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Dolomite to launch its Lending Protocol with X Layer

source-logo  finbold.com 29 April 2024 13:47, UTC

Dolomite, a leading decentralized finance (DeFi) lending and borrowing protocol, announced it would debut on X Layer, OKX’ innovative and secure Ethereum-based Zero Knowledge (ZK) Layer 2 (L2) network, according to the information shared with Finbold on April 29.

Most notably, the move will introduce new robust asset lending capabilities to users of the Polygon-powered X Layer.

New yield-generating assets on Dolomite

Following its success on Arbitrum, where it quickly climbed to become the 4th largest lending market and the market with the most supported assets, Dolomite aims to continue its streak on X Layer.

The expansion will enable Dolomite to incorporate numerous yield-generating assets that have fueled the growth of DeFi in the past year.

Notably, the deployment of Dolomite on X Layer will introduce a crucial DeFi primitive to the L2, forming a foundational element for various economic activities.

By expanding to X Layer, Dolomite thus hopes to become a multi-chain protocol, offering X Layer users sophisticated tools to unlock dormant capital.

Initially, Dolomite will support 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 fees and other network services.

Dolomite as the leading lending protocol on X Layer

The collaboration solidifies Dolomite’s position as the leading lending protocol on X Layer, enticing users to explore its advanced features.

Corey Kaplan, co-founder of Dolomite, expressed enthusiasm about the launch on X Layer, stating:

“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 leverages zero-knowledge technology.

By integrating with AggLayer, Polygon’s liquidity aggregation layer, X Layer can tap into liquidity from other Polygon chains.

Wrap up

While Dolomite is one of the first dApps to debut on X Layer, it will soon be joined by hundreds of others currently getting ready to deploy on the L2.

Consequently, OKX’s 50 million users will have access to a wide array of applications in addition to Dolomite.