Dolomite Adds $100 Million in Concrete’s Bitcoin-Backed Collateral

Dolomite’s Ethereum market dashboard showed $100.08 million in BTCcx supplied in the Oct. 19 snapshot reviewed for this article, broadly matching the partners’ $100 million announcement. Etherscan’s holder records separately showed about 1,221.15 BTCcx held by Dolomite’s margin contract.

That collateral value is not the amount borrowed. BTCcx itself is never borrowable under the documented structure; Concrete borrows against it. Dolomite’s announcement did not specify the outstanding debt secured by BTCcx.

Custody Adds a Settlement Step

Concrete issues BTCcx on Ethereum as a representation of the custodied Bitcoin, supplies it to Dolomite and manages the borrowing position. Dolomite says borrowed funds are generally deployed into yield-bearing strategies that can be unwound for repayment. If collateral prices fall beyond acceptable thresholds, Concrete is responsible for partial repayments to restore the position’s health.

The assets use the underlying asset’s Chainlink price feed, according to Dolomite. The structure depends on both BitGo’s custody and Concrete’s issuance and management, with market prices able to change while custody redemption is pending.

If forced liquidation becomes necessary, a temporary, market-specific claim token represents the collateral during settlement. The underlying asset goes through offchain redemption, proceeds return onchain to repay the debt, and the temporary claim token is closed. Dolomite’s documentation still labels the settlement contracts “Coming soon.”

BTCcx extends an existing arrangement between the two projects. Dolomite already supports Concrete’s WLFIcx, another BitGo-custodied asset issued on Ethereum. Its dashboard showed $108.65 million of WLFIcx supplied in the same snapshot.