Dymension raised around $7 million in a private round earlier this year.
Blockchain scaling startup – Dymension – announced the launch of the world’s first IBC-enabled EVM rollup on testnet in collaboration with Evmos Core Teams and Celestia.
The latest offering is part of Dymension’s roadmap to establish and bootstrap a new ecosystem of IBC-enabled rollups. The collaboration, on the other hand, will bring “superior” EVM blockchain access to the Cosmos ecosystem.
IBC-Enabled EVM Rollup
According to the press release shared with CryptoPotato, the first EVM RollApp is being deployed within the platform’s initial testing ground called “35-C.” It was launched through a collaboration with the Evmos Core Development Team, as the RollApp uses Ethermint, which happens to be an implementation of the Ethereum Virtual Machine built on top of Dymension’s RollApp.
The new EVM RollApp leverages the EVMOS token as its gas token. It is also tasked with updating its state to the Dymension Hub and posting data to Celestia’s “Mocha” testnet.
The RollApp will feature a Uniswap v2 fork and a bespoke frontend. This is essentially part of a proof-of-concept to show how anyone can seamlessly deploy their own RollApp and host EVM dApps.
Developers will also be able to fork any EVM-based dApp and deploy it on the RollApp with the help of Dymension’s tech. Meanwhile, the RollApp is IBC-enabled, which allows it to natively connect with the entire Cosmos ecosystem of IBC blockchains, thereby eliminating risks associated with bridging.
Commenting on the release, Yishay Harel, Dymension Lab’s CEO and Co-Founder, said,
“Excited to have worked closely with the Evmos team to achieve this milestone. With the world’s first IBC-enabled EVM rollup now deployed on testnet, we’re one step closer to bringing scalable and interoperable blockchain solutions to the wider community. This is just the beginning of our journey, and we’re looking forward to continuing to push the boundaries of what’s possible with EVM-based technology.”
Going forward, the platform also plans to allow the wider community of Cosmos chains to create their own RollApps. Such a move is expected to create the scope for thousands of EVM developers to deploy higher-performing decentralized applications (dApps) that can connect to the IBC ecosystem.
$6.7M Fundraise
Dymension completed a $6.7 million fundraise in February this year. The round was led by Big Brain Holdings and Stratos, while Shalom Meckenzie of DraftKings. Other participants included on-chain gaming DAO Matchbox among other leading blockchain VCs and angel investors.
Simultaneously, the platform revealed building a rollup development kit (‘RDK’) for their modular network of layer-2 blockchains.
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