Shared liquidity protocol dPRIME Asset Modules Finance (DAM Finance) has launched its mainnet, enabling customers to “teleport” their liquidity throughout a number of blockchain networks.
In response to a press launch, the decentralized, multichain liquidity infrastructure layer is presently reside on Ethereum and Moonbeam.
DAM Finance Unveils Multichain Liquidity Layer
DAM’s world shared infrastructure providing would permit customers on the Polkadot community to entry and teleport their liquidity on Ethereum.
The providing makes use of DAM’s stablecoin d2o, which additionally serves as a multichain stablecoin that may be minted on Ethereum and Moonbeam. The stablecoin is backed by USD Coin (USDC), and the token will be exchanged to mint d2o at 1:1.
Throughout liquidity teleportation, customers change their USDC to mint d2o after which transfer the worth to Moonbeam. DAM’s layer burns the multichain tokens on Ethereum earlier than minting new ones on the goal community.
DAM’s mechanism requires no blockchain bridges as they’re recognized for his or her weaknesses and common assaults from malicious actors.
“In response to DAM, this can be a compelling providing as a result of blockchain bridges are a recognized weak point within the crypto ecosystem and have frequently been focused by malicious actors, leading to numerous high-profile, multi-million greenback hacks,” the discharge stated.
As a substitute of a bridge, DAM makes use of its dGuardian and dReservoir mechanism. dGuardian is a function that displays the teleportations to make sure that no fraudulent minting happens. Alternatively, dReservoir was designed by a workforce of builders who’ve created fintech purposes for giant monetary establishments.
DAM to Combine with Different Networks
For now, the providing is just accessible to customers of the Ethereum and Polkadot networks. Nevertheless, the undertaking intends to increase its infrastructure to different networks and allow help for different stablecoins.
“DAM helps to speed up innovation within the digital belongings area by offering scalable liquidity ramps between our associate’s most well-liked sovereign networks,” stated DAM Finance’s co-founder Harrison Consolation.
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