DAM Finance Rolls Out Moonwalkers v1 Testnet for Its Omnichain Stablecoin

DAM Finance, or DAM, the decentralized finance protocol behind algorithmically backed stablecoin d20, shares the details of its upcoming testnet campaign.

DAM Finance (DAM) releases its stablecoin in multi-network testnet

According to the official announcement shared by DAM Finance, its flagship project, omnichain stablecoin d20, is getting closer to full-fledged stress tests in Moonwalkers v1 testnet.

we permissioned the #OG #Moonwalkers channel on discord! An exclusive channel of Moonwalkers only

as we grow our community, the moonwalkers NFT framework is going to become a cornerstone of project engagement #NFT #DeFi #Community pic.twitter.com/sh7OegzaKJ

— DAM 🃏 (@DAM_Finance) November 8, 2022

The testnet is up and running on both Ethereum's testnet Goerli and Moonbeam's Moonbase Alpha network. As such, this experiment is of crucial importance for the multi-chain ecosystem of EVM-compatible chains.

Besides the stablecoin itself, enthusiasts will be able to try its associated teleportation primitive, dReservoir. This vehicle is designed to ensure the seamless and resource-efficient transfer of value between multiple chains.

Harrison Comfort, co-founder of DAM, highlights the importance of the new testing campaign for the entire stablecoin and DeFi app segment:

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

Once the testnet experiments are over, d20 stablecoin will be unveiled in mainnet to provide Ethereum (ETH) and Polkadot (DOT) enthusiasts with a modern instrument for yield-generating collaterals.

Moving value toward new generation of blockchains

While the protocol is initially rolled out on Ethereum (ETH) and Polkadot's (DOT) testing networks, in the coming releases, more blockchains will be included.

Without leaving the application, users can mint d20 directly with existing mainstream USD-pegged stablecoins - including the likes of USD Coin (USDC) - move the liquidity to Mooonbase and redeem their stablecoins by burning d20.

To ensure secure and attack-resistant transactions, DAM Finance employed  a risk management wrapper with configurable mitigating inputs.