The Fall of Protocol-Owned Frontends This report examines t | definapkin on Binance Square

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The Fall of Protocol-Owned Frontends
This report examines the shift from protocol-specific frontends to independent platforms that have become the user-facing product layer. 
Are protocols losing control of the end user?

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PlasmaFDN raise details based on rough understanding: The headline figure is: > 10% of total XPL supply sold in the public sale > Vault deposits now capped at $1B > Vault deposits do not purchase tokens > You still must separately commit new stablecoins to buy XPL, based on the allocation your vault deposit earned If $1B ends up deposited into the vault (and everyone also later purchases their allocation), u effectively commit capital twice: > Vault Capital (time-weighted → earns allocation rights) > Purchase Capital (fresh stablecoins → buys tokens based on your allocation) The public sale terms remain unchanged: $50 million will be sold at a $500 million fully diluted valuation. But the vault deposit is not counted toward that $50M. Its separate and sits idle (earning yield) until bridged to Plasma and returned to users as USDT that u can withdraw on the Plasma chain. Where Does the Vault Capital Go? > Is never used to buy XPL > Is converted to USDT > Bridged to Plasma > Becomes claimable on mainnet > Earns yield in the meantime, which goes back to users So the vault pretty much serves 2 purposes: > A time-weighted “proof of interest” to allocate the public sale > A bootstrap mechanism for stablecoin liquidity on Plasma mainnet It’s a staking filter to get access to the actual token sale.

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PlasmaFDN raise details based on rough understanding: The headline figure is: > 10% of total XPL supply sold in the public sale > Vault deposits now capped at $1B > Vault deposits do not purchase tokens > You still must separately commit new stablecoins to buy XPL, based on the allocation your vault deposit earned If $1B ends up deposited into the vault (and everyone also later purchases their allocation), u effectively commit capital twice: > Vault Capital (time-weighted → earns allocation rights) > Purchase Capital (fresh stablecoins → buys tokens based on your allocation) If 10% of XPL is purchased for, say, $100M in new capital, and 10% = $100M, then FDV = $1B. But the vault deposit is not counted toward that $100M. Its separate and sits idle (earning yield) until bridged to Plasma and returned to users as USDT that u can withdraw on the Plasma chain. Where Does the Vault Capital Go? > Is never used to buy XPL > Is converted to USDT > Bridged to Plasma > Becomes claimable on mainnet > Earns yield in the meantime, which goes back to users So the vault pretty much serves 2 purposes: > A time-weighted “proof of interest” to allocate the public sale > A bootstrap mechanism for stablecoin liquidity on Plasma mainnet It’s a staking filter to get access to the actual token sale.

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