Clearpool Integrates with Polygon zkEVM, Expanding DeFi Landscape
Clearpool, a leading decentralized finance (DeFi) protocol, has announced its integration with Polygon zkEVM, marking the third blockchain solution to be integrated with the protocol’s lending marketplace. This exciting development is set to bring high-speed transactions, lower fees, and improved security to Clearpool’s expanding ecosystem.
The integration of Clearpool with Polygon zkEVM will be highly beneficial for the DeFi community as it strengthens the financial solutions available on Polygon, a Layer 2 scaling solution for Ethereum. Jack Melnick, Polygon Labs Head of DeFi BD, expressed excitement over Clearpool’s growth into the Polygon ecosystem, emphasizing the reinforcement of Polygon’s commitment to offering diverse financial solutions to the growing community.
Clearpool’s CEO and co-founder, Robert Alcorn, highlighted that the integration with Polygon zkEVM is a crucial step for the protocol, as it adds another building block to their ever-expanding ecosystem. Since its inception, Clearpool has been designed to be a cost-effective, seamless, and scalable multichain protocol, aiming to provide value, efficiency, and accessibility to millions of users. This integration is a testament to the protocol’s commitment to delivering on that strategy and vision.
One of the notable features of this integration is the introduction of Idle Yield Tranches (YTs) within the zkEVM pools, made possible through Clearpool’s collaboration with Idle, a decentralized yield automation protocol and Clearpool’s Oracle since January 2023. These innovative DeFi primitives allow for the segmentation of yields and risks, catering to a diverse range of users by offering two risk-return profiles, Senior and Junior. Liquidity providers can choose between Senior and Junior Yield Tranches and lend digital assets based on their preferred risk/reward level.
For Clearpool, the expansion to Polygon zkEVM is another milestone in its multichain growth strategy. The protocol has already made significant strides in this direction, having originated over US$400 million of loans since its launch in March 2022, attracting both crypto and traditional finance institutions. The protocol initially launched on Ethereum’s mainnet and later expanded to Polygon PoS, followed by an integration with LayerZero in August 2022, an omnichain interoperability protocol. This allowed dApps to integrate across multiple blockchains and facilitated bridging CPOOL between Ethereum and Polygon directly via the Clearpool app.
Polygon zkEVM offers full Ethereum Virtual Machine (EVM) compatibility, making it functionally equivalent to Ethereum. Developers and users can seamlessly utilize the same code, tools, and applications on Polygon zkEVM as they do on Ethereum. This not only reduces user friction but also significantly lowers gas fees due to the utilization of zero-knowledge proof (ZKP) technology. ZKPs verify transactions without revealing any data, and multiple transactions are batched together and sent to the Ethereum network as one bulk transaction, sharing the gas fees among all participants. As a result, Clearpool users can benefit from lower fees and increased transaction throughput while maintaining Ethereum compatibility. Additionally, ZKP technology enhances security, providing even greater protection to users and their assets.
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