Provide a concise narrative that clearly states each of (a)–(e) below.
Saffron is a new fixed yield DeFi primitive. Saffron vaults split fees earned on Uniswap into fixed and variable yield. Fixed yield is paid upfront. Variable yield buyers earn all future yield from the deposited Uniswap position. Saffron vaults are permissionless, immutable, and non-upgradable smart contracts live on all EVM chains. Uniswap fees are the first underlying yield source for Saffron vaults.
Saffron is the first structured yield liquidity layer for DeFi.
Saffron can be used for many practical applications:
- earn an upfront payment with a productive asset
- incentivize onchain liquidity for any token
- buy a hedge before a price movement
- loop liquidity to earn more yield by accepting higher path dependency
- borrow against yield from the future
Saffron funds development and operations from the protocol fee, currently set at 1250 bps of gross variable side earnings and deducted before distribution. The rate is fixed in each vault at initialization and cannot be changed for a vault that exists. Saffron Finance, inc will continue to develop and maintain the protocol.
Saffron raised over $2 million from Coinbase Ventures, Dragonfly Capital, Multicoin Capital, CMS Holdings, Tally Capital, DeFi Technologies, and many other leading crypto firms and prominent industry leaders.
Saffron Fixed Income Vaults enable zero-coupon swaps on Uniswap V3 liquidity positions. The fixed side provides liquidity and sells their future trading fees for a guaranteed upfront payment. The variable side pays this premium, speculating that the yield earned will exceed their cost.
Participants
Vault Mechanics
claim to receive their premiumSFI is used to vote on governance proposals and controls the DAO and treasury.
Voting runs in the space saffron-finance.eth on snapshot.org.
80% of protocol fees earned on Saffron are used to buyback SFI from the open market.
Vault contracts are immutable at deployment. Contracts have no upgrade path, and admin keys have no control over user funds. No evolution is anticipated.
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the:
For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Full Name | Official Title | Prior Experience |
|---|---|---|
Joseph Fiscella | CEO | Senior Blockchain Developer, Galaxy Digital |
Davi Ortega, PhD | Chief Scientist | International Fellow, California Institute of Technology |
Full Name | Official Title | Prior Experience |
|---|---|---|
No Foundation exists. | No Foundation exists. | No Foundation exists. |
Full Name | Official Title | Prior Experience |
|---|---|---|
No named DAO leadership exists | No named DAO leadership exists | No named DAO leadership exists |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so for each sub question. Even if there is no DAO, there must be an answer to (d). Address the lettered items below.
The DAO controls the treasury and protocol fee adjustments. Saffron Finance, Inc. controls all Saffron IP.
0x7fe802b891734db681b7353bff9e6c85ce0ab2000x58ca1eaed80896400122164abe16d77b2b4ff7c90x810908b50eCc5e8A177729ea8f9f888b8C6Fec080xb753428af26E81097e7fD17f40c88aaA3E04902cset_governance, set_minter, erc_sweep, single key0x2885402c22fbd63952f759ad380402b63d0355eaSaffron operates no locking or staking mechanism. In a previous iteration a staking mechanism was utilized, which is currently deprecated.
Tokenholders decide treasury actions and buybacks. Treasury spending, grants, liquidity provision, buybacks, staking reward programs are controlled by SFI token voting.
No evolution is anticipated.
DAO dissolution can only be actioned by a successful governance vote on snapshot.org.
For the Primary Foundation do the following independently. If a Foundation does not exist, state so for each sub question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary Foundation can be explained as the entity which is directly involved in the issuance of the native token at launch.
No Foundation exists.
No Foundation exists.
No Foundation exists.
No Foundation exists.
No Foundation exists.
No Foundation exists.
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly across each sub-question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary DevCo can be explained as the entity which is directly involved in the issuance of the native token at launch.
Saffron Finance, Inc. is a corporation incorporated in Delaware, United States. Its registered address is 874 Walker Rd Ste C, Dover, DE 19904. Contact is info@saffron.finance.
Saffron Finance, Inc. owns the intellectual property. It holds the repositories and the codebase, and it holds the trademarks and the brand.
Saffron Finance, Inc. holds no formal power over the DAO's governance process. Voting is open to any SFI holder, weighted by balance, and the entity holds no special voting rights or veto.
