Dymension Launches IBC-Enabled EVM Rollup on Testnet to Enhance Cosmos Ecosystem
Crypto News

Dymension Launches IBC-Enabled EVM Rollup on Testnet to Enhance Cosmos Ecosystem

3ในการอ่าน
1 year ago

Dymension raised around $7 million in a private round earlier this year.

Dymension Launches IBC-Enabled EVM Rollup on Testnet to Enhance Cosmos Ecosystem

สารบัญ

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.

0 people liked this article

Related Articles

Crypto News
Assessing Bitcoins price action over the last 12 hours
Yesterday, Bitcoin experienced significant price fluctuations between $27,300 and $29,000, and CryptoSlate believes the main reason is the increasingly illiquid market. As Bitcoin liquidity has dro...
1 year ago
2ในการอ่าน
Crypto News
Web3 Berlin Set to Host Europe’s Biggest Crypto & NFT Conference in June
Web3 Berlin is set to host an annual event on the 10th and 11th of June at the Estrel Congress Center. The conference promises to be an unforgettable experience where attendees can focus on network...
1 year ago
3ในการอ่าน
Crypto News
GALA (GALA) price down by 90%; Uwerx (WERX) price prediction positive with 50X gains
Metaverse games are gaining popularity with more and more people spending time in the metaverse playing, working, or studying. GALA (GALA) is one of the crypto coins that has capitalized on the cra...
1 year ago
4ในการอ่าน
Crypto News
Metaverse Division’s $4B Loss Drags on Positive First Quarter for Meta
In what was generally a strong first quarter for the Mark Zuckerberg-led social media juggernaut, Meta experienced a nearly $4 billion loss from its metaverse venture with Reality Labs. While the $...
1 year ago
3ในการอ่าน
Crypto News
Kiyosaki tells it how it is - banks, Bitcoin, freedom of speech
Robert Kiyosaki has gone to Twitter to warn his followers of the excesses of the banks, and advises gold and bitcoin. Robert Kiyosaki, the author of Rich Dad Poor Dad, continues to tweet out on his...
1 year ago
3ในการอ่าน
Crypto News
Binance CEO, Changpeng Zhao, Disputes Estimated Wealth Claims by Bloomberg
Changpeng Zhao, CEO of cryptocurrency exchange Binance, has disputed recent media reports about his net worth.
1 year ago
3ในการอ่าน