Dymension (DYM) is a scalable modular blockchain that enables developers to create their own application chains under ideal conditions. The project leverages the RDK infrastructure and development toolkit to enhance RollApps’ connectivity. In this article, you will find answers to many questions about Dymension, which is set to be listed on Binance, including what Dymension is, what the native asset DYM coin is, 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 via the IBC bridge. The network features a modular blockchain structure that allows for the upgrading and maintenance of each component of the system.
The network employs the Proof of Stake (PoS) consensus mechanism provided by the SDK to utilize blockchain technology. This mechanism uses Tendermint software, connecting the central network layer with the consensus mechanism, creating an intuitive, user-friendly interface for both users and developers.
Dymension is based on RollApp, utilizing Dymension RDK to customize the Rollup Chain and operating through the Sequencer. Users need to stake DYM coins to execute orders on the Sequencer. Dymension Hub uses the Tendermint Core state replication model for transaction approval and network connectivity, offering optimized collective service by establishing an interaction hub between RollApps.
The network is built on a modular structure that allows for low-cost execution environments (including EVMOS EVM, Polaris EVM, and CosmWasm) and data storage choices. Moreover, it utilizes Optimistic Rollup technology and Fraud Proof to validate transactions. Dymension allows RollApps to connect and transfer assets through the IBC bridge with Layer 1. Coins are locked on the source chain and minted anew on the target chain. Trading on the platform is validated by Dymension Hub, ensuring enhanced security and reliability.
Dymension’s RollApps can maintain an average transaction time of 0.2 seconds with a maximum TPS of approximately 20,000 transactions. The operational mechanism of the network follows these steps:
- Users execute trading orders on RollApp.
- Transactions are validated by the Sequencer and automatically included in a block.
- The Sequencer sends the block containing the transaction to Dymension Hub as Call Data and submits the transaction proof to the DA Layer.
- 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 is the native asset of the Dymension network. It was designed to serve multiple purposes. The primary value propositions of DYM coin include paying for transaction fees on the network and participating 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 at the time of this writing, the circulating supply is 1 billion coins.
How to Buy DYM Coin?
DYM coin can be bought and sold on Binance, the world’s largest cryptocurrency exchange by 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 must first register on the Binance exchange (if they don’t already have an account). After completing the registration process, fiat currencies like Turkish Lira or cryptocurrencies must be transferred to the Binance wallet. Once the transfer is complete, DYM coins can be bought from any of the above-mentioned five trading pairs.
To buy from the DYM/USDT trading pair on Binance, users should first navigate to the interface of this trading pair. From the limit tab in the trading interface, they need to enter the amount they wish to purchase. After entering the amount, the purchase is completed with the Buy DYM order.
