British Virgin Islands, British Virgin Islands, March 28, 2024, Chainwire

DeFi lending platform Dolomite introduced the mixing of GM token. The tokens used to signify 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 releasing V2 of the protocol in August, GMX's liquidity token, often known as GM, has not but been broadly built-in into the Arbitrum protocol. That is as a result of technical complexity concerned in dealing with these new belongings, and rendering protocols don’t permit for speedy deployment of derived belongings regardless of requests.

Along with being the primary lending platform to start out supporting GM tokens, Dolomite gives a deeper degree of help than different protocols. Dolomite customers can simply hedge or leverage GM positions, and GM tokens are additionally supported in Dolomite's Zap characteristic, permitting customers to seamlessly change out and in of the pool to create their desired technique. Will be deployed shortly.

Because of the construction of GM tokens, liquidating or unwinding GM tokens requires a two-step course of, a characteristic that almost all lending platforms shouldn’t have. To help GM tokens, Dolomite has created a singular intent-based structure for unwinding a lot of these belongings. This can permit Dolomite to help GM tokens with out the necessity for a centralized market maker to carry out clearing or improve the danger of good contracts.

To make sure optimum integration of GM tokens and show the enduring safety of the Dolomite Protocol, Guardian Audits carried out a brand new system and integration audit. Having beforehand audited GMX V2, Guardian Audits' expertise within the structure of the GMX ecosystem was leveraged to facilitate this course of.

The addition of GM tokens to Dolomite expands the utility of the platform and supplies higher choices for effectively using capital. This supplies GMX customers with extra use circumstances for his or her GM tokens and unlocks income era potential throughout the Arbitrum ecosystem.

Concerning the Dolomites

Dolomite is a next-generation decentralized cash market protocol and DEX that gives in depth token help and capital effectivity with a digital liquidity system. Dolomite, which runs on Arbitrum, combines the perfect of DEX and lending protocols with a capital-efficient and extremely modular DeFi protocol. Dolomite can present over-collateralized loans, credit score buying and selling, spot buying and selling and different monetary merchandise.

Click on right here for particulars: https://dolomite.io/

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