In its quest to introduce a decentralized omnichain stablecoin solution to securely address the liquidity challenges facing the broader decentralized finance (DeFi) ecosystem, DAM Finance has launched the Moonwalker v1 testnet.
The Moonwalkers v1 testnet lays the foundation for DAM’s solutions and DAM is expected to introduce its solutions on the mainnet after the testnet phase. This will provide users with a wide range of assets including yield-generating collateral.
Using the Moonwalker V1 testnet
The Moonwalker v1 testnet has been deployed on both Ethereum’s Goerli Testnet and Moonbeam’s Moonbase Alpha, an EVM-compatible chain built on Polkadot.
DAM community members will be able to mint DAM’s decentralized omnichain stablecoin d20 directly using existing stablecoins like USDC on Ethereum. They can then teleport the d20 from Goerli Testnet to Moonbase Alpha. The users can then use the d20 stablecoin on the Polkadot ecosystem or teleported the stablecoin back to Ethereum to redeem collateral pledged at the outset by burning d20.
The users will then test the d20 and its teleportation primitive, dReservoir, which facilitates the secure and smooth transfer of d20 across networks to unlock liquidity for popular digital assets. Throughout the process, the testnet participants will be able to offer feedback on the user interface and user experience and offer the DAM finance team suggestions on how they can improve the product before rolling out the public version.
Commenting on the testnet launch, Harrison Comfort, the 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.”
What is DAM finance?
DAM Finance is a decentralized protocol that allows users to teleport its scalable, omnichain stablecoin d20 to emerging networks. It also has a risk management wrapper with configurable mitigating variables.
DAM is backed by several tokens and its stablecoin, the d20, has utility within the Polkadot ecosystem.
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Tagged: crypto blog, Crypto news, Stablecoin, technology