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.