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What is a SAFT: 15 NAUT token rounds, $278.2M, 0 typed SAFT

By NAUT Research · · 8 min read

$278.2M SAFT and token rounds across 15 token rounds on NAUT, July 2021 to August 2026, 0 of them typed as a SAFT. Logos: EigenCloud, World, DoubleZero, Evmos, Rainbow Token, CoW Protocol, Orbs, Onomy Protocol, Primorden (prev. Chillchat), Code4rena, Zeta Markets, Blockstars, Aether Games, UMA, letsCatapult.

What is a SAFT in crypto fundraising? A SAFT, or Simple Agreement for Future Tokens, is an investment contract that lets a crypto team raise capital from investors before its token exists, with the tokens delivered later at an agreed milestone or launch event. NAUT tracks 15 token rounds worth $278.2M in total, announced between 10 July 2021 and 28 August 2026, and 0 of those 15 carry the label SAFT in NAUT's records: the round types NAUT holds read Token Round, Token Sale, Token Purchase, Private Token Sale and 4 more variants.

How this was built: on 1 November 2026 NAUT read every funding round in its database whose recorded round type contains the words token sale, token round or token purchase. That search returned 16 rows, and 15 of them resolve to a live NAUT project page. The 16th, a $2.4M private token sale announced in October 2026, belongs to a company with no live NAUT page yet, so it is left out of every number here. No row in the search carries a literal SAFT round type, so this article treats the token-typed rounds as the closest thing NAUT's data holds to a SAFT round, and says so rather than relabelling them. This pull read the round rows and the companies, and did not read the investor rows attached to each round, so no backer is named below. 1 naming point worth knowing: NAUT records the 15 March 2022 round under Rainbow Token, which is the token name rather than the studio name, and the row's own description calls it a unicorn pet-collecting game on Polygon. Every figure here is NAUT's coverage as of 1 November 2026, not the whole market.

What is a SAFT in crypto fundraising?

A SAFT agreement is a contract between a crypto team and an investor: the investor pays now, and the team delivers tokens later, once the network launches or another agreed milestone is reached. It was modelled on the equity SAFE, which does the same thing with shares, and it exists because a team building a network usually needs capital long before the token it plans to issue is live. That is the definition carried by the public references checked for this article, 2 of them cited at the end.

3 points matter to a founder or an investor reading a round announcement:

  • A SAFT funds a token that does not exist yet, so the investor holds a promise rather than an asset.
  • Delivery is tied to an event, not a date, which is why lockups and vesting schedules usually sit alongside it.
  • The public record rarely says SAFT. Press coverage and data providers describe the same deal as a token round, a token sale or a token purchase, which is exactly what NAUT's 15 rows show.

That last point is the practical one. If you are searching for SAFT deals, searching for the word SAFT will find almost nothing. Search the round type instead.

Which token rounds does NAUT hold, and how is each one typed?

15 rounds across 15 companies, $278.2M in total, sorted newest first. The dates are the announcement dates NAUT's own pages display, and the amount is the amount NAUT records for the round rather than any single investor's cheque.

Project Round type Amount Announced
Private Token Sale $2.1M 28 Aug 2026
Private Token Sale $52.5M 24 Jul 2026
Token Purchase $70M 17 Jun 2025
Token Round $28M 6 Mar 2025
Token Round $5M 14 May 2024
Token Round $4.5M 7 May 2023
Token Round $6M 16 Mar 2023
Token Round $10M 14 Mar 2023
Private Token Round $10M 23 Nov 2022
Equity and Token Round $5M 5 Nov 2022
Token Sale $27M 2 Nov 2022
Seed Token Round $6.5M 7 Jun 2022
Token Round $23M 29 Mar 2022
Token Sale $26M 15 Mar 2022
Range Token Round $2.6M 10 Jul 2021

8 different labels cover 15 rounds. Token Round is the most common at 6 rounds and $76.5M, then Private Token Sale at 2 rounds and $54.6M, Token Sale at 2 rounds and $53M, and 1 round each for Token Purchase, Private Token Round, Equity and Token Round, Seed Token Round and Range Token Round. 3 of the 15 carry the word Private in the label, worth $64.6M together, which is the closest NAUT's typing comes to flagging an accredited-investor deal.

The companies behind them sit in different sectors, which is the second thing a reader should take from the table. EigenCloud is a restaking protocol on Ethereum and DoubleZero builds bandwidth and latency infrastructure for distributed systems. Zeta Markets runs an on-chain orderbook with perpetual swaps, CoW Protocol finds the lowest price for a trade across exchanges and aggregators, and UMA is an optimistic oracle with dispute arbitration. Code4rena runs community competitions for smart contract audits. 4 are games: Aether Games, Blockstars, Primorden (prev. Chillchat) and Rainbow Token. Orbs is a Layer-3 platform for on-chain trading tools, Onomy Protocol a multi-chain DEX covering forex and DeFi, Evmos brings Ethereum applications to Cosmos networks, World is a cryptocurrency network built for wide access, and letsCatapult is a liquidity bootstrap system on HyperEVM.

How much did each token round raise?

Ranked by the amount NAUT records for the round, largest first. The top 2 rounds, EigenCloud at $70M and World at $52.5M, are 44% of the $278.2M total between them.