With respect to the treasury: 1 of the 7 signers on the 4-of-7 treasury Safe (0x810908b50eCc5e8A177729ea8f9f888b8C6Fec08) is affiliated with Saffron Finance, Inc. The affiliated signer cannot unilaterally execute or block transactions under the 4-of-7 threshold.
With respect to token administration: the SFI token's governance key (0x2885402c22fbd63952f759ad380402b63d0355ea) is held by Saffron Finance, Inc. and can call set_governance, set_minter, and erc_sweep.
With respect to protocol-controlled resources: Saffron Finance, Inc. holds the vault factory owner key (0x58ca1eaed80896400122164abe16d77b2b4ff7c9), which carries authority to deploy vaults and set the vault fee recipient. The current fee recipient is the DAO treasury Safe, 0x810908b50eCc5e8A177729ea8f9f888b8C6Fec08.
No other reward, emission, or incentive parameters exist in the protocol contracts. The fee rate itself settable only at vault deployment.
Minting is not currently possible, as the maximum supply was fixed following the governance vote that closed 2026-07-07 and no active minter is set. The erc_sweep function serves solely to recover ERC-20 tokens accidentally sent to the token contract. It cannot access holder balances or protocol funds.
No Foundation exists.
The vault factory (0x7fe802b891734db681b7353bff9e6c85ce0ab200) is owned by a single key (0x58ca1eaed80896400122164abe16d77b2b4ff7c9) with authority to deploy vaults and set the fee recipient. This key is held by Saffron Finance, Inc.
The SFI token contract's governance key (0x2885402c22fbd63952f759ad380402b63d0355ea, an EOA) holds set_governance, set_minter, and erc_sweep authority and is held by Saffron Finance, Inc.
With respect to protocol-controlled resources: Saffron Finance, Inc. holds the vault factory owner key (0x58ca1eaed80896400122164abe16d77b2b4ff7c9), which carries authority to deploy vaults and set the vault fee recipient. The current fee recipient is the DAO treasury Safe, 0x810908b50eCc5e8A177729ea8f9f888b8C6Fec08.
No other reward, emission, or incentive parameters exist in the protocol contracts. The fee rate itself settable only at vault deployment.
Saffron Finance, Inc. holds no other admin, pause, upgrade, or setter authority over protocol contracts.
Saffron Finance, Inc. holds no allocation of SFI supply, owns no portion of the DAO treasury, and holds no entitlement to protocol revenues. The 1250 bps vault fee referenced in 1b accrues to the fee recipient set on the vault factory (0x7fe802b891734db681b7353bff9e6c85ce0ab200). The current recipient is the DAO Treasury (0x810908b50eCc5e8A177729ea8f9f888b8C6Fec08), and disposition of those funds is under the exclusive jurisdiction of the DAO and token holders.
No mechanism currently directs protocol resources, fees, or treasury funds to Saffron Finance, Inc., its equityholders, or its contributors. As disclosed in 1b, Saffron Finance, Inc. performs ongoing development and operations; historically and currently it has done so without compensation from the protocol or treasury, and no DAO-approved grants or treasury payments to Saffron Finance, Inc. have been proposed or approved to date.
As disclosed in 5c and 5e, Saffron Finance, Inc. holds the vault factory owner key (0x58ca1eaed80896400122164abe16d77b2b4ff7c9), which carries the technical authority to change the vault fee recipient, including to an address controlled by Saffron Finance, Inc. This authority has not been exercised for the entity's benefit; the fee recipient has remained the DAO treasury Safe.
Download the Worksheet, enable macros, complete the Initial Allocation sheet, then use Convert To CSV to export the file for import here. To make edits after importing, update the worksheet, use Convert To CSV again, then re-import the new CSV.
