DeFi Lending Protocol Dolomite Launches on Polygon zkEVM to Accelerate Ethereum DeFi Money Markets

British Virgin Islands, February 13, 2024 –  DeFi lending protocol & decentralized exchange Dolomite has announced its long-awaited launch on Polygon zkEVM, expanding its protocol to one of the largest and most vibrant ecosystems in crypto. 

Dolomite is launching on Polygon zkEVM with an initial class of basic tokens such as USDC, ETH, WBTC and MATIC, but has plans to rapidly integrate dozens of unique assets on Polygon zkEVM. Ultimately, it hopes to replicate the stunning success it has had on Arbitrum, bring more utility and users to the protocol, while uniting the wider zkEVM ecosystem. 

Polygon zkEVM mainent beta launched last year, with three key features that set it apart from other networks, including its scalability, security, and its EVM-equivalency, which makes it compatible with other EVM chains. Polygon zkEVM batches blockchain transactions into rollups with zero-knowledge proofs before executing those proofs on the Ethereum chain. By breaking transactions down into smaller chunks of data, it helps to reduce congestion on the Ethereum network and make it faster. 

The Polygon PoS network is currently the seventh-largest in the industry, with almost $1 billion in total value locked, and it will be able to leverage the technology and financial resources responsible for this success to help the Polygon zkEVM chain grow. So far, considerable progress has been made, with more than 56 projects launching on Polygon zkEVM while still in beta.

Dolomite’s architecture pushes the boundaries of what decentralized money markets can do, enabling higher capital efficiency and support for a broader range of assets than was previously possible. Its mission is to build valuable integrations and capture DeFi’s biggest power users, enticing them with the advanced capabilities enabled by its novel design. Backed by some of the biggest venture capital firms in the crypto industry, Dolomite launched on the rapidly growing Arbitrum network, where it has enjoyed considerable success to date. Dolomite quickly emerged as one of Arbitrum’s top lending protocols with the most supported assets, and is well-positioned to become a top lending platform on Polygon zkEVM being one of the first-movers on the protocol. 

Dolomite is well on the way to doing so, having been featured as one of the top 19 protocols in Polygon Labs’ “DeFi Unleashed” campaign, which highlights many of the early adopters building on Polygon zkEVM as the protocol ramps up toward a full release. The DeFi Unleashed campaign will see more than $50K of rewards handed out to users of its participating projects. 

As one of the early adopters building on Polygon zkEVM, Dolomite will be privy to strong support from Polygon zkEVM  developer teams. Whereas it was a fairly late arrival to Arbitrum and thus more reliant on its own strengths, its arrival at a more nascent phase on Polygon zkEVM provides an opportunity for closer collaboration with a fledgling ecosystem and with the team developing software for Ethereum’s leading scaling protocol.

Jack Melnick, the Head of DeFi at Polygon Labs, spoke of his excitement about the work done by Dolomite so far: “The team has instantly begun to create network effects as they build integrations for a number of the unique native assets on the chain,” he said in a statement. “Additionally, Dolomite’s Virtual Liquidity system should be a great fit for the modern mechanisms featured on Polygon zkEVM, allowing users to easily access value without compromising on their DeFi-native rights.”

Dolomite has grown spectacularly on Arbitrum since the launch of its oARB rewards campaign last November. During that time, its TVL has more than tripled, and the protocol will attempt to mirror that success through a future rewards program on Polygon zkEVM, in a bid to onboard users onto the highly anticipated Polygon zkEVM ecosystem.

About Dolomite

Dolomite allows users to unlock dormant capital by smarter borrowing and lending. It enables smarter asset deployment through powerful integrations across the DeFi ecosystem. Dolomite’s advanced architecture supports separate borrow positions from a single wallet, each with a distinct risk profile. Its unique design allows for a broad range of yield-bearing assets to be used as collateral, helping users earn rewards while borrowing against these assets.

Over time, Dolomite aims to become a hub for DeFi activity to allow other protocols, yield aggregators, DAOs, market makers, hedge funds, and others to manage their portfolios and run on-chain strategies.