Blockchain scaling platform Dymension announced the completion of a $6.7 million private placement led by several investment firms and angel investors.
Cryptocurrency-focused U.S. VC Big Brain Holdings and multi-strategy VC Stratos led a private round of investment, with participation from DraftKings’ Shalom Meckenzie, DAO on-chain game Matchbox, and others, according to a press release.
Commenting on the investment, Kasey, General Partner at Big Brain Holdings said:
“Dymension RollApps are a major step forward for blockchain infrastructure. They allow developers to monetize their applications as standalone chains without significant infrastructure costs. We are very excited to support the team on their journey.”
Be the first Layer-2 on Cosmos
Dymension is building a modular blockchain network called rollups (or RollApps), powered by Dymension Hub. Developers using the platform will be able to create and deploy RollApps without their own consensus.
Rollup is one of several scaling solutions for layer 1 of the blockchain. They execute transactions off the main blockchain before pushing data back to the mainnet for consensus.
The rollup, originally created for the Ethereum blockchain, will be connected to the Cosmos network and its IBC protocol.
According to the press release, rollup will be the first network to integrate with the Cosmos ecosystem and operate as a layer 2 IBC network.
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Public testnet will launch on February 15th
Dymension will launch a public testnet of the Development Kit Rollup (RDK) on February 15th, after which it will be deployed on mainnet. The RDK will allow developers to easily deploy cost-effective EVM-compatible rollups.
At launch, rollups will act as a customer-facing blockchain, just like a traditional web application. They will batch execute transactions on the layer 2 blockchain and push them to the layer 1 backend chain for security and scalability.
“The Dymension public testnet rollup will publish data to the Celestia and Dymension Hub modular blockchains. This makes deploying and interacting with rollups incredibly fast, easy, and cost-effective.”
According to Dymension CEO Yishay Harel, the company is trying to build a blockchain network with technology that could create the biggest paradigm shift since the creation of Ethereum.
“Today, Dymension makes modular blockchains a reality…Dymension Hub will be the core of the new Internet of Value, made up of multiple modular blockchains,” added Harel.
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