Blockchain scaling platform Dymension announced the completion of a $6.7 million fundraiser in a private round led by several investment firms and angel investors.
According to a press release seen by CryptoPotato, American crypto-focused VC Big Brain Holdings and multi-strategy VC Stratos led the private investment round, with participation from Shalom Meckenzie of DraftKings, on-chain gaming DAO Matchbox, among others.
Commenting on the investment, Kasey, general partner of Big Brain Holdings, 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.”
Becoming the First Layer-2 on Cosmos
Dymension is building a network of modular blockchains known as rollups (or RollApps) powered by the Dymension Hub. Developers using the platform will be able to create and deploy their own consensus-free RollApps.
Rollups are one of several scaling solutions for layer 1 blockchains. They execute transactions outside the main blockchain before pushing the data back to the mainnet for consensus.
Originally created for the Ethereum blockchain, the rollups will be connected to the Cosmos network and its Inter-Blockchain Communication protocol (IBC).
According to the release, the rollups will be the first to integrate with the Cosmos ecosystem and run as the IBC layer-2 network.
Public Testnet to go Live on Feb. 15
Dymension will launch a public testnet for its rollup development kit (RDK) on February 15, with the mainnet to follow suit. RDK will enable developers to deploy cost-efficient performant EVM compatible rollups with ease.
Upon launch, the rollups will operate as client-facing blockchains, just like traditional web applications. They would batch transactions on layer-2 blockchains and push them to backend layer-1 chains for security and scaling.
“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,” the release said.
According to Yishay Harel, CEO of Dymension, the company is trying to build a network of blockchains with technology that can make the biggest paradigm shift since the creation of Ethereum.
“Dymension makes modular blockchains a reality, today… Dymension Hub will be the center of a new internet of value, composed of numerous modular blockchains,” Harel added.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.