Two-wavelength holography, when the hologram is recorded at one wavelength and reconstructed at some shifted wavelength, is an efficient tool for many applications. Optically addressed liquid crystal spatial light modulators are very convenient for recording thin dynamic holograms and, in particular, for the purposes of the dynamic two-wavelength holography. On such a basis one can realize the dynamic interferometer, providing the arbitrary scaling of the wave front distortions. Such an interferometer can be of use for solution of some of the tasks of the adaptive optics, namely, for simplification of the procedure of measuring of the robust wavefront distortions, for recording of the dynamic holographic correctors, working in spectral ranges, where the direct holographic record is impossible, in particular, in mid-IR range of spectrum, and for extension of the range of distortions, which can be corrected by means of the phase valve, mounted in the negative optical feedback loop. We report the experimental realization of such an interferometer.