Dymension, a blockchain development company, has launched a new Testnet for their IBC-enabled EVM Rollup. This new product is designed to improve and enhance the Cosmos ecosystem by providing a more efficient and scalable solution for applications built on the Cosmos blockchain. The IBC-enabled EVM Rollup will allow for faster transactions, lower fees, and increased interoperability between different blockchains. Additionally, Dymension’s Testnet launch will allow developers to test and experiment with this new technology before it is fully deployed. This is a significant step forward for the Cosmos community and shows Dymension’s commitment to advancing the blockchain industry.
Dymension Launches World’s First IBC-Enabled EVM Rollup on Testnet
Dymension, a blockchain scaling startup, has recently launched the world’s first IBC-enabled EVM rollup on testnet in collaboration with Evmos Core Teams and Celestia. This latest offering is part of Dymension’s roadmap to establish and bootstrap a new ecosystem of IBC-enabled rollups. The collaboration will bring “superior” EVM blockchain access to the Cosmos ecosystem.
What is an IBC-Enabled EVM Rollup?
The first EVM RollApp will be 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.
Moreover, 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.
What Dymension has to Say About the Launch?
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.”
What’s Next for Dymension?
The platform 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.
In conclusion, Dymension’s IBC-enabled EVM Rollup launch on testnet marks a significant milestone in the blockchain industry. It aims to lay the foundation for establishing and bootstrapping a new ecosystem of IBC-enabled rollups. The platform also plans to allow the wider COSMOS chains to create their own RollApps, which is expected to open the door for thousands of EVM developers to deploy higher-performing decentralized applications.