IntroductionThe SAFE (Simple Agreement for Future Equity) was introduced by Y Combinator in 2013 to simplify early-stage funding. Its premise is straightforward: an investor provides capital today in exchange for the right to receive shares in the future when the company raises its next equity round. SAFEs became the default instrument for pre-seed and seed rounds due to their simplicity and low legal overhead. In Web3, the situation is unique: SAFEs are often used not just at the earliest st...