Dolomite Expands to X Layer, Revolutionizing Asset Lending on Polygon's Layer 2 Network

Dolomite, a pioneer in decentralized finance, will debut on X Layer, OKX's Ethereum-based Layer 2 network. This integration introduces robust asset lending capabilities to X Layer users, providing access to yield-generating assets and a crucial DeFi primitive. Dolomite aims to become a multi-chain protocol, offering sophisticated lending tools to unlock capital. Initially, it will support OKB, WETH, USDT, USDC, and WBTC on X Layer, solidifying its position as the leading lending protocol on the network.

Dolomite Expands to X Layer, Bringing Robust Asset Lending to Polygon's Ethereum-Based Layer 2 Network

London, United Kingdom, April 29, 2023 - In a significant development for the decentralized finance (DeFi) ecosystem, Dolomite, a leading lending and borrowing protocol, has announced its upcoming launch on X Layer, OKX's innovative and secure Ethereum-based Zero Knowledge (ZK) Layer 2 (L2) network.

This strategic move marks a major milestone for Dolomite as it aims to extend its reach and offer its advanced lending services to a broader user base. Notably, Dolomite's presence on X Layer will introduce robust asset lending capabilities to users of Polygon, the popular Ethereum scaling solution that powers X Layer.

Expanding DeFi Capabilities on X Layer

Following its remarkable success on Arbitrum, where it rapidly ascended to become the fourth-largest lending market and the platform with the most supported assets, Dolomite is poised to continue its growth trajectory on X Layer. The expansion will allow Dolomite to seamlessly integrate with X Layer's ecosystem, leveraging its numerous yield-generating assets that have fueled the growth of DeFi in recent years.

By deploying on X Layer, Dolomite will establish a crucial DeFi primitive within the L2, creating a cornerstone for various economic activities. This move aligns with Dolomite's long-term vision of becoming a multi-chain protocol, offering users across multiple blockchains sophisticated tools to unlock the potential of their dormant capital.

Initial Asset Support on X Layer

Upon launch, Dolomite will initially support a range of popular cryptocurrencies on X Layer, including OKB (X Layer's native token), WETH (Wrapped Ether), Tether (USDT), USD Coin (USDC), and Wrapped Bitcoin (WBTC). OKB plays a vital role within the X Layer ecosystem, used for transaction fees and other essential network services.

Dolomite's Leading Role on X Layer

This collaboration solidifies Dolomite's position as the leading lending protocol on X Layer, attracting users eager to explore its advanced features and leverage the benefits of its robust lending infrastructure.

Collaboration and Innovation

Corey Kaplan, co-founder of Dolomite, expressed his excitement about the launch on X Layer, highlighting the team's commitment to innovation and collaboration:

"We are incredibly excited to launch on top of X Layer. We deeply admire the OKX team and their unwavering dedication to developing an L2 utilizing zk technology. We are thrilled to become early supporters of their ecosystem and contribute to bringing DeFi to the masses."

X Layer's Cutting-Edge Technology

X Layer was developed using Polygon's Chain Development Kit (CDK) and leverages cutting-edge zero-knowledge technology to provide enhanced security and scalability. By integrating with AggLayer, Polygon's liquidity aggregation layer, X Layer gains access to liquidity from various Polygon chains, ensuring optimal market efficiency.

A Growing Ecosystem

Dolomite is one of the first decentralized applications (dApps) to launch on X Layer, joining a rapidly expanding ecosystem of innovative projects. This development aligns with OKX's mission to foster a thriving and diverse application landscape on its platform. As a result, OKX's vast user base of over 50 million individuals will have access to a wide range of DeFi solutions, including Dolomite's lending services.

In conclusion, Dolomite's expansion to X Layer signals a significant advancement in the DeFi industry, bringing robust asset lending capabilities to Polygon's Ethereum-based L2 network. This collaboration between Dolomite and OKX paves the way for increased innovation, enhanced security, and a more accessible and user-friendly DeFi ecosystem.