It's widely belived that p-branes and Dp-branes are the same objects in string theory. P-branes are charged solutions of type IIB supergravity that have the topology of a black hole, one would expect to be able to construct the same black hole using a superposition of D-branes and to count the microstates to get a statistical entropy.
Maldacena showed in his thesis that one has to have D1-branes, D5-branes and some momentum in the $x^5$ direction in order to have a black whole with non zero area in order to be able to compute the Hawking-Bekenstein entropy.
In the count of microstates of the configuration the idea is to account for all the fields in the branes having in mind that the open strings can end in the D1 (1,1), D5 (5,5), and mixed D1-D5 (1,5), D5-D1 (5,1). It seems in the literature that one has to account for the bound state of the system in order to have a black hole, what is the explanation for this?.
If one sees the bound state of the system it's given by the Higgs branch, wich comes from giving the hypermultiples of the superpotential an expectation value:
$V = \frac{1}{(2\pi \alpha ')^2} \mid X_i \chi - \chi Y_i \mid^2 + \frac{g_1^2}{4} D_1^A D_1^A + \frac{g_5^2}{4V_4}D_5^2D_5^2 $
In the literature all the states that matter come from the massless excitations of the brane that i can get by setting the superpotential to zero, why I only care about the massless excitations of the branes?