Clearpool Unveils RWA-Focused Layer 2

Clearpool, a major DeFi credit protocol, is launching an Ethereum Layer 2 network designed to facilitate DeFi use cases for real-world assets.

On Aug. 20, Clearpool announced Ozean, an OP Stack-based Layer 2 network catering to real-world asset (RWA) yield protocols by offering an optional compliance layer alongside a decentralized identity system facilitating know-your-customer requirements.

Clearpool said the optional compliance layer unlocks RWA interoperability across permissionless protocols, enabling unprecedented growth rates within the RWA sector.

“RWA protocols lack composability, and DeFi applications suffer from poor user experience,” Clearpool said. “With an opt-in compliance layer, users only need to onboard once. Protocols can set their KYC requirements, represented by a Decentralized ID token linked to the user’s address. This approach allows anonymous and permissioned users to coexist, unlocking the substantial potential for a thriving trillion-dollar RWA ecosystem.”

The network combines Optimism’s OP Stack tech stack with Caldera’s rollup-as-a-service platform. With Ozean joining Optimism’s Superchain ecosystem, the project will donate a portion of its revenue to the Optimism Collective.

The Clearpool lending protocol has originated $590 million worth of loans since launching in March 2022. The price of Clearpool’s CPOOL token is up 17.6% in the past 24 hours, according to The Defiant’s crypto price feeds.

Native stablecoin yield

Ozean also takes inspiration from Blast and Mantle by offering a native yield mechanism for users bridging assets onto the network.

Any stablecoins bridged onto Ozean will automatically convert into USDX, a stablecoin backed by U.S. treasury bills or equivalent assets. USDX holders can then lock their assets in exchange for ozUSD, which accrues yield for tokenholders.

OzUSD yields will adjust based on how long holders lock their tokens for, with Clearpool currently estimating that a six-month lockup will accrue annual interest of 5.35%. “This on-chain yield curve facilitates the development of a broad range of financial instruments, including FX swaps, IRS, CDS, and swaptions,” Clearpool said.

USDX will comprise Ozean’s native gas token, while Clearpool’s CPOOL token powers a native staking mechanism accruing rewards from sequencing and blockspace fees and the treasury assets backing USDX.

CPOOL is subject to a quarterly buy-back-and-burn mechanism funded with Clearpool protocol revenue.

RWA liquidity layer

Ozean offers an “RWA liquidity layer” called Oxygen. Clearpool said the layer will consist of tokenized treasury assets, the most liquid cryptocurrencies including Bitcoin and Ethereum, and Ozean-native yield-breaking tokens.

Oxygen, also known as 02, seeks to provide a “unified basket of assets” facilitating lending, collateral, and trading use cases. Oxygen assets are subject to weekly rebalancing to maintain target weights.

“O2 accrues value through yields from lending protocols and tokenized treasuries, and it can be staked to earn fees and leveraged,” Clearpool said. “This unique layer also supports stablecoin issuance and lending backed by RWAs, boosting liquidity and enhancing financial flexibility in the Ozean ecosystem.”

Ozean also features a native custodial wallet service designed to mitigate the frictions associated with traditional Externally Owned Account wallets.

Read More: Clearpool Launches Institutional Credit Marketplace on Arbitrum