Clearpool is pleased to announce the expansion to Polygon zkEVM, representing the third blockchain solution to be integrated with the protocol’s lending marketplace. The zkEVM technology enables high-speed transactions, lower fees and improved security.
The first permissionless lending pools, opened by market makers Fasanara and Portofino — Clearpool’s borrowers since March 2023 — are now available on Polygon zkEVM Layer 2.
“This integration is a key step for the protocol by adding another building block to Clearpool’s expanding ecosystem,” said Robert Alcorn, CEO and co-founder of Clearpool. “Since its inception, Clearpool was designed to be a multichain protocol that is cost-effective, seamless, and scalable to provide value, efficiency and accessibility for millions of users. We continue to deliver on that strategy and vision.”
“We are excited to see Clearpool’s further growth into the Polygon ecosystem,” said Jack Melnick, Polygon Labs Head of DeFi BD. “The integration strengthens the DeFi landscape on Polygon and reinforces our commitment to providing diverse financial solutions for the growing community.”
Continuing the collaboration with Idle, a decentralized yield automation protocol and Clearpool’s Oracle since Jan 2023, Clearpool’s zkEVM ecosystem is enriched with Idle Yield Tranches (YTs). Built on top of the zkEVM pools, these innovative DeFi primitives allow 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. Junior tranches provide boosted returns in exchange for the coverage offered to the Senior tranches, coming with lower APR and the protection of funds.
Clearpool Continues Multichain Growth
Launched in March 2022, Clearpool has originated over US$400 million of loans with a growing user base spanning both crypto and TradFi institutions such as Wintermute, Jane Street, Fasanara Capital, CoinShares and others. The protocol launched its mainnet on Ethereum network in March 2022, followed by Polygon PoS in July 2022, positioning itself as a scalable multichain platform for all users. The protocol added another key integration in August 2022 with LayerZero, an omnichain interoperability protocol allowing dApps to integrate across multiple blockchain. LayerZero’s technology enables bridging CPOOL between Ethereum & Polygon directly via the Clearpool app.
The latest integration with Polygon’s zkEVM will result in higher throughput, increased security and censorship resistance, as well as lower gas fees, supporting wider protocol adoption among the expanded network of lenders. Borrowers on the Clearpool platform will also benefit from it due to increased funding diversification and greater efficiencies across the entire ecosystem.
Polygon zkEVM: Unleashing Full EVM Compatibility
Polygon zkEVM is functionally equivalent to the Ethereum Virtual Machine (EVM), providing full EVM opcode compatibility. This enables developers and users to seamlessly utilize the same code, tools, and applications as they do on Ethereum, while also minimizing any user friction. Zero-knowledge proof (ZKP) involves a cryptographic technique that verifies transactions without revealing any data. The transactions are batched into groups, which are then relayed to the Ethereum network as one bulk transaction. The regular gas fee for a single transaction on Ethereum is split between all the transactions within the bulk one, resulting in a significantly lower fee for each participant. Ultimately, ZKPs not only reduce transaction costs but also increase throughput while maintaining Ethereum compatibility. This results in even higher security than of the standard Polygon network.
With the addition of Polygon zkEVM, Clearpool continues its multichain growth strategy, leveraging the strengths of different blockchain technologies. The launch marks an important milestone in the protocol’s journey, solidifying its position as a leader in the decentralized lending space.
To add liquidity to the zkEVM pools, go to the Clearpool app.
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