Dolomite announces debut on X Layer for asset lending capabilities
Dolomite, a prominent decentralized finance (DeFi) platform for lending and borrowing, is set to launch on X Layer, a secure Ethereum-based Zero Knowledge (ZK) Layer 2 network provided by OKX. This move will introduce robust asset lending capabilities on the Polygon-powered X Layer, offering users new opportunities for generating yield.
New yield-generating assets on Dolomite
After achieving success on Arbitrum as the 4th largest lending market with the most supported assets, Dolomite aims to continue its momentum on X Layer. With this expansion, Dolomite will bring in various yield-generating assets that have driven growth in the DeFi sector over the past year. The deployment of Dolomite on X Layer will introduce a critical DeFi primitive to the L2 network, laying the groundwork for diverse economic activities. By expanding to X Layer, Dolomite aims to become a multi-chain protocol, providing X Layer users with sophisticated tools to access dormant capital. Initially, Dolomite will support tokens like OKB, WETH, Tether (USDT), USD Coin (USDC), and Wrapped Bitcoin (WBTC) upon its launch on X Layer. OKB, the native token of X Layer, will be used for transaction fees and other network services.
Dolomite as the leading lending protocol on X Layer
This collaboration reinforces Dolomite’s position as the top lending protocol on X Layer, encouraging users to explore its advanced features. Corey Kaplan, co-founder of Dolomite, expressed excitement about the launch on X Layer, praising OKX’s team for their commitment to building an L2 network using zk technology. The integration with Polygon’s Chain Development Kit (CDK) allows X Layer to leverage zero-knowledge technology effectively. By integrating with AggLayer, Polygon’s liquidity aggregation layer, X Layer can access liquidity from other Polygon chains.
Wrap up
As one of the initial dApps to debut on X Layer, Dolomite will soon be joined by a myriad of other platforms preparing to deploy on the L2 network. This expansion means that OKX’s 50 million users will have access to a wide range of applications beyond Dolomite. The introduction of Dolomite on X Layer underscores the growing importance of DeFi protocols and their role in expanding opportunities for users in the crypto space.
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