Dolomite, a number one decentralized finance (DeFi) lending and borrowing protocol, introduced it might debut on X Layer, OKX’ modern and safe Ethereum-based Zero Data (ZK) Layer 2 (L2) community, in response to the data 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 property on Dolomite
Following its success on Arbitrum, the place it rapidly climbed to grow to be the 4th largest lending market and the market with probably the most supported property, Dolomite goals to proceed its streak on X Layer.
The growth will allow Dolomite to include quite a few yield-generating property which have fueled the expansion of DeFi up to now yr.
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 grow to be a multi-chain protocol, providing X Layer customers refined instruments to unlock dormant capital.
Initially, Dolomite will help 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 providers.
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 in regards to the launch on X Layer, stating:
“We’re very excited to launch on high of X Layer. We’re huge followers of the OKX workforce and their dedication to constructing a L2 utilizing zk tech. We’re blissful to be early supporters of their ecosystem and to assist deliver DeFi to the lots.”
Developed utilizing Polygon’s Chain Growth Package (CDK), X Layer leverages zero-knowledge know-how.
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 can quickly be joined by a whole lot of others presently on the brink of deploy on the L2.
Consequently, OKX’s 50 million customers can have entry to a wide selection of purposes along with Dolomite.