Vault hits its deposit target. But where’s the next dollar coming from? The part of @turtledotxyz I’d look at is deposit attribution.  A protocol can see which wallet app or distribution partner brought in the capital and then check which deposits are still there a month later. Turtle’s Q3 update reports $1.04M in revenue across Turtle and Lunar Strategy, on a cash in basis and net of intercompany activity.  That came from services and distribution. The campaign’s November 4 snapshot puts tokenized assets excluding stablecoins at $46.1B.  For an issuer trying to reach that pool of capital, I’d judge each channel by what stays after the campaign ends.  A smaller channel can be more valuable if its depositors stick around. Read the Q3 update below ⤵️