DeFi lending protocol Dolomite is making a strategic move by officially launching on X Layer, OKX’s innovative Ethereum-based Layer 2 network. This collaboration adds robust asset lending capabilities to the Polygon-powered X Layer, opening up immense possibilities for its users.
Dolomite’s success story on Arbitrum, where it swiftly ascended to become the fourth-largest lending market, precedes it. X Layer users can now expect that same level of sophistication, with Dolomite bringing its advanced infrastructure to facilitate the integration of various yield-generating assets – the very fuel that has propelled DeFi’s meteoric rise in recent times.
This expansion marks a pivotal moment for Dolomite, transforming it into a multi-chain protocol. But more importantly, it empowers X Layer users with sophisticated tools to tap into previously dormant capital. The initial launch will offer support for OKB (X Layer’s native token), WETH, USDT, USDC, and WBTC, providing a solid foundation for further growth.
The significance of Dolomite’s arrival on X Layer goes beyond mere asset lending. It signifies the addition of a critical DeFi primitive, laying the groundwork for a vibrant ecosystem brimming with economic activity. This collaboration is poised to solidify Dolomite’s position as the preeminent lending protocol on X Layer, while simultaneously incentivizing users to delve deeper into its 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.
Also Read: OKX Launches X Layer on Public Mainnet to Onboard 50M Users
