DAM Finance has unveiled its Moonwalkers v1 testnet.
The testnet lays the foundation for DAM’s novel solutions.
DAM Finance will launch its solutions on the mainnet following the conclusion of the testnet.
DAM Finance’s Omnichain stablecoin solution is now on testnet
DAM Finance, better known as DAM, announced on Friday, December 2nd, that it had taken an important step towards bringing a decentralised omnichain stablecoin solution to the decentralised finance (DeFi) ecosystem.
In a press release shared with Coinjournal, DAM Finance revealed that it has rolled out the Moonwalkers v1 testnet.
The team explains that the Moonwalkers v1 testnet lays the foundation for DAM’s novel solutions. DAM Finance added that it would introduce its solutions on the mainnet upon completing the testnet, unlocking support for a wider range of assets beyond stablecoins like yield-generating collateral.
With the testnet, DAM Finance wants its community members to test the platform’s decentralised omnichain stablecoin d20. The community members have also been urged to test DAM Finance’s teleportation primitive, dReservoir, which facilitates the secure and seamless transfer of d20 across networks, helping unlock liquidity for popular digital assets.
As a decentralised omnichain protocol, DAM Finance said its Moonwalker v1 testnet had been deployed on both Ethereum’s Goerli Testnet and Moonbeam’s Moonbase Alpha.
Users are expected to obtain gas tokens required to use the testnet platform. Once they do that, they can visit the current version of the DAM app. On the app, users can then mint d20 directly with existing stablecoins such as USDC, teleport d20 from Goerli Testnet to Moonbase Alpha, or vice-versa, and finally retrieve their USDC by burning d20.
DAM will be initially deployed on Moonbeam and Ethereum
While commenting on this latest development, Harrison Comfort, Co-founder of DAM, stated that;
“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.”
Users can offer feedback on the user interface and user experience during the testnet process. They can also suggest how the development team can improve the product before the public version of the Moonwalkers v1 testnet is rolled out.
DAM Finance revealed that its DAM solution would be initially deployed on Ethereum and Moonbeam – an EVM-compatible chain built on Polkadot. Upon its launch, users can mint d20 on Ethereum and then teleport the same overcollateralised d20 to Moonbeam.
The d20 stablecoin can also be used within the Polkadot ecosystem or teleported back to Ethereum to redeem collateral pledged at the outset.
DAM is a decentralised technology that enables its scalable, omnichain stablecoin d2O to be teleported to emerging networks. DAM features a risk management wrapper with configurable mitigating variables.