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