SAFEs, Token Rounds, and Dilution Math

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Raising capital for a token project typically happens through one of two instrument types — equity-style SAFEs or token-specific agreements — and understanding the dilution math behind each is essential before you negotiate a single term sheet. SAFE (Simple Agreement for Future Equity/Tokens). Borrowed from startup equity fundraising, a SAFE is not equity or tokens itself — it's a contractual……

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