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

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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.

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