Boost Cosmos Ecosystem with IBC-Enabled EVMs By Dymension
Early this year, Dymension raised about $7 million in a private round.
In partnership with Evmos Core Teams and Celestia, the blockchain scaling startup Dymension revealed the launch of the world’s first IBC-enabled EVM rollup on testnet.
The latest offering is part of Dymension’s plan to set up and grow a new community of rollups that can work with IBC. On the other hand, the partnership will give the Cosmos ecosystem “superior” access to the EVM blockchain.
IBC-Enabled EVM Rollup
The first EVM RollApp is being used in the platform’s first testing ground, which is called “35-C.” It was released with the help of the Evmos Core Development Team, since the RollApp uses Ethermint, which is an example of the Ethereum Virtual Machine built on top of Dymension’s RollApp.
The EVMOS token is used as the gas token in the new EVM RollApp. It also has to tell the Dymension Hub about its state and send info to Celestia’s “Mocha” testnet.
The RollApp will have a version of Uniswap v2 and a front end that is unique. This is mostly a proof-of-concept to show how easy it is for anyone to set up their own RollApp and run EVM dApps.
With Dymension’s technology, developers will also be able to copy any EVM-based dApp and run it on the RollApp. The RollApp, on the other hand, is IBC-enabled, which means it can join directly to all of the IBC blockchains in the Cosmos ecosystem. This eliminates the risks that come with bridging.
Yishay Harel, CEO and Co-Founder of Dymension Lab, had this to say about the release:
“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.”
In the future, the platform also hopes to let Cosmos chains as a whole make their own RollApps. With this change, thousands of EVM developers will be able to build decentralized apps (dApps) that work better and can connect to the IBC ecosystem.
$6.7M Fundraise
In February of this year, Dymension was able to raise $6.7 million. Big Brain Holdings and Stratos led the round, while Shalom Meckenzie of DraftKings came in third. On-chain game company DAO Matchbox and other top blockchain VCs and angel investors also took part.
At the same time, the company announced the building an RDK (rollup development kit) for their modular network of layer-2 blockchains.
