The wedge
Offtaker portal
A national registry as counterpart is the whole company.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
DAPD
Screened
SCREENEDEnergy certificatesDapple Book
The incumbent copy takes a year. The named customer is already writing.
Siobhán Nair will not run a public sale on this pad. The listing exists because of that sentence.
Dapple Book — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Heat 51 of 99. Hot windows do not stay hot. They close.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Certificate ledger
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Concentric · 1438
DAPD
The plate
Concentric. Edition 1438.
A unique plate for Dapple Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
DAPD · Auckland · Energy certificates
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Auckland
Producers
Sells
Offtaker
Offtaker portal
Markets
0
Auckland
Years
0
Founded 2024
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
No public token representing a tonne. We searched.
Traction
No paying pilot on the public file.
Founded 2024, headquartered in Auckland. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Still dual-record with the registry.
A public carbon coin is a commodity or a security. This pad will not sell it. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
The brief
How a serious reader should hold this.
Someone in Auckland already renewed a slower vendor this year. Dapple Book is the conversation that happens before they do it again. Miss this cycle and you explain the next one.
The bet is narrow. A named Auckland buyer already has budget for this invoice. Dapple Book wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.
A sentence went public and came down in under an hour. Siobhán Nair treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the pilot
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the screen
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From ops
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
The window
Miss this and you read the archive.
When the heat drops, the named customer is still named — they just stop taking new calls.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 14
- Counsel hours on file
- 7
- Asks / week
- 0
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Dapple Book
A generalist vendor copies the slide. They cannot copy the named record.
In the same conversation
- National GO registries
- Xpansiv
- Not a public carbon coin
The bet
Why this company exists.
A national registry as counterpart is the whole company.
A national registry as counterpart is the whole company.
Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.
GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.
Versus the field
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Auckland being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
How it works
- 01A certificate that exists in a registry is evented here
- 02Delivery and retirement are visible to the offtaker
- 03The registry remains the legal source
- 04No public ‘carbon token’ sale on this pad
- 05Delivery and retirement are visible to the offtaker; the registry remains source
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- National GO registries
- Xpansiv
- Not a public carbon coin
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Certifications & adapters
34%
Adapter work against the incumbent register, admin, or custodian.
Second market
21%
The remaining certifications and the second named market.
Control environment
17%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
28%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- Offtaker portal
- Who pays
- An AIFM whose auditor has seen the dual-record.
- Unit economics
- They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
- Moat on file
- A national registry is a counterpart, not a scrape.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- A public carbon coin is a commodity or a security. This pad will not sell it.
- Why we listed it
- No public token representing a tonne. We searched.
Next twelve months
What has to be true.
Still dual-record with the registry.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2024, headquartered in Auckland. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. An AIFM whose auditor has seen the dual-record. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Auckland is the operating centre
- The waitlist, if any, is a product list — not a book
- RCA Pad does not take a cut of proceeds
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product14
- Customers18
- Legal path24
- Tech maturity37
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Dapple Book asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.
Double count
If the registry and this ledger can both be sold, the product is a liability.
Green token
A freely traded climate token is usually a commodity or a security. This pad will not sell it.
Registry cooperation
Without the registry, this is a shadow certificate.
Policy
GO rules move. The product has to move with them, not ahead of them.
Double count
If the registry and this ledger can both be sold, Dapple Book is a liability. Dual-record or nothing.
Path silence
If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02Which incumbent can copy this in a quarter, and what would they have to migrate?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Which geography is actually locked, and which is a hope?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06Where do keys, title, or NAV liability sit — and is that person licensed?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Dapple Book Ltd
- Path on file
- Undetermined — not a path
- Posture
- No public sale
- Pack
- Sprint
Where they can operate
Named vs off-limits.
Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.
- Aucklandnamed
- EU retailrestricted
Team
Who runs it.
- Siobhán NairChief executive
- Amira HolmFinance
Stack
- Certificate ledger
- Energy certificates
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Siobhán Nair (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Dapple Book does not sell a token to the public on this pad | Posture lock | live |
| The product is energy certificates sold to institutions | Architecture + customer type | draft |
| Certificate ledger is the method — not a listed asset | Paper only | draft |
| Retail buyers are out of scope | Named markets lock | live |
| Any raise completes with the issuer’s counsel and providers — not on RCA Pad | Fixed-fee terms | live |
| Production date for the chain layer is not committed | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Auckland | Named markets on the file | draft |
On the record
- Application APP-4564ScreenSep
- Counsel questionPathSep
Operating log
01 Sep 15:00
Application scored. Dapple Book is not a calendar slot.
10 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.