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Time-based dynamic models of cascading failures have been recognized as one of the most comprehensive methods of representing detailed cascading information and are often used for benchmarking and validation. This paper provides an overview of the progress in the field of dynamic analysis of cascading failures in power systems and outlines the benefits and challenges of dynamic simulations in future grids. The benefits include the ability to capture temporal characteristics of system dynamics and provide timing information to facilitate control actions for blackout mitigation. The greatest barriers to dynamic modelling of cascading failures are the computational burden, and the extensive but often unavailable data requirements for dynamic representation of a power system. These factors are discussed in detail in this paper and the need for in-depth research into dynamic modelling of cascading failures is highlighted. Furthermore, case studies of dynamic cascading simulation of 200-bus and 2000-bus benchmark systems provide initial guidance for the selection of critical parameters to enhance simulation efficiency. Finally, cross-validation and comparison against a quasi-steady state DC power flow model is performed, with various metrics compared.