British Virgin Islands, British Virgin Islands, March twenty eighth, 2024, Chainwire
DeFi lending platform Dolomite has introduced the combination of GM tokens. The tokens, used to indicate liquidity in GMX V2, can now be deposited into Dolomite and used as collateral for borrowing. Dolomite is the primary lending platform so as to add help for GM tokens.
Regardless of launching V2 of its protocol in August, GMX’s liquidity tokens, often called GM, have but to be broadly built-in by Arbitrum protocols. That is as a result of technical complexity concerned in dealing with these new property, rendering protocols unable to shortly deploy spinoff property regardless of the demand.
Along with being the primary lending platform to launch help for GM tokens, Dolomite gives a deeper degree of help than different protocols. Dolomite customers can simply hedge or leverage their GM positions and GM tokens may also be supported by Dolomite’s Zap function, enabling customers to seamlessly swap into and out of swimming pools to shortly deploy any technique they want.
Because of the construction of GM tokens, a two-step course of is required to liquidate or unwind them, a functionality that the majority lending platforms don’t possess. To help GM tokens, Dolomite has created a novel intent-based structure for unwinding a lot of these property. This enables Dolomite to help GM tokens without having centralized market makers to carry out liquidations or rising sensible contract threat.
To make sure optimum integration of GM tokens, and attest to the Dolomite Protocol’s enduring safety, Guardian Audits undertook an audit of the brand new system and integration. Having beforehand audited GMX V2, Guardian Audits’ expertise within the structure of the GMX ecosystem was delivered to bear in facilitating this course of.
The addition of GM tokens to Dolomite will increase the platform’s utility and supply better choices for environment friendly capital utilization. It gives GMX customers with an extra use case for his or her GM tokens and unlocks potentialities for producing yield throughout the Arbitrum ecosystem.
About Dolomite
Dolomite is a next-generation decentralized cash market protocol and DEX that gives broad token help and capital effectivity with its digital liquidity system. Working on Arbitrum, Dolomite combines the strengths of a DEX and lending protocol with a capital-efficient and extremely modular DeFi protocol. Dolomite is able to providing over-collateralized loans, margin buying and selling, spot buying and selling and different monetary devices.
Study extra: https://dolomite.io/
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This text was initially revealed on Chainwire
