Dolomite just launched full support for GLP as a collateral asset and full GMX account transfers, allowing users to borrow against their GLP while still retaining all rewards, opening the door for advanced hedging, looping, and diversified farming strategies
Dolomite just launched full support for GLP as a collateral asset and full GMX account transfers, allowing users to borrow against their GLP while still retaining all rewards, opening the door for advanced hedging, looping, and diversified farming strategies
Hey there r/DeFi community!
Just wanted to share something we’ve been building out for a while now, especially relevant to any fans of GMX, GLP, or Arbitrum.
We’ve just completed and launched full support for GLP to be used as collateral for loans, but we’ve gone further than any other protocol by allowing users to do full GMX account transfers and to use their GLP as collateral while also still receiving all rewards. This means you can even use your GLP to vest esGMX into GMX while borrowing against it. Additionally, Dolomite’s protocol does not take any fees from anything earned in the GMX ecosystem, instead passing it all along to the user. We talk about some of the more complex strategies all this opens the door for in this post’s linked article.
We’re working to enable protocols to build out more advanced financial strategies in the Arbitrum ecosystem as well as break down the walls between projects. Through integrations with many of the great projects on the network we really think we can unlock a lot of dormant capital on Arbitrum!
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Wasn’t sure if this was considered news or self promo, but just to be safe and to satisfy this subreddit’s rules, here’s some more info about Dolomite:
Dolomite is a money market and DEX built on Arbitrum that specializes in capital efficiency and broad token support, being able to integrate more complex assets and allow for more complex financial strategies.
Dolomite is built from dYdX’s version 1 codebase. The core protocol is immutable, with modules built on top to allow for various new functions. The core protocol comes almost entirely from dYdX, we aimed to change as little of the original dYdX codebase as possible because it worked exceptionally well and demonstrated its security. The modules we’ve built on top are the main method through which we allow for more advanced features.
The codebase has been audited three times in its lifetime – twice while in the hands of dYdX (first by Zeppelin, then by Brahman Systems) and once on our newer code (by SECBIT), with another audit underway. We have 100% line, statement, and branch test coverage with hundreds of unit and integration tests. Audits and more info available here: https://docs.dolomite.io/audits-and-security
A full breakdown of risk is available in our docs here: https://docs.dolomite.io/risk