Dolomite, a number one decentralized finance (DeFi) lending and borrowing protocol, introduced it might debut on X Layer, OKX’s revolutionary and safe Ethereum-based Zero Data (ZK) Layer 2 (L2) community, in line with data shared with Finbold on April 29.
Most notably, this transfer will introduce new strong asset lending capabilities to customers of the Polygon-powered X Layer.
New return-generating property on Dolomite
Following its success on Arbitrum, the place it shortly rose to turn out to be the fourth largest credit score market and the market with probably the most backed property, Dolomite is trying to proceed its streak on X Layer.
The enlargement will enable Dolomite to incorporate quite a few return-generating property which have fueled DeFi’s progress over the previous 12 months.
Particularly, the deployment of Dolomite on X Layer will introduce a vital DeFi primitive to the L2, which will likely be a elementary ingredient for numerous financial actions.
By increasing to X Layer, Dolomite hopes to turn out to be a multi-chain protocol, providing X Layer customers superior instruments to unlock dormant capital.
Initially, Dolomite will help OKB, WETH, Tether (USDT), USD Coin (USDC), and Wrapped Bitcoin (WBTC) upon launch on X Layer.
OKB, X Layer’s native token, is used for transaction charges and different community providers.
Dolomite because the main lending protocol on X Layer
The partnership solidifies Dolomite’s place as a number one lending protocol on X Layer and entices customers to discover its superior options.
Corey Kaplan, co-founder of Dolomite, expressed his pleasure in regards to the launch on X Layer, saying:
“We’re very excited to launch on high of X Layer. We’re massive followers of the OKX group and their dedication to constructing an L2 utilizing zk expertise. We’re excited to be one of many early supporters of their ecosystem and assist deliver DeFi to the plenty.”
X Layer was developed utilizing Polygon’s Chain Improvement Package (CDK) and makes use of zero-knowledge expertise.
By integrating with AggLayer, Polygon’s liquidity aggregation layer, X Layer can leverage liquidity from different Polygon chains.
Full
Whereas Dolomite is without doubt one of the first dApps to debut on X Layer, there’ll quickly be a whole bunch of others at present getting ready to deploy on the L2.
Because of this, OKX’s 50 million customers could have entry to a variety of functions along with Dolomite.