Ticker | Date | Allocation Category Name | Recipient Type | Allocation % | Allocation Tokens | TGE Unlock % | TGE Unlock Tokens | Cliff Months | Cliff Unlock % | Linear Vesting Months | Cadence Months | Circulating Treatment | Notes on what each category is used for | If applicable: Contract / Wallet address |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SFI | 2020-11-15 | Liquidity mining | Emissions | 0.65177225512 | 65177.225512 | 0.460283477308751 | 30000.0 | 0 | 0 | 10 | 1 | Yes | All Saffron v1 epochs 2020-11-15 to 2021-08-22. 65177.225512 SFI minted of which 61777.0215 to 233 pool contracts. 1982 distinct external recipients | 0xdc41bbb87200d4e28a244e008cfe39a459a87fde |
SFI | 2020-11-15 | Team and contributors | Insiders | 0.15 | 15000 | 0.6666666666666666 | 10000.0 | 0 | 0 | 1 | 1 | Yes | The team share of the first two epoch mints at 25% of each paid to a multisig on 2020-11-15 and 2020-11-29. It distributed 15000 to 13 accounts held by team and contributors by 2020-11-29. Fully minted and unlocked | 0x866f288397fa0e8c0551f97bf4419097686bfc7b |
SFI | 2020-12-13 | DAO | Treasury | 0.119452763 | 11945.276337 | 0 | 0.0 | 0 | 0 | 8 | 1 | Yes | The protocol share of every epoch mint from 2020-12-13 to 2021-08-22. Fully minted and unlocked at 2021-08-22 | 0x09e9ff67d9d5a25fa465db6f0bede5560581f8cb |
SFI | 2026-07-21 | DAO supply completion | Treasury | 0.078774982 | 7877.498151 | 1 | 7877.5 | 0 | 0 | 0 | 0 | Conditional | Minted 2026-07-21 in a single event following the vote that closed 2026-07-07 to fix maximum supply. Forwarded to the DAO Treasury 0x810908b50eCc5e8A177729ea8f9f888b8C6Fec08. Tokens are held there until a vote passes and tokens are released. | 0x810908b50eCc5e8A177729ea8f9f888b8C6Fec08 |
State the project's airdrop status plainly, and back it up:
Never conducted and none planned.
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly. For each market maker, include in a table:
If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for (b).
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
Saffron has no market maker agreements and has never loaned or allocated SFI to a market maker. | Saffron has no market maker agreements and has never loaned or allocated SFI to a market maker. | Saffron has no market maker agreements and has never loaned or allocated SFI to a market maker. | Saffron has no market maker agreements and has never loaned or allocated SFI to a market maker. |
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
Gate.io | 0 | None. no lockup, liquidity commitment, or incentive program | No listing fee was paid in SFI or any other form of native tokens. |
Uniswap (SFI/ETH and other pairs) | 0 | Permissionless | None. Uniswap pools are permissionless; no agreement exists with Uniswap Labs and no listing fee applies. |
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Series Name | Investment Instrument | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Seed | Spot Commodity Sale | March 8th 2021 | 8000 | 2 Years |
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
No exploits affecting tokenholders or protocol funds as of 2026-08-05
N/A
N/A
N/A
N/A
N/A
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
SFI was issued in November 2020 by an anonymous developer. There was no token sale or airdrop, all tokens were minted by users depositing DAI to a Compound Finance market during a liquidity mining event. SFI supply is fixed at a 100,000 token cap, it is fully minted, no further issuance is possible, and no outstanding delivery obligation exists.
SFI is a standard ERC-20 token, and as a result, any venue, bridge, or aggregator can delist or block it as they could with any other ERC-20 token.
Saffron Finance, Inc. is a Delaware corporation that holds the intellectual property.
Treatment of SFI as an asset class different across jurisdictions and is subject to regional guidelines applying to ERC-20 tokens.
Tokenholders are responsible for determining and meeting their own tax obligations, and Saffron provides no tax advice, reporting, or cost basis records.
Vault code is immutable once deployed. A defect found after deployment cannot be patched in a live vault, and the response available is to stop creating new vaults with the affected configuration. Existing vaults run until end of their lifecycle.
The Saffron smart contract system has been fully audited by industry leading security experts:
For more information, see: https://docs.saffron.finance/security/audits
SFI carries no security or revenue dependency. Supply has been fully distributed since 2020 with no vesting, no cliffs and no unlock overhang outstanding.
Protocol fee parameters, treasury flows, and subsidy programs do sit with governance, which sets the fee rate applying to vaults created after a change and funds incentive programs from the treasury.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. saffron.finance is solely responsible for the content, accuracy, and legality of its disclosures.