At the Singapore FinTech Festival 2024, Deutsche Bank, along with Memento Blockchain, Interop Labs, and Axelar, revealed key updates on Project DAMA 2. This initiative is part of the Monetary Authority of Singapore’s Project Guardian. This news was shared through Axelar X account. With tokenized assets and multichain interoperability in asset servicing, the project explores the potential of blockchain in financial space.
🔔 Project DAMA 2 has been unveiled as part of @MAS_sg Project Guardian initiative, revealing key components provided by @Memento_Bc + Axelar in a tokenized-assets pilot led by @deutschebank.
The implementation connects components built on Avalanche, Stellar and zkSync 🧵 👇 pic.twitter.com/wEEjD8I3Br
— Axelar Network (@axelar) November 6, 2024
Memento ZKchain Launches with Axelar Integration for Enhanced Security and Scalability
ZKchain is developed as the core blockchain of Memento Blockchain and connected with Axelar. This blockchain has been approved by the public and uses the technology of zero knowledge. It is meant to enhance security, scalability and efficiency of digital assets. The testnet built with Matter Labs demonstrates how blockchain can simplify fund distribution and servicing across multiple chains.
There are several reasons to explain the success of the Memento ZKchain. These include a KYC, AML, and sanctions check done through a soulbound token-based digital identity system. Paymaster functionality is also embedded in the blockchain to deal with gas fees through conventional payment systems. Moreover, the proprietary block explorer also does not disclose users’ identities but complies with the applicable legal requirements regarding on-chain transactions. These features provide a secure and an efficient environment for the blockchain.
Axelar Powers Memento ZKchain’s Cross-Chain Interoperability
Interop Labs and the Axelar network run the testnet’s interoperability. Memento ZKchain has now integrated with Avalanche Fuji and Stellar. This allows the network to connect with over 69 other blockchains. Such interoperability enables secure and highly scalable forms of financial application on both EVM and non-EVM chains. Security and scalable is provided by the Axelar network.
In fund management, the testnet helps to work with real-life situations. It also supports the creation and distribution of tokenized funds on the various blockchains. It also allows for the interoperability between EVM and Non-EVM compatible chains to interact seamlessly while also allowing one to transfer digital assets to the other. The project also aims at attaining real-time finality of transactions, which could enhance the protection of assets and operations.
With the testnet launching successfully, the team is now focusing on the migration to the mainnet. They are currently looking for feedback from the financial industry to improve the solutions. A white paper is expected to be published by 2025.