At midnight, Mia spread out the DAO treasury report on the table: a pile of income-generating positions were out there 'earning money on their own', but every time she needed to borrow a bit of liquidity for an event, she had to dismantle the original positions first, interrupting the revenue curve, which hurt her the most.
She tried to deposit plvGLP into Dolomite—collateral still earning interest in the original protocol, but the interface popped up an option for 'isolated vaults'; she was able to borrow a sum of USDC for the event budget without touching the underlying collateral, while also opening an isolated vault to borrow ETH for hedging, with the two positions not interfering with each other, and the report still maintaining the same standards.
The next day, a colleague asked her: 'Isn't this just the on-chain version of prime brokerage?' She smiled and said it was more like 'managing the yield leg and the leverage leg separately'. During the weekend rankings, the events department suddenly wanted to add an additional reward, and she simply increased the borrowing limit of USDC in that isolated vault; the underlying collateral continued to compound interest, and the market-making leg was completely unaffected.
In the past, they had to jump back and forth between three or four protocols to figure out the debt boundaries of each leg; now all transitions were completed in Dolomite, where the settlement page also allowed a quick view of the health and accrued earnings of each isolated vault.
That night, she sent out the first weekly report on 'structured cash flow', and the front page wasn't an APR puzzle, but rather a three-line chart of 'Sources of Income—Borrowing Destinations—Net Exposure'. She realized that the change wasn't just earning a few more points, but turning 'able to borrow, willing to borrow, and borrowing in an orderly manner' into the team's daily routine: strategies could run in parallel, cash flow was no longer interrupted by position dismantling, and the treasury finally grew into a disciplined trading entities
$DOLO #dolomit
