Dymension (DYM) is an innovative blockchain platform that allows developers to create their own application chains with optimal conditions. By utilizing the RDK infrastructure and development toolkit, Dymension enhances connectivity for RollApps. This article provides comprehensive information about Dymension, including its definition, the native asset DYM coin, and the process of buying DYM coin.
What is Dymension?
Dymension is a highly scalable Layer 1 blockchain network that is built on the Cosmos SDK toolkit and connected to the Cosmos ecosystem through the IBC bridge. The network features a modular structure, enabling the upgrading and maintenance of each component of the system.
To utilize blockchain technology, Dymension employs the Proof of Stake (PoS) consensus mechanism provided by the SDK. This mechanism utilizes Tendermint software, which connects the central network layer with the consensus mechanism. This integration creates a user-friendly interface for both developers and users.
Dymension utilizes the Dymension RDK on the RollApp platform to customize the Rollup Chain and operates through the Sequencer. Users are required to stake DYM coins in order to execute orders on the Sequencer. For transaction approval and network connectivity, Dymension Hub utilizes the Tendermint Core state replication model. It establishes an interaction hub between RollApps, offering optimized collective service.
The network is built on a modular structure, allowing for low-cost execution environments such as EVMOS EVM, Polaris EVM, and CosmWasm, as well as various data storage options. It also implements Optimistic Rollup technology and Fraud Proof for transaction validation. Through the IBC bridge with Layer 1, RollApps on Dymension can connect and transfer assets. Coins are locked on the source chain and minted on the target chain, ensuring enhanced security and reliability through validation by Dymension Hub.
Dymension’s RollApps can achieve an average transaction time of 0.2 seconds and a maximum TPS (transactions per second) of approximately 20,000. The operational mechanism of the network follows these steps:
1. Users execute trading orders on RollApp.
2. Transactions are validated by the Sequencer and included in a block automatically.
3. The Sequencer sends the block, containing the transaction, to Dymension Hub as Call Data and submits the transaction proof to the DA Layer.
4. After the DA layer returns the proof path, the Sequencer confirms the current state of RollApp and sends the state root information and proof path to Dymension Hub.
DYM Coin Review
DYM coin serves as the native asset of the Dymension network and has multiple purposes. It can be used to pay for transaction fees on the network and participate in platform governance through voting. Automated Market Makers (AMMs) provide liquidity for coin trading.
As of February 6, 2024, the supply of DYM coin is limited to 1 billion, and the circulating supply is currently 1 billion coins.
How to Buy DYM Coin?
DYM coin can be bought and sold on Binance, the largest cryptocurrency exchange in terms of trading volume. DYM coin will be listed on Binance on February 6, 2024, and will be available for trading in the DYM/BTC, DYM/USDT, DYM/FDUSD, and DYM/TRY trading pairs.
To purchase DYM coin, users need to register on the Binance exchange if they don’t already have an account. After completing the registration process, users can transfer fiat currencies or cryptocurrencies to their Binance wallet. Once the transfer is completed, DYM coins can be bought from any of the mentioned trading pairs.
For example, to buy DYM coin from the DYM/USDT trading pair on Binance, users should navigate to the interface of this trading pair. In the trading interface, they can enter the desired amount they wish to purchase in the limit tab. After entering the amount, the purchase can be completed with the Buy DYM order.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is recommended to conduct thorough research before making any investment decisions.
