SAFT (Simple Agreement for Future Tokens \u2014 Gelecek Tokenler \u0130\u00e7in Basit Anla\u015fma), kripto varl\u0131k projelerinin tokenleri hen\u00fcz ihra\u00e7 edilmeden \u00f6nce sermaye toplamak i\u00e7in kulland\u0131\u011f\u0131 bir yat\u0131r\u0131m s\u00f6zle\u015fmesidir. SAFT kapsam\u0131nda nitelikli (accredited) yat\u0131r\u0131mc\u0131lar bug\u00fcn fon yat\u0131r\u0131r; kar\u015f\u0131l\u0131\u011f\u0131nda a\u011f i\u015flevsel hale geldi\u011finde veya ba\u015fka tan\u0131ml\u0131 bir kilometre ta\u015f\u0131 ger\u00e7ekle\u015fti\u011finde token alma hakk\u0131 elde ederler. Bu enstr\u00fcman 2017’de erken a\u015fama token ihra\u00e7lar\u0131na uluslararas\u0131 menkul k\u0131ymet d\u00fczenleyicilerinin daha kolay tan\u0131yaca\u011f\u0131 bir yap\u0131 kazand\u0131rmak amac\u0131yla geli\u015ftirilmi\u015ftir.<\/p>\n
SAFT, mimarisini konvansiyonel giri\u015fim<\/a> finansman\u0131ndaki SAFE (Simple Agreement for Future Equity) yap\u0131s\u0131ndan al\u0131r \u2014 yat\u0131r\u0131mc\u0131 bug\u00fcn sermayesini b\u0131rak\u0131r, kar\u015f\u0131l\u0131\u011f\u0131n bi\u00e7iminin ileride iyi tan\u0131mlanm\u0131\u015f bir olayda belirlenece\u011fini kabul eder. Kritik fark \u015fudur: SAFE hisseye d\u00f6n\u00fc\u015f\u00fcr, SAFT ise tokene d\u00f6n\u00fc\u015f\u00fcr. Yat\u0131r\u0131mc\u0131lar genellikle nitelikli\/uygun yat\u0131r\u0131mc\u0131lard\u0131r ve ihra\u00e7 bir menkul k\u0131ymet muafiyetine dayan\u0131r (ABD’de yayg\u0131n olarak nitelikli yat\u0131r\u0131mc\u0131lar i\u00e7in Regulation D Rule 506(c)).<\/p>\n SAFT’lar tipik olarak token generation event’e (TGE) ba\u011fl\u0131 d\u00f6n\u00fc\u015f\u00fcm mekanikleri, halka sat\u0131\u015f fiyat\u0131na kar\u015f\u0131 iskonto oranlar\u0131, de\u011ferleme<\/a> tavanlar\u0131, devir k\u0131s\u0131tlamalar\u0131, al\u0131nacak tokenler i\u00e7in vesting\/cliff takvimleri ve kilometre ta\u015f\u0131 veya reg\u00fclasyon-tamamlanma \u015fartlar\u0131n\u0131 i\u00e7erir. Kurucular pratikte hisse turlar\u0131nda oldu\u011fu gibi yan haklar da m\u00fczakere eder \u2014 gelecek token sat\u0131\u015flar\u0131 i\u00e7in pro-rata, bilgi alma haklar\u0131 ve most-favored-nation h\u00fck\u00fcmleri.<\/p>\n Reg\u00fclatif a\u00e7\u0131dan SAFT, menkul k\u0131ymet hukuku analizini ortadan kald\u0131rmaz; ihrac\u0131, yat\u0131r\u0131m s\u00f6zle\u015fmesi katman\u0131n\u0131n menkul k\u0131ymet kurallar\u0131na tabi oldu\u011fu, nihai tokenin ise i\u015flevsel bir a\u011f \u00fczerinde kullan\u0131c\u0131lara teslim edildi\u011finde utility (kullan\u0131m) niteli\u011fi ta\u015f\u0131yaca\u011f\u0131 \u015fekilde yap\u0131land\u0131r\u0131r. Nihai tokenin h\u00e2l\u00e2 bir menkul k\u0131ymet say\u0131l\u0131p say\u0131lmad\u0131\u011f\u0131 yarg\u0131 b\u00f6lgesine ve olgulara g\u00f6re de\u011fi\u015fir. SAFT kullanan ihra\u00e7\u00e7\u0131lar bunu genellikle ABD (Howey, Reves), AB MiCA, T\u00fcrkiye SPK<\/a> ve BAE\/ADGM rejimleri alt\u0131nda bir reg\u00fclasyon \u00e7er\u00e7evesi analizi ile birlikte yapar.<\/p>\n SAFT’lar \u00f6zellikle gecikmi\u015f-token-ihrac\u0131 yol haritas\u0131na sahip protokol lansmanlar\u0131nda, merkeziyetsiz altyap\u0131 projelerinde, layer-1 ve layer-2 blockchain a\u011flar\u0131nda ve zincir-\u00fcst\u00fc teslimat\u0131n ger\u00e7ekten ileri tarihli oldu\u011fu DePIN\/DeSci giri\u015fimlerinde yayg\u0131nd\u0131r. Token halihaz\u0131rda mevcut ve ikincil piyasalarda i\u015flem g\u00f6r\u00fcyorsa veya projenin yak\u0131n vadeli plan\u0131 nitelikli olmayan perakende sat\u0131\u015f i\u00e7eriyorsa SAFT daha az uygundur.<\/p>\n","protected":false},"excerpt":{"rendered":" SAFT (Simple Agreement for Future Tokens \u2014 Gelecek Tokenler \u0130\u00e7in Basit Anla\u015fma), kripto varl\u0131k projelerinin tokenleri hen\u00fcz ihra\u00e7 edilmeden \u00f6nce sermaye toplamak i\u00e7in kulland\u0131\u011f\u0131 bir yat\u0131r\u0131m s\u00f6zle\u015fmesidir. SAFT kapsam\u0131nda nitelikli (accredited) yat\u0131r\u0131mc\u0131lar bug\u00fcn fon yat\u0131r\u0131r; kar\u015f\u0131l\u0131\u011f\u0131nda a\u011f i\u015flevsel hale geldi\u011finde veya ba\u015fka tan\u0131ml\u0131 bir kilometre ta\u015f\u0131 ger\u00e7ekle\u015fti\u011finde token alma hakk\u0131 elde ederler. Bu enstr\u00fcman 2017’de […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-13236","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/13236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=13236"}],"version-history":[{"count":2,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/13236\/revisions"}],"predecessor-version":[{"id":14135,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/13236\/revisions\/14135"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=13236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=13236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}