Dymension (DYM): Unveiling The Dimensions Of An Innovative Project

On the afternoon of January 3, 2024, Dymension announced an airdrop of up to 70 million DYM tokens for the early user community. So, what is Dymension? What makes this blockchain project stand out?

What Is Dymension?

Dymension is a layer 1 blockchain designed under a modular blockchain framework, built on the Cosmos SDK, and capable of interacting with the Cosmos ecosystem through the IBC bridge.

The Dymension network comprises multiple rollup applications deployed on top, called RollApps. These RollApps are applications that enable direct user interaction, ranging from games, DeFi platforms, to NFT platforms.

The Structure Of Dymension

The structure of Dymension consists of three main components:

• RollApp: Serving as the front-end and customizable app-chains, RollApps facilitate user interaction within the Dymension network, such as gaming, DeFi platforms, NFTs, and more.
• Dymension Hub: Functioning as the backend server for RollApps, the Dymension Hub orchestrates the Dymension network by handling requests from RollApps, enabling their communication. The Hub also features an AMM for trading RollApp tokens.
• Data Availability (DA) Network: Serving as a database to provide data when required by RollApps. Data in Dymension’s DA Network is stored temporarily and distributed to ensure cost efficiency and decentralization.

In general, RollApps are rollup applications (layer 2 blockchains) constructed under the modular blockchain framework within the Dymension network. Instead of bearing expensive costs for validators’ upkeep, RollApps leverage:

• Dymension Hub serves as layer 1 to process transactions.
• Data Availability Network functions akin to Celestia, Avail, NEAR, etc., to publish transactional data.

RollApp

RollApps are application-specific rollups designed for specific applications, developed using the Dymension RDK (RollApp Development Kit).

The Dymension RDK, tailored for RollApp development, is built by adding new modules and modifying existing ones within the Cosmos SDK, ensuring compatibility with the Cosmos ecosystem for RollApps.

The Dymension RDK model consists of two main components:

• Server: An application designated for deploying customized business logic along with pre-packaged modules for RollApps.
• Client: Also known as dymint. Dymint acts as an alternative to Tendermint (on Cosmos), responsible for block production, peer communication, and inter-layer network connectivity.

Additionally, the Dymension RDK allows RollApps to deploy smart contract rule frameworks, including EVMOS EVM, Polaris EVM, CosmWasm.

RollApps can interact with all chains supporting the Inter Blockchain Communication (IBC) protocol and utilize the Dymension Hub. Therefore, RollApps are also part of the IBC ecosystem. However, the distinguishing factor of RollApps is their delegated consensus to the Dymension Hub, rather than to the Cosmos Hub, unlike other app-chains within Cosmos.

Dymension Hub

Dymension Hub is a decentralized blockchain that uses the Delegated Proof-of-Stake consensus algorithm with the native token DYM. Dymension Hub plays the role of validating, securing, and providing liquidity for RollApp applications in the network.

The Dymension Hub provides for RollApps and the Dymension ecosystem:

• Security: RollApp transactions are processed by the Dymension Hub’s network of validators, coupled with the fraud-resistant design of the Dymension protocol, ensuring security and integrity for the network.
• Interoperability: Building on the Dymension Hub allows RollApps to communicate and transact through specialized modules. It enables RollApp users to connect with applications or blockchains within the IBC ecosystem due to compatibility with the IBC protocol.
• Liquidity: The Dymension Hub features an AMM as an embedded liquidity layer, facilitating asset pricing, routing, token swapping, and liquidity sharing among RollApps within the Dymension ecosystem.

The Features Of Dymension

Dymension is currently in its testnet phase, showcasing features on the portal such as RollApp, Hub, IBC Bridge, and Liquidity.

RollApp

The RollApp page is a hub for data related to the RollApps developed within the Dymension ecosystem, featuring statistical information including:

• Total TVL on RollApps: Total Locked Value across RollApps.
• RollApps Listed/Deployed: Number of RollApps listed or deployed.
• Total IBC Transfers: Aggregate value of assets transferred via the IBC bridge.
• Total Active Addresses: Sum of active wallet addresses.

