Modular blockchain for rollups, Dymension announced the launch of its open market, eIBC, which is designed to facilitate the bridging of liquidity from RollApps on the mainnet.
The eIBC protocol stands as a novel system built on IBC, facilitating rapid withdrawals from rollups.
When a rollup withdrawal is initiated through eIBC, it generates a public ‘order’ on Dymension. Individuals have the opportunity to fulfill these orders for a fee by operating an eIBC client and supplying liquidity. eIBC has the capability to fulfill orders in various tokens, such as USDC, USDT, and DYM, among others.
eIBC fulfillers promptly provide the token order and receive the user’s delayed token withdrawal along with a fee. To mitigate any potential rollback risk, fulfillers are required to operate rollup full nodes, ensuring the validity of the rollup state.
Introducing eIBC on mainnet!An open market for bridging liquidity from RollApps.Learn how to take part pic.twitter.com/Ov7RMlh7Cr
— Dymension (@dymension) April 26, 2024
What Is Dymension And What Are RollApps?
Dymension operates as a decentralized Layer 1 blockchain utilizing a Delegated Proof-of-Stake (DPoS) consensus mechanism. The network is specifically engineered to natively support rollups. This approach ensures an efficient system tailored to meet the needs of rollups. Additionally, the network includes support for IBC, facilitating connections between rollups and other IBC-compatible blockchains.
IBC (Inter-blockchain communication) serves as a message passing protocol, and functions as the standard bridge for RollApps. Bridging is handled through the x/ibc module of the RollApp which enables minting, locking, and burning fungible tokens. RollApps come equipped with built-in bridge functionality, providing immediate access to large amount of liquidity like native USDC or USDT.
The concept behind RollApps entails that each rollup will cater to its own specific application, similar to how each Cosmos blockchain exists for its own application. However, instead of numerous application-specific blockchains, Dymension will accommodate numerous application-specific rollups, commonly referred to as RollApps.
Presently, there are 500 tokens generated and 1,000 RollApps listed on Dymension, with 13,600 deployed on its testnet. The existing RollApps cover various categories, such as gambling, gaming, and non-fungible token (NFT) applications. Dymension launched its mainnet in February.
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