##Why Dymension
Crypto apps are in dire need of ease of use and economic sustainability. Recently, rollups have shown a simple business model that works, fees minus base layer costs equals their profit. As a result, a surge of L2s were deployed each with its own custom implementation, multi-sig bridge, and security assumptions. This led to a fragmented, unsecure, and chaotic user experience diminishing the advantages of rollups and modular blockchains.
##How Dymension
Dymension standardizes rollups with IBC (Inter-Blockchain Communication Protocol), similar to how tokens were standardized with ERC. RollApps are a new crypto primitive offering the rollup business model along with speed and scale under one unified experience. This paves the way for the emergence of a true Internet of rollups.
RollApps are modular blockchains, instead of maintaining costly validators, RollApps leverage the Dymension Hub (layer 1) for securing their funds and Data Availability (DA) networks for publishing their transaction data.
##Building Blocks of Dymension
Security
IBC is an important aspect of Dymension. IBC is a battle-tested bridging protocol that allows secure communication between different chains. RollApps connect to the IBC economy via Dymension Hub, similar to how a server connects to the internet via an internet service provider.
Dymension replaces centralized and risky multi-sig bridges prevalent in Ethereum and L2 ecosystems with IBC-connected rollups. By building IBC for rollups, Dymension validates that all funds deposited into a RollApp are as secure as the Dymension Hub itself.
Liquidity
Dymension Hub hosts an embedded liquidity layer that facilitates asset pricing, swapping, and efficient token routing across the ecosystem. This promotes economic growth by enabling a seamless user onboarding experience to RollApps and easy access to RollApp tokens.
Data, Scale and Costs
RollApps publish transaction data to external blockchains such as Celestia, Avail, NEAR and others to provide verifiability for RollApps. RollApps can choose which blockchain is the best choice for their data according to costs, values, tech and more. This creates competition and a data market necessary for scaling all data requirements of the entire Internet of RollApps.
Crypto UX
The future of crypto UX is deposit, play, withdraw. Dymension’s infrastructure streamlines it in scale, enabling developers to deploy RollApps in a few clicks with the Dymension RollApp Development Kit (RDK). Users can easily deposit from Ethereum and further across all of the crypto ecosystem with a single transaction routed through the Dymension Hub.
DYM is the platform token. It aims to enhance user experience and economic sustainability in the realm of crypto applications. By standardizing Rollups and leveraging the IBC cross-chain communication protocol, DYM integrates RollApps into a unified experience, paving the way for the emergence of a true Rollup Internet. Security and liquidity are at its core, connecting RollApps through a secure IBC and providing an embedded liquidity layer to facilitate asset pricing and exchange across ecosystems. Additionally, DYM optimizes data, scale, and costs through data publishing and selecting external blockchains suitable for its data. By simplifying the crypto user experience and providing a development toolkit, DYM offers developers and users easy onboarding and access.
How to Buy DYM
1. How to Buy DYM on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing DYM.
Step 5: Purchase DYM
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy DYM.
Step 6: Store your DYM
After purchase, you can choose to store DYM in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and DYM assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy DYM via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) DYM trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC DYM trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find DYM trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the DYM purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release DYM to the DYM address you provided. You can check your DYM wallet balance after the trade to confirm its success.
3. How to Buy DYM through Decentralized Exchanges (DEX)
Buying DYM on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying DYM on DEX:
Step 1: Choose a DYM-supporting wallet
Create a new wallet supporting DYM assets, then select a decentralized exchange that supports DYM.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the DYM blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the DYM trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the DYM trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the DYM blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased DYM, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased DYM to your wallet for safer storage of your digital assets.
4. Official Channels for DYM Project Team or Community
Sometimes, the DYM project team or community may launch official channels for direct DYM purchases. This may include private placements, presales, or other forms of direct sales.