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.