Leavitt Innovations, the developer of the DeFi money market and decentralized exchange protocol Dolomite, has successfully raised a $2.5 million funding round. The investment was led by venture capital funds Draper Goren Holm and NGC, with participation from other firms including Coinbase Ventures, WWVentures, and 6th Man Ventures.
The money will be used to increase operations, development initiatives, and business reach.
Dolomite aims to revolutionize decentralized money markets and hedging by offering higher capital efficiency and broader asset support. The protocol’s innovative design and advanced capabilities are expected to attract integrations and DeFi power users. With the backing of prominent venture firms and building on the Arbitrum network, Dolomite’s team is optimistic about the protocol’s future.
Dolomite has recently completed the integration of GLP, a popular yield-generating asset, into its platform. Users can now utilize GLP as collateral, borrow against it, and earn yield and rewards. This integration enables users to implement strategies for increased leveraged exposure to GLP or to hedge against volatility while retaining the yield generated. Dolomite is the first to fully integrate GLP and distribute GLP rewards to users.
The funding round received positive remarks from investors, highlighting Dolomite’s team, vision, and potential to transform DeFi money markets and hedging strategies. The protocol plans to integrate more assets to unlock additional financial strategies and partnerships.
The participants in the funding round include Draper Goren Holm, NGC, Coinbase Ventures, WWVentures, RR2 Capital, 6th Man Ventures, Token Metrics Ventures, Orchard Street Capital, and Guanxi DAO. Several angel investors also participated in the round.