Amount raised per round, 15 token rounds on NAUT
  1. EigenCloud$70M
  2. World$52.5M
  3. DoubleZero$28M
  4. Evmos$27M
  5. Rainbow Token$26M
  6. CoW Protocol$23M
  7. Orbs$10M
  8. Onomy Protocol$10M
  9. Primorden (prev. Chillchat)$6.5M
  10. Code4rena$6M
  11. Zeta Markets$5M
  12. Blockstars$5M
  13. Aether Games$4.5M
  14. UMA$2.6M
  15. letsCatapult$2.1M

The median round is $10M and the smallest is $2.1M, so the shape of this set is a long tail under $10M with 2 large rounds on top. By year of announcement: 1 round in 2021, 6 in 2022 worth $97.5M, 3 in 2023, 1 in 2024, 2 in 2025 and 2 in 2026.

What is a SAFT worth to a founder raising a token round?

The contract is the easy part. The hard part is that the deal you sign gets reported under a label you do not choose, and that label is what every data provider, journalist and future investor will search on.

  • Your round will appear as a token round, a token sale or a token purchase. Across NAUT's 15 rows, 8 different labels describe the same basic structure.
  • Size your ask against comparable rounds, not against the 2 headline deals. 13 of the 15 rounds here came in under $30M, and the median is $10M.
  • A mixed round is normal. Blockstars is recorded as an Equity and Token Round at $5M, so equity and tokens in one raise is a structure with precedent.
  • The company behind a token is often listed under the token's name. Rainbow Token is NAUT's row for a $26M token sale, which is a reminder to check how your own project is indexed.
How a founder can use these 15 rounds
  1. Pick 3 comparablesMatch your sector and your size. 13 of the 15 rounds are under $30M, median $10M.
  2. Read the labelYour deal will be typed Token Round, Token Sale, Token Purchase or a variant. 8 labels cover these 15.
  3. Check your own rowOpen your project's NAUT page and confirm the name, sector and round type a reader will see.
  4. Study the 2 big onesEigenCloud at $70M and World at $52.5M are the only rounds here above $30M.

What this tells a BD team sourcing funded teams

A token round is a buying signal with a clock on it. A team that just closed one has budget, a launch to hit and gaps to fill.

  • 4 of the 15 rounds were announced in 2025 or 2026: letsCatapult, World, EigenCloud and DoubleZero. Those are the warm ones.
  • The other 11 rounds are 2024 or older, so treat them as research on how a sector raises rather than as live leads.
  • Sector tells you what to sell. 4 of the 15 are games, and 3 run exchange or orderbook infrastructure.
  • Every one of the 15 has a NAUT project page with the team NAUT holds for it, which is where a name replaces a company.
How a BD team can work this list
  1. Start with the recent 4letsCatapult, World, EigenCloud and DoubleZero closed in 2025 or 2026.
  2. Match to your product4 of the 15 are games, 3 run exchange or orderbook infrastructure.
  3. Open the project pageEach of the 15 NAUT pages lists the people NAUT holds at that company.
  4. Pick 1 nameRead the title first, then send 1 note per company rather than 1 per person.

How to reach the teams behind these 15 token rounds

Every company in the table links to its NAUT project page, and each page carries what NAUT holds on that company: its sector, its token status, the rounds recorded against it and the people on its team with their titles. Start from the round, open the page, read the titles, then pick the single person whose job matches the reason you are writing.

Verified Telegram, email and LinkedIn for the people on those pages unlock on any paid NAUT plan, and you can start a 7-day trial to open them.

Related reading on NAUT: Strategic round: 49 of 364 crypto deals in 2026, 20 undisclosed and How to find the lead investor: 3 ways, tested on 20 rounds.

Can you pull this data through the NAUT API?

Yes. The 1 call that returns a row from this article is GET https://api.naut.so/v1/projects/eigencloud with an Authorization: Bearer $NAUT_KEY header, which gives that company and its team, and you swap the slug for any of the other 14 projects in the table. Each data call costs 5 credits, the first reveal of a person's private channels costs 10 and is a permanent unlock, and plans start at Essential $49 a month for 3,000 credits: see the API docs and pricing. Verified Telegram, email and LinkedIn for those people unlock on any paid NAUT plan, so you can start a 7-day trial and read them on the same call.

What is a SAFT FAQ

What is a SAFT in crypto fundraising?

A SAFT, or Simple Agreement for Future Tokens, is an investment contract under which an investor pays a crypto team now and receives tokens later, once the network launches or another agreed milestone is reached. It is the token equivalent of an equity SAFE, and the deals it funds are usually reported as token rounds rather than as SAFTs.

How many SAFT rounds does NAUT track?

0 rounds in NAUT's database carry a SAFT round type as of 1 November 2026. The closest category is token-typed rounds, and NAUT holds 15 of those with a live project page, worth $278.2M, announced between 10 July 2021 and 28 August 2026.

What is the difference between a SAFT and a token sale?

A SAFT is the private contract that promises future tokens to an investor, and a token sale is the broader term for selling tokens for capital, which covers both private rounds and public ones. NAUT's 15 token rounds use 8 labels across that range, from Private Token Sale at World to Token Purchase at EigenCloud.

Which companies raised the largest token rounds on NAUT?

EigenCloud at $70M on 17 June 2025 and World at $52.5M on 24 July 2026 are the 2 largest of the 15, together 44% of the $278.2M total. DoubleZero at $28M, Evmos at $27M and Rainbow Token at $26M follow.

Where can I find the teams behind these 15 token rounds and their contact channels?

Each of the 15 companies has a NAUT project page, linked in the table above, listing the people NAUT holds at that company with their titles, and GET https://api.naut.so/v1/projects/eigencloud returns the same company and team through the API for 5 credits a call. Verified Telegram, email and LinkedIn for those people unlock on any paid NAUT plan, and you can start a 7-day trial to open them.

Sources

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