Published
1 year ago on
December 04, 2022
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Web3 banking DAO, DAM Finance (DAM), has successfully rolled out its Moonwalker v1 testnet on Moonbeam’s Moonbase Alpha and Ethereum’s Goerli Testnet. The testnet, now live on both networks, allows users to experiment with DAM’s innovative lock-and-mint solution backed by the omnichain stablecoin d20, DAM’s proprietary dReservoir, and its Linked Multi-Collateral Vault (LMCV).
Users can now first-hand experience minting d20 stablecoins on one chain and seamlessly “teleporting” them onto another chain, and vice-versa, with the Moonwalker v1 testnet. Upon completion of the testnet phase, DAM will introduce its mainnet, unlocking support for a broader range of assets.
Interested users can access the Moonwalker v1 testnet by connecting their Metamask wallets. Once connected, users should add Moonbase Alpha and Goerli Testnet as supported networks under their Metamask accounts.
After adding support for the testnets to their accounts, participating testers can acquire Moonbase Alpha’s native DEV token and Goerli Testnet’s Goerli ETH token. Users can then swap their Goerli ETH to USDC by accessing the Goerli Uniswap interface and then login to the latest version of the DAM app deployed on Netify.
On the DAM app, testnet users can test the functionality of DAM Finance’s protocol by simply swapping their USDC for d20. This enables users to teleport d20 from the Goerli Testnet to Moonbase Alpha, and then teleport it back to Goerli Testnet, before finally burning the d20 to release an equivalent amount of USDC.
The DAM team has also urged participants to provide feedback and share their experiences about their product's overall user experience and interface, which they will implement in future updates before the mainnet is live for public use.
Overcoming Cross-Chain Liquidity Problems
Unlike other centralized stablecoins, DAM Finance’s d20 is designed as a portfolio-backed omnichain stablecoin, meaning users can mint d20 on any EVM-compatible chain with existing assets at a 1:1 ratio, move them to another independent chain, as well as move them back to the originating chain to swap them for other assets. The distinctive selling point of DAM Finance is its function that enables borrowers to mint d20 stablecoins from baskets of tokens that are deposited all at once in a single transaction.
In contrast to the "wrapped token" feature currently available via cross-chain bridges, DAM's Layer-0 infrastructure makes it possible to easily teleport d20 across chains as a native-level asset through its dReservoir and the Linked Multi-Collateral Vault (LMCV), bridging liquidity between standalone networks. This functionality gives borrowers more leeway in the generation of purchasing power and the management of vaults while making it possible to use a wider variety of blockchain-secured assets as collateral.
DAM’s Co-Founder Harrison Comfort explains, “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.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
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