Run the raise, not just the contract
A primary offering, the first sale of a new asset, now has both sides in the Console: a desk that runs the raise and a portal where investors subscribe.
DALP 3.2 adds issuer and investor views for primary offerings. Issuers monitor sales and allocations; investors subscribe and track their positions.
Both sides of the raise
A primary offering moves newly issued assets from the issuer to investors, not between investors. Each funded subscription becomes an allocation, subject to eligibility, purchase limits, and the offering cap.
- Issuer
- Desk, cap table, alerts
- Investor
- Subscribe and track
- Eligibility
- Checked at read time
- Availability
- On by default
For the issuer: a desk, not a contract explorer
Issuers need to monitor caps, presale deadlines, finalization, and closing windows.
The Console's offerings view lists the organisation's sales and highlights states that need a decision. These include a sale approaching its cap, an ended presale, a raise waiting for finalization, and an expiring closing window.
Alongside it sits the cap table: who subscribed, what they were allocated, and where each investor stands on identity checks, exportable for the people who will ask for it in a spreadsheet. Offering documents attach to the sale so an investor reads the same terms the desk is working from.
For the investor: subscribe, then know where you stand
Investors see the offerings open to them and subscribe with each offering's denomination asset, the asset in which the sale is priced and paid. They can then follow their positions across those sales.
Eligibility is checked when the investor reads the offering, not only when they subscribe. That matters because eligibility is not static: an expired verification or a changed compliance rule between browsing and buying should stop the purchase, and it does, rather than failing later with a rejected transaction.
What the sale itself already guaranteed
The Console uses the existing offering contract for caps, minimum raises, allocations, and vesting.
A minimum raise is optional. Without one, finalization succeeds. With one, missing it opens refunds instead of delivering a partial outcome nobody agreed to. Vesting can delay when tokens become available after a successful allocation without changing who bought them. Purchase limits and the offering cap bound each allocation.
Availability and compatibility
Primary offerings are enabled by default in this line. The default changes to enabled. Review an explicit deployment override before upgrading.
Nothing here changes an existing integration. The Console surfaces and their supporting routes are additive, the v1 API stays frozen, and an offering created before the upgrade keeps its terms and its state.
Understand primary offerings → · Run an offering → · Subscribe as an investor → · Read the cap table →
Trading Venue
A tenant can run several permissioned venues with their own members, calendar, and rules, where investors and desks trade listed token pairs.
Dividend & interest yield
Two token features let an instrument pay income: dividend yield pays a declared amount per unit on a chosen date, and interest yield accrues continuously.