HAPPY NEW YEAR!
This is Splice Rent-To-Own version of Softube. The protection difference is that original version uses WrapWarden and iLok while Splice version uses its own licensing with Ed25519 signature. Both binaries are protected by MetaFotress, which can be regarded as the most difficult part.
https://splice.com/plugins/39137117-model-series-synth-collection-vst-au-by-softube