Three pre-TGE markets: LayerZero, Scroll, Fuel

Pre-TGE liquidity is easy to promise and hard to deliver. A holder of a SAFT, a warrant or a pre-mainnet allocation has a contract, not a token. The contract usually restricts transfer, the buyer cannot verify what they are buying, and nobody wants to pay first. Three markets that MarsBase originated and Asset Haus structured and settled show what it takes to move such positions. LayerZero, Scroll and Fuel together produced more than $13M of gross volume.

This note goes through each market with the figures that have been published, then pulls out what each one taught about consent, segregation and conversion.

What the three markets shared

All three ran on the same design. Rights were held through a special purpose vehicle and recorded on Ethereum with transfer controls. Both sides passed KYC/KYB and evidenced accredited or professional status. Matching happened in a closed peer-to-peer venue. Settlement was delivery-versus-payment, with the registry updated on transfer. Issuer consent was mapped before anything was wrapped and enforced in the transfer rules afterward. The sequence is described step by step in how it works.

The division of labor was also the same. MarsBase originated the deals and priced them from its view of secondary demand. Asset Haus, as structuring and platform partner, provided the SPV wrapper, onboarding, registry and settlement.

LayerZero: one wrapper for three instrument types

The LayerZero market started from a bundle problem. Investors held SAFTs, equity and warrants, often in the same hands, and needed liquidity before the token launch. Three instruments meant three sets of transfer conditions and three different paths to delivered tokens.

The answer was a single BVI/Cayman SPV wrapper that could hold all three instrument types, with rights recorded on Ethereum. Volume reached $3.8M across 9 deals, all settled. The LayerZero case has the structure in more detail.

What it taught: consent is not one request. Each instrument in a bundle has its own assignment clause, and each had to be mapped and cleared before the wrapper could take it. It also taught that a buyer of a bundle needs to see exactly which rights convert into tokens, which stay as equity, and on what terms. One wrapper does not mean one set of rules. It means one place where three sets of rules are enforced.

Scroll: a KYC-gated P2P market with segregated SAFT flows

Scroll was a purer case. SAFT holders needed a secondary market before TGE, and there was enough two-sided interest to run a peer-to-peer market rather than broker each lot by hand. The structure was a BVI SPV with rights recorded on Ethereum, a KYC-gated P2P venue, and full segregation of SAFT flows.

The published figures are $3.4M gross and $2.4M net settled. The gap between those two numbers is worth understanding. In any secondary, matched interest and settled transfers are not the same thing. Lots get matched and then fail eligibility, lose consent, or never fund. The net figure is what changed hands with the registry updated. Reporting both is more honest than reporting one. Structure and figures are on the Scroll case page.

What it taught: segregation is what makes a P2P market safe to run. Each SAFT flow stayed in its own lane, with its own consent conditions and its own transfer rules. No position could be netted against or confused with another. A failed transfer in one lane did not touch the others.

Fuel: pre-mainnet rights with a defined conversion

Fuel was different again. Holders needed liquidity before mainnet, so the underlying was pre-mainnet rights. The structure was a BVI SPV, rights recorded on Ethereum, and tokenized pre-mainnet rights with a mainnet conversion mechanism defined in advance.

Volume reached $6M against a $4M target. Demand exceeded the size the market had been set up for. The Fuel case describes the conversion design.

What it taught: conversion has to be written before the first transfer, not at mainnet. A buyer of pre-mainnet rights is buying the conversion terms as much as the position. When those terms are fixed at wrap time and carried in the wrapper, the position is something a fund can underwrite. When they are left open, it is a bet on a future negotiation.

Consent, segregation, conversion

The three markets line up as three lessons.

Consent. Nearly every SAFT, warrant and side letter conditions transfer on issuer consent. Map the restrictions first, obtain consent, then encode the conditions in the transfer rules of the wrapper. No consent, no deal. LayerZero showed this has to be done per instrument, not per holder.

Segregation. Keep each instrument's flow separate, even when one wrapper holds several instrument types. Scroll showed that segregated flows are what let a market run at all, because failures stay contained.

Conversion. Define at wrap time how wrapped rights become delivered tokens at TGE or mainnet, under the original instrument and with lock-ups intact. Fuel showed that a defined conversion is what buyers actually pay for.

What this means for a holder

If you hold a SAFT, SAFE, warrant, locked allocation or pre-mainnet rights, the path is the same as it was in these three markets. Consent sets the timeline, usually weeks once it is in hand. Tickets start at $50,000. Fees are agreed for each deal, depending on the instrument, size and structuring involved. The practical sequence for a seller is in how to sell a SAFT before TGE.

MarsBase originates and prices. It does not hold client assets and does not give investment advice. Asset Haus is a technology and infrastructure provider, not an issuer, broker-dealer, custodian or adviser.

Submit your position with the instrument, project, size and price expectation. You will hear within days whether a consented, compliant transfer is possible and at what indicative price.