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Project DAMA 2, led by Deutsche Bank has been unveiled at the Singapore Fintech Festival as part of the Monetary Authority of Singapore's (MAS) Project Guardian.
The multi-chain asset servicing pilot brings together Memento Blockchain and Interop Labs to create a Minimum Viable Product (MVP) that leverages blockchain technology to improve digital asset management, fund distribution, and servicing.
Momento Blockchain has launched a testnet for Memento ZKchain, a public-permissioned blockchain developed with the ZKsync Stack (from Matter Labs) and made interoperable through the Axelar network (supported by Interop Labs).
Built on zero-knowledge (ZK) technology, Momento ZKchain offers features including soulbound token-based digital identity, paymaster functionality, a custom-built block explorer, tokenized fund creation and issuance, modular smart contracts, and interoperability capabilities.
Interop Labs, using Axelar network's cross-chain capabilities, has enabled Memento ZKchain to interoperate with multiple blockchain networks, including Avalanche Fuji and Stellar.
This integration sets the stage for broader cross-chain functionality with over 69 EVM (Ethereum Virtual Machine) and non-EVM blockchains, which enhances accessibility and scalability for financial applications.
In fund management, the project team is testing real-world applications to leverage blockchain's potential to enhance flexibility, efficiency, and security for various stakeholders.
The Project DAMA 2 testnet explores several fund management applications such as tokenized fund issuance across chains, interoperable digital cash and asset movements, and instant settlement finality.
The initiatives are set to align with MAS’ Global Layer 1 (GL1) with plans to release a 2025 white paper in 2025.
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