blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

DAM Finance Rolls Out Omnichain Stablecoin on Testnet to Address Liquidity Challenges in DeFi

Mushu Butt by Mushu Butt
December 1, 2022 - 6:31 pm
in defi news
0
DeFi
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

DAM Finance, also popularly known as DAM, has achieved another milestone in bringing a decentralized omnichain stablecoin solution to the market in order to safely solve the liquidity concerns that are currently being faced by the broader decentralized finance (DeFi) ecosystem. The DAM Finance team has released the Moonwalkers v1 testnet as part of their ongoing efforts.

DAM is a decentralized system that makes it possible to teleport its scalable and omnichain stablecoin, d2O, to developing network environments. d2O is largely useful within the Polkadot ecosystem, where it is supported by a basket of tokens that is continuously growing in size. A configurable risk management wrapper and a set of mitigating variables are both included in DAM. 

Unlocking Support For A Wide Range Of Assets

The Moonwalkers v1 testnet is the one that lays the groundwork for DAM’s innovative ideas. After the completion of the testnet phase, DAM will launch its solutions on the mainnet, which will enable it to provide support for a wider variety of assets in addition to stablecoins, such as collateral that generates yield.

Members of the DAM community will be able to test the platform’s decentralized omnichain stablecoin, d20, as well as its teleportation primitive, dReservoir, through this testnet. dReservoir enables the safe and frictionless transfer of d20 between networks, which in turn helps unleash liquidity for popular digital assets. The Moonwalker v1 testnet has been launched on both Ethereum’s Goerli Testnet and Moonbeam’s Moonbase Alpha.

This is due to the fact that DAM is a decentralized omnichain protocol. The current version of the DAM app allows users to mint d20 directly with established stablecoins such as USDC, teleport d20 from Goerli Testnet to Moonbase Alpha, or vice versa, and ultimately retrieve their USDC by burning d20. Once users have acquired the gas token necessary to use the testnet platform, they can explore the current version of the DAM app.

Accelerating The Adoption Flywheel Of Emerging Networks

Before the public version of the Moonwalkers v1 testnet is released, participants in the testnet will have the opportunity to provide feedback on the user interface as well as the user experience. They will also have the opportunity to make suggestions regarding how the DAM Finance team can work on improving the product further.

Harrison Comfort, Co-founder of DAM, said, “We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

The initial deployment of DAM will take place on Ethereum as well as Moonbeam, which is an EVM-compatible chain based on Polkadot. Users have the ability to mint d20 on Ethereum, and then teleport that same overcollateralized d20 to the Moonbeam chain. After that, d20 can be put to use inside the Polkadot ecosystem, or it can be teleported back to Ethereum to be redeemed as the collateral that was first pledged.

Tags: CryptocurrencyDeFiEcosystemLiquidityStablecoinsTestnet
ShareTweet
Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

Recommended For You

Aligned Capital Puerto Rico-Based DeFi Web3 Infrastructure Startup

by Mushu Butt
January 28, 2023 - 4:08 am
0
DeFi

Aligned Capital Puerto Rico-based DeFi Web3 infrastructure startup exits stealth with $34M in funding to enhance its presence in the computing market.

Read more

Astar Network Collaborates with Equilibrium to Initiate Latest HRMP Channels

by Umair Younas
January 27, 2023 - 6:00 am
0
Astar Network

Astar network asserted that it is a crucial point to create the upcoming generation of exclusive dApps and take the Web3 world to new heights.

Read more

Aave V3 Is All Set to Launch on the Ethereum Mainnet after a Successful DAO Vote

by Shayan Chowdhury
January 26, 2023 - 11:00 am
0
AAVE Price Prediction

The Aave protocol is going to launch its third version on the Ethereum network after the DAO vote, which will create more opportunities in the DeFi industry. 

Read more

Mango Labs Sues Trader for $47M over Token Manipulation In Mango Markets

by Shayan Chowdhury
January 26, 2023 - 9:45 am
0
mango markets

In a recent court filing, Mango Labs has sued the accused trader for $47M for manipulating MNGO token’s price in the Mango markets.

Read more

DeFi Organization Core DAO Integrates with LayerZero for Interoperability

by Umair Younas
January 25, 2023 - 7:45 am
0
layerzero coredao

Core DAO and LayerZero collaborate to pave the way to bridge the present digital assets securely and matchlessly onto the Core Network.

Read more
Next Post
EPS Crypto Price Prediction

EPS Crypto Price Prediction 2022-2030: Is There a New High Waiting for Ellipsis?

PARTNERS LIST

PRESS RELEASE

China’s “Instagram” chooses Conflux Network for permissionless blockchain integration

by chainwire
January 25, 2023 - 8:42 am
0

Toronto, Canada, 24th January, 2023, ChainwireLittle Red Book, (XiaohongShu), the Chinese version of Instagram integrates Conflux Network as permissionless blockchain...

snowfall protocol

Snowfall Protocol (SNW) Takes the Spotlight as Waves (WAVES) Founder Unveils New ‘Undepeggable’ Stablecoin and Ripple’s (XRP) New Commercial Released

by Max Clark
January 25, 2023 - 7:02 am
0

The cryptocurrency market has seen its fair share of ups and downs, but one project that seems to be gaining...

Snowfall

Binance (BNB) Will Back Terra Classic’s Upgrade, Cardano (ADA) Introduces Custom-built Sidechains, Snowfall Protocol (SNW) to Have its Grand Launch Soon

by Wayne Jones
January 24, 2023 - 4:53 am
0

While the former two are in the headlines due to recent changes in their ecosystem, Snowfall Protocol (SNW) is all...

Snowfall Protocol

Terra Classic (LUNC) and Polygon (MATIC) Shows Instability Signs, While Snowfall Protocol (SNW) Presale Raises $4M

by Max Clark
January 23, 2023 - 12:00 pm
0

This article will critically examine why Snowfall Protocol (SNW) is gaining ground and why Polygon and Luna Classic's (LUNC) price...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.