important point
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DAM Finance has released the Moonwalkers v1 testnet.
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The testnet lays the groundwork for DAM’s novel solutions.
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DAM Finance will launch the solution on the mainnet after the testnet ends.
DAM Finance Omnichain Stablecoin Solution Hits Testnet
DAM Finance, better known as DAM, announced on Friday, December 2nd that it has taken a significant step towards bringing its decentralized omnichain stablecoin solution to the Decentralized Finance (DeFi) ecosystem.
In a press release shared with Coinjournal, DAM Finance revealed that it has deployed the Moonwalkers v1 testnet.
The team explains that the Moonwalkers v1 testnet lays the foundation for DAM’s new solution. DAM Finance added that once the testnet is complete, it will roll out the solution to the mainnet, unsupporting a wide range of assets beyond stablecoins, such as yield-producing collateral.
DAM Finance wants community members to test the platform’s decentralized omnichain stablecoin d20 using the testnet. Community members are invited to test DAM Finance’s teleportation primitive, dReservoir. This facilitates secure and seamless transfers of d20 across networks, helping to unlock liquidity for popular digital assets.
As a decentralized omnichain protocol, DAM Finance said the Moonwalker v1 testnet is being deployed on both Ethereum’s Goerli testnet and Moonbeam’s Moonbase Alpha.
Users will need to obtain the necessary gas tokens to use the testnet platform. Once that’s done, you can access the current version of the DAM app. On the app, users can directly create d20 with existing stablecoins such as his USDC, teleport d20 from Goerli Testnet to Moonbase Alpha and vice versa, and finally burn d20 and he You can get USDC.
DAM initially deploys to Moonbeam and Ethereum
While commenting on this latest development, DAM co-founder Harrison Comfort said:
We want to champion innovation by making it easier to safely divert stablecoin liquidity from Ethereum to new networks without the bridge creating constant vulnerabilities. It will help accelerate flywheel adoption for emerging networks, which is the first step in realizing the promise of omnichain.
Users can provide feedback on the user interface and user experience during the testnet process. It also allows the development team to suggest ways to improve the product before the public version of the Moonwalkers v1 testnet is rolled out.
DAM Finance revealed that the DAM solution will initially be deployed on Ethereum and Moonbeam, an EVM-compatible chain built on Polkadot. After launch, a user will be able to create a d20 on Ethereum and teleport the same over-collateralized d20 to Moonbeam.
The d20 stablecoin can also be used within the Polkadot ecosystem or teleported to Ethereum to redeem the collateral originally posted.
DAM is a decentralized technology that allows the scalable omnichain stablecoin d2O to be teleported to new networks. DAM features a risk management wrapper with configurable mitigation variables.