Deutsche Bank introduced its latest project, DAMA 2, at the Singapore FinTech Festival in 2024. The initiative, developed in collaboration with Memento Blockchain, Interop Labs, and Axelar, is part of the Monetary Authority of Singapore’s Project Guardian. Project DAMA 2 explores the potential of blockchain in the financial industry by incorporating tokenized assets and multichain interoperability in asset servicing.
Memento Blockchain launched its core blockchain, ZKchain, which is integrated with Axelar for enhanced security and scalability. ZKchain utilizes zero-knowledge technology to improve the efficiency and security of digital assets. The blockchain’s testnet, developed in conjunction with Matter Labs, demonstrates how blockchain can simplify fund distribution and servicing across multiple chains. Notable features of ZKchain include a soulbound token-based digital identity system for KYC, AML, and sanctions checks, paymaster functionality to handle gas fees, and a proprietary block explorer that ensures user privacy while complying with legal requirements.
Axelar powers Memento ZKchain’s cross-chain interoperability, allowing it to connect with over 69 different blockchains, including Avalanche Fuji and Stellar. This interoperability enables the development of secure and scalable financial applications on both EVM and non-EVM chains.
The testnet also supports real-life fund management scenarios by facilitating the creation and distribution of tokenized funds on various blockchains. It enables seamless interoperability between EVM and non-EVM compatible chains, allowing for the transfer of digital assets between them. The project aims to achieve real-time finality of transactions, enhancing asset and operation security.
Having successfully launched the testnet, the team is now focusing on migrating to the mainnet and seeking feedback from the financial industry to further improve their solutions. A white paper detailing the project’s findings and advancements is expected to be published by 2025.