DAM Finance releases testnet for its omnichain stablecoin d20

DAM Finance, or DAM, a decentralised token platform behind the algorithmic stablecoin d20, has rolled out its testnet dubbed Moonwalkers v1, with the launch set to give ecosystem users the chance to stress test the protocol’s omnichain stablecoin.

The deployment is part of DAM’s push to bring to the crypto industry a decentralised solution that users can securely leverage to navigate the liquidity challenges that currently plague the DeFi ecosystem.

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DAM unveils Moonwalkers v1 testnet

According to the DAM Finance team, the launch of its Moonwalkers v1 testnet is the next step in the effort to bring the blockchain platform’s innovative solutions to mainnet, moving beyond stablecoins to unlock novel functionality like yield-generating collateral.

Moonwalkers v1, which has been deployed on Ethereum (the Goerli Testnet) and Moonbeam (Moonbase Alpha) offers DAM community members a chance to test two things. There’s the d20 stablecoin, targeted at unlocking crypto ecosystem liquidity, and there’s dReservoir, a teleportation primitive that enables secure and seamless multi-chain stablecoin transfer.

To test this functionality, users need gas (network fee), which will allow them to mint d20 on the DAM app using USD Coin (USDC). The minted tokens can then be “teleport” from or to either the Goerli Testnet or Moonbase Alpha. Users can thereafter burn the minted d20 to redeem their USDC. Feedback from this process will help the DAM team to improve the product before mainnet launch.

Harrison Comfort, the co-founder of DAM Finance explained the importance of this testnet.

“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.”

As previously reported, DAM Finance has raised funds from the Arrington Capital Moonbeam Growth Fund as it looks to fuel growth across the Moonbeam ecosystem.