Dymension Community Call
Summary of the Community call of 15 May 2024.
Table of Contents
· Welcome
· Rollapps
· Roadmap
· Updates
· Guests
· Questions from the Community
∘ Programming languages
∘ Rollaps integration
∘ Token burning
∘ Liquid Staking
∘ Price
∘ Fostering innovation
∘ Conclusions
· Dymension:
Welcome
After welcoming attendees and explaining that this is the first community call after Dymension’s mainnet, it was discussed that community calls are fundamental for community interaction and cohesion. As well as being a platform for sharing ideas, discussing developments and listening to the community.
Several recent developments and events have been announced, such as the hackathon which is coming to an end, and there are a lot of entries from this hackathon, so it will be really exciting to see how it ends. Some releases are expected after the end of the hackathon.
They also updated on the delegation programme for community validators, which is ongoing and nearing completion. A new delegation period will start soon.
The increase in active addresses and participation in IBC transfers within the community was highlighted. Since the launch of mainnet, there are around 1 million new addresses and almost 700 million IBC transfers. In addition, Dymension has one of the highest daily active user numbers in the Cosmos ecosystem, around 40,000 users per day, which you can verify on Map of zones.
Rollapps
On Rollapps it was discussed that, as we know, the first rollup is live now, and that securing a $30 million equivalent TVL, then brought traction for others to be rolling out, so you can expect, as more rollapps come in, more TVLs coming in.
How to make the platform more accessible to non-technical users was also discussed. The need to simplify the user interface to improve the overall experience was discussed.
Current technical challenges were discussed, especially in terms of integration with other ecosystems and improving usability. On Bridges from other ecosystems it was commented that from Cosmos to Solana or from Solana to Ethereum, it is since the introduction of CCP by Circle. And now that you can easily bridge native Usdc from Ethereum L2 to Solana, but that bridge even between can take up to 22 minutes in Orbit because they are using Ethereum L1. But if you go from Solana to Dymension, it’s practically instantaneous. On Portal they’re active USDC (Solana) to USDC (Dymension) and it’s very fast.
There is a rollout coming to bring Solana to Dymension in one click as well as ETH and other L2s.
Roadmap
Yishay went through the roadmap, from inception to where we are. From the first step which was really thinking about Dymension and working over the last two years. “It’s building everything from A to Z just to make sure the users are satisfied. We can’t get 100% satisfaction, but we’re doing our best to get there.” So, after launching the Dymension hub, which is an L1 where you can do staking, participate in governance, the liquidity layer, there are Bridges in and Bridges out, etc. The next step is 2D in a way that allows specific teams to deploy their instances. It’s a kind of gradual rollout that allows us to make sure we are up to speed with the security standards and what we want to achieve.
The heart and soul is the 3D phase. The 3D phase allows everyone to participate in Dymension, the token and basically activate your own instance, your own rollup. And that’s what’s to come.”
It is expected that within a couple of months, it will be aiming to start rolling out the 3D update and, expand the Dymension ecosystem exponentially from there.
Updates
Mention was made of the upcoming release of new features that will allow for a more seamless integration. Efforts towards further decentralisation of the project were highlighted, with future upgrades that will allow the community to take a more active and autonomous role in the operation and governance of the platform.
There are some products they are working on right now, including dynamic sequencer tokens from the DYM token, sequencer cuts, which already have streaming incentives.
And once they have all these pieces, making sure that the IBC clients are working properly, all the layers, the CLI tool that allows people to deploy the rollups and manage them on their local machine or, like a web server, like an Amazon server.
Guests
Participating in the Community Call was the Mande team to explain that they intend to build a community ecosystem to solve the on and off ramp problem using fiat currencies and a credibility-based micro-lending protocol where, you know, you can take loans based on your credentials without any collateral, using credibility scoring as a backing.
They announced that they are organising a workshop next month that will focus on how developers can use the new API to create more robust and secure applications. It will be a great opportunity to learn directly from the technical team. And also that they are close to releasing their next feature update, which will include security and UI improvements as well as new functionality.
We are hosting a workshop next month that will focus on how developers can use our new API to create more robust and secure applications. It will be a great opportunity to learn directly from our technical team.
Questions from the Community
An open session was held where community members could ask questions directly to the developers and founders of the project. Various technical points are discussed and clarifications on next steps and functionalities are provided.
Programming languages
One user asked about support for additional programming languages. To which the team replied that they are currently working on libraries for Python and Go, which they expect to release in the next six months.
Rollaps integration
Another user asked about the rollapps integration process. The answer was: “Rollups need to link DYM. This is a barrier to entry for them, to become a sequencer to start producing blocks, they need to put something of value on the Dymension blockchain, and this serves as collateral and a barrier to entry for fraudulent activity.
Collateral is very crucial to the functioning of the Dymension protocol and rollups in general. The community fund and, the resources are there as a marketing budget, as a growth budget, we need to think very carefully about how we use that budget over the next few years to get the clear product fit to the Dymension market and the way we are currently thinking is fine, we need to incentivise rollapp builders to come, but we will not put up their collateral. Their guarantee is theirs and that’s for a reason because that’s how the system really works. If we’re just going to distribute free money to people, there’s no danger and there’s no incentive for them to basically maintain validity.”
Token burning
To the question about more information about tokenisation when the chain is fully functional and inflation, the answer was: Currently, it is 0.1% of all exchanges on Dymension’s DEX. All the liquidity moving between token A and token B is being burned. So currently, rollapp’s withdrawal fee is 0%, but it will go up to 0.1. And this means that all the traffic going in and out of rollapps, and if you go right now to any block explorer that supports dimension, you would see a lot of traffic, that traffic is going to be incrementally burned. And this is, the way to generate more revenue towards the asset itself and maintain the security budget.
Liquid Staking
To the question about the partnership with Stride and whether Dymension has its own liquid staking protocol, the answer was: Stride is one of the liquid staking protocols in the Cosmos ecosystem. Nebula Finance is building a rollapp and a liquid staking protocol on Dymension. Nebula Finance will probably launch sometime this summer. And yes, we see, as a big competition brewing, for liquid staking tokens, not only for DYM, but also for rollapp tokens.
Price
Responding to questions about pricing Yishay replied: “The stock markets are what they are. That is something you and we understand. We just build the best product that we can and put a little bit of incentive and growth for the people that use it and making sure that it’s very easy to use. And that’s our strategy and that strategy in my opinion, works. And that’s why we’re going to make sure that we’re successful, because the product is what keeps us user-oriented and what gives us, let’s say, the edge. We are pioneers in product and we don’t think in the short term. We think about the long term of how we build, Dimension and how we create the best product.”
Fostering innovation
About How does Dymension foster innovation? By creating the best tools for people to bring their ideas to life. By letting builders do what they want to do and simply encouraging it. And that’s how you get innovation.
Conclusions
He concluded the session by thanking everyone for their participation and reiterating the importance of these community calls for the continued success and growth of Dymension.
The community call reflected a strong focus on community and collaboration as pillars of the Dymension project.
This session made it clear that Dymension is in a phase of transition and growth, with a focus on expanding its infrastructure and community, while striving to maintain the principles of decentralisation and accessibility.
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