Dolomite, a number one decentralized finance (DeFi) lending and borrowing protocol, introduced it could debut on X Layer, OKX’ progressive 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 turn into the 4th largest lending market and the market with essentially 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 a vital DeFi primitive to the L2, forming a foundational aspect 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 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 concerning the launch on X Layer, stating:
“We’re very excited to launch on high of X Layer. We’re large 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 Improvement 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 among the first dApps to debut on X Layer, it would quickly be joined by a whole lot of others presently on the point of deploy on the L2.
Consequently, OKX’s 50 million customers can have entry to a big selection of functions along with Dolomite.