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Dolomite, Next-Gen Decentralised Exchange Protocol, Funding Round, Raises $2.5 Million
British Virgin Islands, May 12th, 2023
Leavitt Innovations, the lead developer of next-generation DeFi money market and decentralised exchange protocol Dolomite, has announced the successful completion of a $2.5 million funding round. The investment was led by venture capital funds Draper Goren Holm (DGH) and NGC, with participation from over a dozen other firms including Coinbase Ventures, WWVentures, and 6th Man Ventures (6MV).
Dolomite’s architecture pushes the boundaries of what decentralized money markets are capable of, boasting higher capital efficiency and broader asset support than previously possible. Dolomite aims to capture valuable integrations and DeFi power users with the advanced capabilities enabled by its innovative design. Now backed by some of the best venture firms in the ecosystem and building on the rapidly growing Arbitrum network, the team believes the future of the protocol looks bright.
“Dolomite’s exceptional team, ambitious vision, and strength of execution are what caught our attention,” said NGC’s Chris Miller. “Being traders themselves, Dolomite’s team understands the DeFi space intimately and aims to build the traders’ perfect exchange. Specifically, their focus on capital efficiency and composability means Dolomite will be the DEX of choice for both DeFi ‘degens’, institutional traders, and other protocols alike. We are proud to partner with Dolomite as they build the next-generation margin trading protocol and DEX.”
Exemplifying these strengths, Dolomite has just recently completed a full integration of GLP, a popular yield-generating asset that powers the decentralized perpetuals exchange GMX. Users can now use their GLP as collateral and borrow against it while it earns yield and rewards. Through this borrowing, users can perform strategies to increase their leveraged exposure to GLP or to hedge against volatility in the price or open interest of GLP while retaining much of the yield it generates. Dolomite is the first to fully integrate GLP and pass along all GLP rewards to users.
"Our integration of GLP is just the beginning", said Corey Caplan, Director of the Dolomite Foundation. “We have many other valuable integrations in the works that exemplify our protocol's strengths."
Commenting on the investment round, Adam Haklili from WWVentures said:
"WWVentures is excited to see the array of new profit-creating strategies that arise due to Dolomite's innovative margin-based yield farming and what DeFi projects will take advantage of the composability of the platform."
DGH, one of the lead investors in the funding round, highlighted the strong team behind Dolomite and the vision they have for revolutionizing DeFi money markets and hedging:
"Dolomite's team has a deep understanding of the DeFi ecosystem and has demonstrated the ability to execute on their vision,” said Alon Goren, Founding Partner of DGH. "We are confident that they will continue to lead the way in DeFi innovation and are excited to support them in their mission."
Dolomite plans to integrate many more assets to unlock additional unique financial strategies and partnerships. With this latest funding round complete, the Dolomite team feels they are well-positioned to take advantage of the growing demand for DeFi protocols and to continue driving innovation in the space.
All of the participants in the fundraise include Draper Goren Holm (lead), NGC (lead), Coinbase Ventures, WWVentures, RR2 Capital, 6th Man Ventures (6MV) Token Metrics Ventures, Orchard Street Capital, and Guanxi DAO. Angels include Matthew Finestone, Kyle Rojas, David Bleznak, Coinflipcanada, CryptoCondom, 1chioku.eth, and slappjakke.eth.
For more information about Dolomite, please visit their website at https://dolomite.io.
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