// notes
Notes on web3 secondaries
15 September 2026 · 5 min read
Web3 secondary markets: a practical guide for VCs and syndicates
Who sells and who buys pre-TGE positions, why chat-based OTC offers rarely settle, what drives pricing, and the ticket and eligibility rules on MarsBase.
15 September 2026 · 4 min read
Tokenized SAFT explained: how pre-TGE liquidity works
What a tokenized SAFT is, the six steps from submission to delivery at TGE, and how the Scroll and Fuel pre-TGE markets ran on the same flow.
15 September 2026 · 5 min read
SAFT vs SAFE: what changes for a secondary buyer
SAFT, SAFE with token side letter and token warrant compared from the buyer's seat: what each means for issuer consent, wrapper design and delivery at TGE.
15 September 2026 · 4 min read
For OTC brokers: settling client deals on compliant rails
How OTC brokers and desks settle client SAFT, SAFE and locked token deals on MarsBase and Asset Haus rails while keeping the client relationship.
15 September 2026 · 4 min read
Three pre-TGE markets: LayerZero, Scroll, Fuel
What the LayerZero, Scroll and Fuel pre-TGE markets showed about issuer consent, flow segregation and token conversion in tokenized secondaries.
15 September 2026 · 5 min read
Issuer consent and transfer restrictions in SAFTs and warrants
Why SAFTs, warrants and side letters restrict transfer, what a consent request needs to get a yes, and how consent becomes enforceable registry rules.
15 September 2026 · 3 min read
How to sell a SAFT before TGE: consent, wrappers, buyers
A practical walkthrough of a pre-TGE secondary: what a SAFT lets you transfer, why issuer consent is the long pole, how a tokenized wrapper works, who buys, how it settles.
15 September 2026 · 5 min read
The hidden problems of illiquid web3 assets
Why SAFTs, SAFEs, token warrants and locked allocations are hard to sell, and what a structured, consent-enforcing secondary changes for both sides.