Dolomite, a number one decentralized finance (DeFi) lending and borrowing protocol, introduced it will debut on X Layer, OKX’ progressive and safe Ethereum-based Zero Data (ZK) Layer 2 (L2) community, in accordance with the knowledge shared with Finbold on April 29.
Most notably, the transfer will introduce new sturdy asset lending capabilities to customers of the Polygon-powered X Layer.
New yield-generating belongings on Dolomite
Following its success on Arbitrum, the place it shortly climbed to turn into the 4th largest lending market and the market with probably the most supported belongings, Dolomite goals to proceed its streak on X Layer.
The growth will allow Dolomite to include quite a few yield-generating belongings which have fueled the expansion of DeFi up to now 12 months.
Notably, the deployment of Dolomite on X Layer will introduce an important DeFi primitive to the L2, forming a foundational ingredient for numerous financial actions.
By increasing to X Layer, Dolomite thus hopes to turn into a multi-chain protocol, providing X Layer customers subtle instruments to unlock dormant capital.
Initially, Dolomite will assist OKB, WETH, Tether (USDT), USD Coin (USDC), and Wrapped Bitcoin (WBTC) upon its launch on X Layer.
OKB, X Layer’s native token, is utilized for transaction charges and different community companies.
Dolomite because the main lending protocol on X Layer
The collaboration solidifies Dolomite’s place because the main lending protocol on X Layer, attractive customers to discover its superior options.
Corey Kaplan, co-founder of Dolomite, expressed enthusiasm concerning the launch on X Layer, stating:
“We’re very excited to launch on high of X Layer. We’re massive followers of the OKX staff and their dedication to constructing a L2 utilizing zk tech. We’re blissful to be early supporters of their ecosystem and to assist carry DeFi to the plenty.”
Developed utilizing Polygon’s Chain Growth Package (CDK), X Layer leverages zero-knowledge expertise.
By integrating with AggLayer, Polygon’s liquidity aggregation layer, X Layer can faucet into liquidity from different Polygon chains.
Wrap up
Whereas Dolomite is likely one of the first dApps to debut on X Layer, it’ll quickly be joined by a whole bunch of others presently on the brink of deploy on the L2.
Consequently, OKX’s 50 million customers could have entry to a big selection of purposes along with Dolomite.
