecosystem and make it easier for businesses and communities to tap into blockchain security and liquidity from the start.
The company said that its modular blockchains will form the center of a new “internet of value”. Rollups were originally developed for the Ethereum network but have since been adopted more broadly because of their ability to improve existing blockchain architecture. Dymension’s rollups will bring ease of deployment and reduced development costs to the Cosmos and IBC ecosystem.
The funding round was a vote of confidence in Dymension’s vision and execution from leading blockchain venture capital firms and angel investors. The company’s aim is to make modular blockchains a reality and to build a network of blockchains that will drive the next major paradigm shift in blockchain technology, since Ethereum.
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