In this post:
- Decentralized money market protocol Dolomite has announced plans to launch a pre-deposit campaign on Berachain.
- The campaign will allow users to earn rewards by committing their assets to Dolomite as Berachain prepares for its official debut through Royco.
- Dolomite also plans to unveil its liquidity mining program after the token generation event (TGE) comes to an end.
Dolomite, a DeFi money market platform, has announced plans to debut a pre-deposit campaign on layer-1 blockchain Berachain. The campaign will incentivize users to commit their assets for a predetermined duration and earn rewards.
Dolomite has announced its intentions to launch a pre-deposit campaign on Berachain. According to an official announcement, Dolomite will unveil the campaign to allow users to earn yields by committing their assets to the decentralized money market protocol as Berachain prepares for its official launch through Royco.
Dolomite’s campaign to launch on Berachain’s layer 1 blockchain
During the campaign, Dolomite users will have the ability to commit and uncommit their digital assets on the DeFi platform whenever they deem necessary until the Berachain layer 1 blockchain goes live on the mainnet. The committed assets will be locked for a predetermined duration once the blockchain debuts. The lock-up period will accrue more yields for investors.
According to the announcement, users will earn additional rewards on top of the base lending yield for issuing lendable assets. During the campaign, some of the lendable assets include HONEY, USDC, ETH, and WBTC. By providing these assets, Dolomite users will get veDOLO and BERA as additional rewards.
Corey Caplan, co-founder of Dolomite, commented on the reforms, stating that the Dolomite team was advancing DeFi capabilities by leveraging Proof of Liquidity (PoL) on Berachain. The DeFi pioneer also said that Dolomite users will maximize their preserved digital asset capital efficiency by retaining their DeFi asset functionalities.
“We are bringing Dolomite’s advanced DeFi capabilities and Berachain’s cutting-edge PoL mechanism together, creating synergy within the DeFi ecosystem.” “Participants position themselves at the forefront of Berachain and can maximize their capital efficiency through Dolomite, retaining full DeFi asset functionality, and support a protocol that is reshaping the landscape of decentralized lending.”
–Corey Caplan
The platform has set aside 30 million veDOLO tokens, which will be distributed through the campaign with rewards varying depending on the asset type. The announcement also detailed that Berachain has committed 1% of BERA’s token supply to Royco deposits.
Dolomite reveals plans to usher in a liquidity mining program after TGE
Dolomite also plans to unveil its liquidity mining program after the Token Generation Event (TGE) to allow users with a steady supply of lendable assets to earn oDOLO in addition to the veDOLO, BERA, and interest. Besides yielding returns for users, the Dolomite platform also allows users to borrow funds using their staked assets as collateral for the loans. Users will also pay their existing debts using their collateral and loop borrowing processes in a single click.
The Dolomite DeFi platform will also allow users to borrow against Berachain’s soulbound and non-transferable governance token, $BGT. This unlocks more utility for the digital asset, considering that it is non-transferable.
Lendable and non-lendable assets will both qualify for the Royco campaign. However, users with lendable assets will lock their assets for 90 days and accrue more rewards due to their support for the protocol’s borrowing and lending ecosystem. On the other hand, non-lendable assets like uniBTC and beraETH will only be locked for 30 days and ultimately accrue fewer rewards for holders and staking participants.