Clearpool expands marketplace to Polygon zkEVM

Clearpool, a blockchain-based lending protocol, has expanded its marketplace to Polygon zkEVM. The expansion sees the credit marketplace now available on three blockchain solutions – Ethereum, Polygon PoS and Polygon zkEVM – an EMV-compatible zero-knowledge scaling solution.

CPOOL price was around $0.023 while MATIC traded near $0.70 on Monday at 11 am ET.

DeFi ecosystem on Polygon

The integration will allow Clearpool to tap into zkEVM technology for benefits such as high-speed transactions, low gas fees, and enhanced security for its DeFi community.

Borrowers are also set to benefit from increased funding diversification and network efficiency, the protocol said in a blog release on Monday.

Robert Alcorn, CEO and co-founder of Clearpool commented:

“This integration is a key step for the protocol by adding another building block to Clearpool’s expanding ecosystem. 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.”

Accordingly, two key market makers are now available on Polygon zkEVM and have opened the permissionless lending pools on the zk-powered L2.

Jack Melnick, the Head of DeFi Business Development at Polygon Labs, said:

“The integration strengthens the DeFi landscape on Polygon and reinforces our commitment to providing diverse financial solutions for the growing community.”

Clearpool launched its lending marketplace in March 2022, with growth seeing it originate more than $400 million of loans across crypto and TradFi. Its user base includes Wintermute, Jane Street, CoinShares, Fasanara Capital among other institutions.

Polygon zkEVM mainnet beta launched in March this year, with Ethereum co-founder Vitalik Buterin performing the protocol’s “symbolic first transaction.” The L2 solution offers full EVM opcode compatibility, which means developers can use the same code, tooling and applications accessible on Ethereum.

As Invezz reported, Polygon co-founder Sandeep Nailwal revealed plans for an upgrade to Polygon 2.0 in June, targeting unlimited scalability and unified liquidity among other features. The platform also eyes a rebranding of the native token from MATIC to POL.

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