DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

Rick Steves

“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.”

DAM Finance has rolled out the Moonwalkers v1 testnet as part of its ongoing efforts to bring a decentralized omnichain stablecoin solution to securely address liquidity challenges facing the broader decentralized finance (DeFi) ecosystem.

A new testnet offers users the opportunity to experiment with DAM’s d20 omnichain stablecoin. DAM’s d2O stablecoin is backed by an increasingly large basket of tokens and primarily has utility within the Polkadot ecosystem.

The Moonwalkers v1 testnet lays the foundation for DAM’s novel solutions. Following the testnet phase, DAM will introduce its solutions on the mainnet, unlocking support for a wider range of assets beyond stablecoins like yield-generating collateral.

To direct stablecoin liquidity away from Ethereum

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.”

Through this testnet, the DAM community members can test the platform’s decentralized omnichain stablecoin d20 alongside its teleportation primitive, dReservoir, which facilitates the secure and seamless transfer of d20 across networks, helping unlock liquidity for popular digital assets. Since DAM is a decentralized omnichain protocol, the Moonwalker v1 testnet has been deployed on both Ethereum’s Goerli Testnet and Moonbeam’s Moonbase Alpha.

Once users have obtained gas token required to use the testnet platform, they can visit the current version of the DAM app where they 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. Throughout the process, testnet participants can offer feedback on the user interface and user experience, and suggest how the DAM Finance team can improve the product further before rolling out the public version of the Moonwalkers v1 testnet.

DAM will initially be deployed on Ethereum and Moonbeam – an EVM-compatible chain built on Polkadot. Users can mint d20 on Ethereum and then teleport the same overcollateralized d20 to Moonbeam. d20 can then be used within the Polkadot ecosystem or teleported back to Ethereum to redeem collateral pledged at the outset.

Read this next

Retail FX

Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

Retail FX

Lark Funding reopens to US traders, MyFundedFX picks cTrader

Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

Institutional FX

Cboe FX volume falls to lowest level since summer

Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

Retail FX

ThinkMarkets secures lucrative DFSA license in Dubai

Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Digital Assets

New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

Digital Assets

Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

Digital Assets

Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

Institutional FX

Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

Industry News

Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

<