Key Highlights
- World Liberty Financial deposited USD1 on Dolomite and secured 11.4 million USDC on Feb. 8.
- Blockchain intelligence showed the borrowed USDC transferred to a Coinbase Prime deposit address shortly after.
- WLFI subsequently deposited 1.99 billion WLFI tokens on Dolomite and obtained approximately $31.4 million in stablecoins.
- Dolomite co-founder Corey Caplan holds an advisory position at World Liberty Financial.
- During April, WLFI transferred 3 billion additional WLFI tokens to a Gnosis Safe proxy wallet at 0x44a681DD.
World Liberty Financial (WLFI) leveraged Dolomite to secure millions in loans by pledging its native tokens as collateral. The borrowing activity occurred on a platform whose co-founder maintains an advisory relationship with the company. Blockchain records revealed transfers flowing to Coinbase Prime.
WLFI Treasury Executes Strategic Moves Through Dolomite Platform
On Feb. 8, the WLFI treasury placed 14 million USD1 into Dolomite. The treasury then obtained 11.4 million USDC against this collateral in a matter of minutes.
Arkham data subsequently revealed 11.45 million USDC flowing to a Coinbase Prime deposit address. Two days following this transaction, the treasury directed 12.5 million USD1 to a different Coinbase Prime address.
This USD1 movement occurred outside the Dolomite lending framework. World Liberty Financial transferred stablecoin reserves directly from treasury accounts to the exchange via a distinct institutional pathway.
On Feb. 20, the treasury deposited 890 million WLFI on Dolomite. The treasury secured 20 million USD1 against this position twelve days following the initial transaction.
On March 24, the treasury contributed an additional 1.1 billion WLFI as collateral. Dolomite facilitated additional borrowing capacity, elevating total stablecoin proceeds from both transactions to approximately $31.4 million.
Corey Caplan, who co-founded Dolomite, maintains an advisory role with World Liberty Financial. This relationship situates the borrowing operations within a protocol connected to a company insider via the advisory framework.
World Liberty Financial currently tops Dolomite’s public asset supply rankings with $458.9 million. This position represents roughly 55% of the protocol’s $835.7 million aggregate supply liquidity.
USD1 and WLFI Movement Accelerates in April
USD1 holds the second position on Dolomite with $180 million supplied and $167.5 million borrowed. This configuration produced a utilization ratio approaching 93% throughout the examined timeframe.
Dolomite displayed a 16.24% supply rate and a 9.18% borrow rate for USD1. These numbers corresponded with the pool’s intensive borrowing dynamics during the period.
Blockchain records indicate depositors contributed nearly all available USD1 on Dolomite while borrowing remained elevated. The pool consequently maintained minimal capacity for immediate withdrawals at that juncture.
WLFI collateral within Dolomite currently amounts to 1.99 billion tokens from the two deposit transactions. The token demonstrates shallower market liquidity compared to the pledged quantity currently observable on exchanges.
On April 2, the treasury directed 2 billion WLFI to a Gnosis Safe proxy wallet. Five days afterward, another 1 billion WLFI moved to the same destination.
The wallet utilized address 0x44a681DD during the April transactions. Blockchain data has yet to reveal a final destination beyond this proxy arrangement in publicly available records.
These 3 billion WLFI tokens hold an approximate value of $266 million at $0.0888 per token. The transfers represent the most recent observable treasury activity according to available data.
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