Adam Jackson
👤 SpeakerAppearances Over Time
Podcast Appearances
And so, yeah, the equity in my dev shop is not worth anything.
So there's no reason to raise money.
It was a pre-negotiated term of those rounds.
Yeah.
So you've heard of SAFEs, right?
Simple Agreement Future Equity.
These investors bought SAFs, Simple Agreement Future Tokens.
SAFs have conversion caps.
SAFs have conversion caps, right?
And so there was a conversion cap in the SAF.
It's different levels for different SAFs, but-
They were all somewhere below a dollar, basically.
And that's the conversion price.
Exactly.
Most of the VCs are still locked up.
The some that have been unlocked are in circulation.
That's right.
I think it's roughly the same ballpark.
I think, so what's interesting is token projects on par kind of raise less money
than equity projects because the community is doing more of the work, right?