VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

DAPH

In diligence

IN MOTIONVault infrastructure

Dapple Gate

Skip it and you read a PDF. Counterparties who matter will have already called.

Dapple Gate survived the screen. Most of Vault infrastructure did not. That is not a slogan. It is the decline pile.

Dapple Gate — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.

In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.

Archive is free. Live access is timed. Dapple Gate is timed.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

zk testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/7

Sprint

Our cut

Of any proceeds

Plate Horizon · 3972

DAPH

The plate

Horizon. Edition 3972.

A unique plate for Dapple Gate. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

DAPH · Taipei · Vault infrastructure

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 12 of 14

Taipei

Asset managers

Sells

Per

Per statement

Markets

Taipei

Years

Founded 2022

Surfaces

zk testnet

Complete

File readiness

The wedge

Per statement

Dapple Gate sells the statement, not the vault. Anyone can launch a vault.

Why the desk took it

A real job, not a ticker.

No APY on any surface we could find.

Traction

2 named pilots (redacted).

Founded 2022, headquartered in Taipei. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 87/100. Sprint day 12 of 14. A national registry counterpart, not a scrape. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Production book, not a demo circuit.

Custodian reporting is a PDF. This is a file a counterparty verifies. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

The first sentence Devon Ng would not let us publish was the exciting one. What remains is slower — and scarcer: Dapple Gate Ltd selling Vault infrastructure as software, from Taipei, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the pilot

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From ops

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

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.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 84
Asks / week: 37
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Devon Ng, Chief executive

This company

Dapple Gate

Services firms hide in ‘platform’ language. Dapple Gate sells a seat plus an event. Named.

In the same conversation

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

The bet

Why this company exists.

Dapple Gate sells the statement, not the vault. Anyone can launch a vault.

Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.

Middle-office spend at alternative managers is a budget that survived the last cycle.

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.

Named: Taipei. Off-limits: Global public, United States. A US person hearing an offering communication is a US problem even if the company sits in Taipei. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Positions are accounted in a book the manager already runs
02A proof or extract is produced for a named counterparty
03Yield is not marketed to the public on this pad
04zk, if present, is a method — not a ticker
05A proof or extract is produced for a named counterparty only
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

Fund admins
Custodian reporting
Public ‘vault tokens’ (the thing this is not)

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Claims & campaign ops
40%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
19%
Keeping the public story from running ahead of the claims register.
Second market
18%
A counsel memo that can survive a later reader.
Counsel & perimeter
23%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Per statement
Who pays: A national registry counterpart, not a scrape.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: The circuit, if any, proves the real book.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Custodian reporting is a PDF. This is a file a counterparty verifies.
Why we listed it: No APY on any surface we could find.

Next twelve months

What has to be true.

Production book, not a demo circuit.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for zk testnet
No token contract listed as a public sale
Named founder; customer still a conversation
Taipei 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.”

Product37
Customers62
Legal path62
Tech maturity48
Demand66
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Yield product

If the landing page is APY, this is a different, usually unlicensed, business.

Proof theatre

A zk circuit of a fake book is still a fake book.

Custodian

Who holds the keys? If it is the startup, that is custody.

Audit

No auditor, no statement. Demo is not diligence.

Proof theatre

A zk circuit of a fake book is still a fake book. Dapple Gate has to prove the real one.

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

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Has counsel written the perimeter in a memo you can file?
03What does renewal look like if no round ever happens?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Who is the first named paying customer — not a letter of intent?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Dapple Gate Ltd
Path on file: Not offering — locked
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.

Taipeinamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Devon NgChief executive

Stack

zk testnet
Vault infrastructure
Disclosure templates

Named with them

Meridian Tax

Who can decide

Devon Ng came in named. The team is not a handle. Dapple Gate Ltd exists, founded 2022, headquartered in Taipei. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Dapple Gate is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Dapple Gate does not sell a token to the public on this pad	Posture lock	live
The product is vault infrastructure sold to institutions	Architecture + customer type	live
zk testnet is the method — not a listed asset	Desk snapshot	live
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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Taipei	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 13:17
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

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.