Hub

The Hub page is a comprehensive dashboard presenting statistics and charts related to the entire Dymension blockchain in a visual manner. It includes block time, the number of RollApps, IBC asset transfer value, total DYM token supply, validators, and staking data.

IBC Bridge

Dymension integrates the IBC Bridge, enabling users to swiftly swap assets (tokens) directly between blockchains or RollApps within the Dymension platform.

Liquidity

The Liquidity page of Dymension includes the following features:

• Swap: AMM enabling token trading for users.
• Pools: Aggregate liquidity pools allowing users to provide liquidity to existing pools or create new ones.
• Assets: Aggregated information related to tokens within the system, including token price, 7-day price fluctuations, and liquidity.

Dymension’s Key Highlights

Dymension boasts several standout features, such as:

• Decentralization: Dymension blockchain operates on a decentralized network of validators within the Dymension Hub to authenticate transactions, ensuring data accuracy and integrity.
• Cost Efficiency: RollApp data is temporarily stored off-chain in the DA Network outside the Dymension blockchain, offering cost-effectiveness and scalability for RollApps in the network.
• IBC Integration: The IBC, a bridging protocol, allows secure communication between blockchains. Dymension Hub’s integration with IBC enables RollApps to connect with the IBC economy, fostering interaction between ecosystems while maintaining high security standards.
• User-Friendly Interface: Despite being on a testnet, Dymension’s interface is considered relatively intuitive, user-friendly, and accessible for newcomers.
• Easy-to-Deploy RDK Toolkit: Dymension provides the RDK toolkit and comprehensive guidelines, enabling developers to freely design, customize, and deploy RollApps with ease.

What Is Token DYM?

DYM is the native token of the Dymension blockchain, playing a crucial role in enhancing security, growth, and sustainability of RollApps within the ecosystem.

• Token name: Dymension.
• Ticker: DYM.
• Blockchain: Updating…
• Contract: Updating…
• Token type: Updating…
• Total Supply: 1,000,000,000 DYM.
• Circulating Supply: Updating….

At present, Dymension has not yet launched its mainnet and introduced the DYM token.

Guide To Receiving The DYM Token Airdrop

Airdrop Information

Users may be eligible for the DYM airdrop if they have:

• Stake TIA tokens on the Celestia platform.
• Utilize layer 2 networks including Arbitrum, Optimism, Base, and Blast. Use DEXs on Cosmos Hub, Stride, Osmosis.
• Utilize bridges like Wormhole, the Tensor marketplace, and the NFT distribution platform Drip.
• Haus on the Solana blockchain.
• Hold NFTs such as Pudgy Penguins, Mad Lads, Tensorians, Bad Kids.
• Use a bridge to transfer assets onto the Dymension network from tokens like USDC, TIA, USDT, ATOM, ETH, SOL.

The total airdrop token amount is 7% of the total supply of DYM tokens, equivalent to 70,000,000 DYM tokens. The time to claim DYM will extend until 7 PM on January 21, 2023 (Vietnam time) at https://genesis.dymension.xyz. After this period, users won’t be able to claim the tokens.

Claiming The DYM Airdrop Token

Access https://genesis.dymension.xyz, select the Chain, and enter your wallet address to check if you’ve received the airdrop.

If your wallet is eligible, the screen will display a congratulatory message and allow you to claim the token. Select ‘Claim,’ then scroll down to the bottom of the terms and choose ‘Accept’.

After claiming, the screen will show the amount of DYM tokens you’ve received through the airdrop.

Development Roadmap & Updates

At present, Dymension doesn’t have any information about the development roadmap for 2024 and beyond.

Project Team, Investors, & Partners

Dymension completed its Private round on February 9, 2023, successfully raising $6.7 million, led by Big Brain Holdings and Stratos, with participation from other investors including Matchbox DAO and Shalom Meckenzie of DraftKings.

Currently, there is no information available about the project team and official partners of Dymension.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.