Adam Jackson
👤 SpeakerAppearances Over Time
Podcast Appearances
They bought tokens.
They bought something that will convert into tokens called a SAFT.
So convertible note converts into equity, right?
Yeah.
Or a safe.
You've heard of the safe.
A simple agreement for future equity.
A SAFT is a simple agreement for future tokens.
Same thing.
It's except instead of you take out the equity and you put in the tokens.
And so there's no equity cap table.
There's only a token cap table.
And so and so that's what the founders have.
That's what the investors will have.
And that's what all the users have.
We're giving investors.
it'll be something like 60% plus or minus of those token, of the total token supply, we're giving them to the users through that referral engine mostly that I described earlier.
No, no, no.
Good question.
So they'll convert at a price and then the price will tank, right?