Dymension (DYM), RollApps scalable modular Blockchain, facilitates the creation of suitable conditions for developers to build their own application chains. The project uses the RDK infrastructure and development toolset to enhance RollApps’ connectivity. In this article, you can find answers to many questions such as what is Dymension, which will be listed on Binance, what is the native asset DYM coin of the network, and how to buy DYM coin.
What is Dymension?
Dymension is a Layer 1 Blockchain network built on the Cosmos SDK toolkit and connected to the Cosmos ecosystem through the IBC bridge. The network has a modular blockchain structure that allows for the upgrading and maintenance of each part of the system.
The network uses the Proof of Stake (PoS) consensus mechanism provided by the SDK. This mechanism helps create an intuitive, easy-to-use interface for users and developers by connecting the central network layer and consensus mechanism using Tendermint software.
Dymension is developed based on RollApp, uses Dymension RDK to customize the Rollup Chain, and operates through a Sequencer. Users need to stake their DYM coins in the Sequencer to execute orders. Dymension Hub uses the Tendermint Core state replication model for transaction confirmation and network connection, offering a feature of collective service optimization by creating an interaction center among RollApps.
The network is built according to a modular structure that allows for a low-cost execution environment (including EVMOS EVM, Polaris EVM, CosmWasm) and data storage options. Furthermore, it uses Optimistic Rollup technology and Fraud Proof to verify transactions. Dymension enables RollApps to connect and transfer assets with Layer 1 through the IBC Bridge. Coins are locked in the source chain, and new mints are in the target chain. Trading on the platform is verified by Dymension Hub, ensuring security and enhanced trust.
Dymension’s RollApps can maintain an average transaction time of 0.2 seconds with a maximum TPS of about 20,000. The network operation mechanism is performed in the following steps:
- Users execute trading orders on RollApp.
- Transactions are verified by the Sequencer and automatically included in a block.
- The Sequencer sends the block containing the transaction as Call Data to Dymension Hub and sends the transaction proof to the DA Layer.
- After the DA layer returns the path of the stored proof, the Sequencer confirms the current state of RollApp and sends the state root information and proof path to Dymension Hub.
DYM Coin Overview
DYM coin is the native asset of the Dymension network. The coin is designed and launched to serve multiple purposes. The main value propositions of DYM coin are to pay for transaction fees on the network and to participate in platform governance through voting. An Automated Market Maker (AMM) provides liquidity for coin trading.
As of February 6, 2024, the supply of DYM coin is capped at 1 billion, and at the time of writing, the circulating supply is 1 billion.
How to Buy DYM Coin?
DYM coin can be safely bought and sold from Binance, the world’s largest cryptocurrency exchange by transaction 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, one must first register with the Binance exchange if not already a member. After completing the registration process, cryptocurrency or fiat money such as Turkish lira should be transferred to the account wallet on Binance. Once the transfer is complete, DYM coin can be purchased from any of the above five trading pairs.
To buy using the DYM/USDT trading pair on Binance, one must first go to the interface of this trading pair. In the limit tab of the trading pair interface, the desired amount to be purchased is entered. After entering the amount, the purchase is completed with a DYM Buy order.
