Dolomite, a multi-chain lending dapp launched in 2022, saw its total value locked (TVL) skyrocket nearly 600% in the past week to a record $392.4 million, as per DefiLlama.
The platform’s TVL growth is associated with the recent launch of the much-anticipated Berachain – an EVM-compatible layer 1 chain that uses a Proof of Liquidity (PoL) consensus mechanism.
Dolomite operates as a DeFi money market, enabling users to lend and borrow a wide range of assets, positioning itself as the only platform that supports over 1,000 crypto assets.
The app is available on Arbitrum, Mantle, Polygon zkEVM, X Layer, and Berchain. The latter now accounts for 84% of the TVL, with $331 million, followed by Arbitrum with $53 million.
Berachain’s mainnet launched on February 6 with one of the biggest airdrops worth over $630 million. Despite the bearish pressure on the BERA coin amid accusations of insider selling, the new chain is taking the DeFi space by storm. There is currently nearly $2 billion worth of crypto deposited on Berachain-based dapps, with Dolomite being the fourth-largest dapp and the largest lending platform on the chain.
The most deposited token on Dolomite is WETH, which accounts for nearly a third of the TVL. It is followed by SOLVBTC.BBN, SOLVBTC, STBTC, WBTC, and USDC.E.
On February 9, the lending dapp experienced record daily inflows when over $7 million worth of WETH and other tokens were deposited on the platform.
Thanks to its rapid increase, Dolomite has become the 12th largest lending dapp, surpassing the likes of Benqi, Euler, Scallop, and Moonwell, while closing in on Sui-based NAVI and Suilend.
Dolomite is currently developing a margin trading platform to enable users to trade tokens with leverage.
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