Dolomite Collaborates With X Layer to Launch Its Lending Protocol

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Dolomite Collaborates With X Layer to Launch Its Lending Protocol

British Virgin Islands, British Virgin Islands, April 29th, 2024, Chainwire

DeFi lending and borrowing protocol Dolomite has announced that it is launching on X Layer, OKX’s innovative and secure Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network. This move brings powerful asset lending capabilities to users of the Polygon-powered X Layer.

Dolomite seeks to replicate its success on Arbitrum, where it quickly became the 4th largest lending market and the lending market with the most supported assets. Dolomite will bring that same advanced infrastructure to X Layer, where it will be able to integrate many of the yield-generating assets that have accelerated the growth of DeFi over the past year.

Dolomite’s expansion to X Layer will transform it into a multi-chain protocol and introduce X Layer users to sophisticated tools for unlocking dormant capital. Initially, Dolomite will launch on X Layer with support for OKB, WETH, USDT, USDC, and WBTC. OKB serves as the native token of X layer and is used for transaction fees and other network services.

The deployment of Dolomite on X Layer will add a vital DeFi primitive to the L2 that will form a foundation for other economic activities. This collaboration will establish Dolomite as the preeminent lending protocol on X Layer and provide incentives for users to explore the protocol’s advanced features.

Corey Caplan, co-founder of Dolomite said: “We are very excited to launch on top of X Layer. We're big fans of the OKX team and their commitment to building a L2 using zk tech. We're happy to be early supporters of their ecosystem and to help bring DeFi to the masses."

Developed using Polygon’s Chain Development Kit (CDK), X Layer utilizes zero-knowledge technology. Through its connection with AggLayer, Polygon’s liquidity aggregation layer, X Layer can draw liquidity from other Polygon chains, resulting in an optimal user experience.

Dolomite is one of the first dApps to launch on X Layer but will soon be joined by hundreds of others that are currently preparing to deploy on the L2. As a result, OKX’s 50 million users will have an array of applications to choose from, including Dolomite, after onboarding to X Layer.

About Dolomite

Dolomite is a next-generation decentralized money market protocol and DEX that offers broad token support and capital efficiency with its virtual liquidity system. Dolomite combines the strengths of a DEX and lending protocol with a capital-efficient and highly modular DeFi protocol.

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About X Layer

X Layer is a ZK-powered Layer 2 network that connects the OKX and Ethereum communities to allow anyone to take part in a truly global on-chain ecosystem. X Layer operates as a zkEVM Layer 2 solution based on Polygon CDK, ensuring near-instant finality, unified liquidity, and independent data availability.

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