{"id":6209,"date":"2025-08-13T20:49:41","date_gmt":"2025-08-13T17:49:41","guid":{"rendered":"https:\/\/legalbit.top\/ru\/?p=6209"},"modified":"2026-10-23T16:00:14","modified_gmt":"2026-10-23T13:00:14","slug":"saft-vs-token-warrant","status":"publish","type":"post","link":"https:\/\/legalbit.top\/en\/saft-vs-token-warrant\/","title":{"rendered":"SAFT vs. Token Warrant: Choosing the Right Instrument for a Seed-Stage Crypto Raise"},"content":{"rendered":"\n<div class=\"lbm\"><svg width=\"0\" height=\"0\" style=\"position:absolute\" aria-hidden=\"true\"><symbol id=\"i-layers\" viewBox=\"0 0 24 24\"><path d=\"M12 3l9 5-9 5-9-5z\"\/><path d=\"M3 13l9 5 9-5\"\/><\/symbol><symbol id=\"i-doc\" viewBox=\"0 0 24 24\"><path d=\"M7 3h8l4 4v14H7z\"\/><path d=\"M15 3v4h4M10 12h6M10 16h6\"\/><\/symbol><symbol id=\"i-alert\" viewBox=\"0 0 24 24\"><path d=\"M12 3l10 18H2z\"\/><path d=\"M12 10v4M12 17.5h.01\"\/><\/symbol><symbol id=\"i-bulb\" viewBox=\"0 0 24 24\"><path d=\"M9 18h6M10 21h4\"\/><path d=\"M12 3a6 6 0 0 0-3.5 10.9c.6.5 1 1.2 1 2.1h5c0-.9.4-1.6 1-2.1A6 6 0 0 0 12 3z\"\/><\/symbol><symbol id=\"i-info\" viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 11v5M12 8h.01\"\/><\/symbol><\/svg><section class=\"lbm-intro\"><div class=\"lbm-intro-main\"><p class=\"lbm-lead\">SAFT and Token Warrant are the two main instruments for a crypto project\u2019s seed round. A SAFT gives an investor the right to future tokens, while a Token Warrant adds that right to an equity deal. We go through how they differ, what regulatory risks they carry and which to choose for a crypto seed round.<\/p><p class=\"lbm-verified\">Checked on 21 October 2026. Rules and sources are current as of this date.<\/p><ul class=\"lbm-toc\"><li><a href=\"#saft\">SAFT<\/a><\/li><li><a href=\"#tw\">Token Warrant<\/a><\/li><li><a href=\"#cmp\">Comparison<\/a><\/li><li><a href=\"#choose\">Which to choose<\/a><\/li><li><a href=\"#mistakes\">Mistakes<\/a><\/li><li><a href=\"#process\">Our support<\/a><\/li><li><a href=\"#faq\">FAQ<\/a><\/li><\/ul><\/div><\/section><section id=\"saft\"><h2>What is a SAFT<\/h2><div class=\"lbm-cols\"><p><b>SAFT (Simple Agreement for Future Tokens)<\/b>: an investor funds an early-stage project and receives the right to tokens once the network launches. It is the crypto equivalent of a <b>SAFE<\/b>: a SAFE grants future equity, a SAFT grants future tokens.<\/p><p>A standalone document with no equity in the company. It suits crypto-native funds interested in tokenomics, and rounds close fast.<\/p><\/div><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>Legal nature<\/h3><p>In the U.S. the SAFT itself is generally treated as a security, so it is sold under private placement exemptions. The bet is that the future token will be classified as a utility token. But in SEC (US Securities and Exchange Commission) v. Telegram (2020) the court viewed the sales under the purchase agreements and the later distribution of tokens as a single scheme, and the company returned more than $1.2 billion to investors. In March 2026 the SEC replaced its 2019 digital asset framework with a new interpretation (Release 33-11412). It says that a sale under a simple agreement for future tokens takes place when the agreement is signed, and that the token stays tied to the investment contract until the issuer has fulfilled and publicly disclosed what it promised.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>Structure<\/h3><p>A standalone document: the investor buys only the right to tokens. It is relatively simple, so deals close quickly.<\/p><\/div><\/div><div class=\"lbm-co dark\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><div><b>SAFT risks<\/b><p>Regulatory uncertainty: the SEC or another regulator may disagree that the token is a utility, and then its issuance and trading fall under securities law. Misaligned interests: investors may want quick profit after the TGE (token generation event) and pressure the token price.<\/p><\/div><\/div><\/section><section id=\"tw\"><h2>What is a Token Warrant<\/h2><div class=\"lbm-cols\"><p>A <b>Token Warrant<\/b> (Token Side Letter) is not a standalone instrument but an <b>addendum<\/b> to a SAFE or equity round. The investor receives equity and <b>in addition<\/b> the right to buy part of the future tokens at an agreed price or discount.<\/p><p>The main deal is standard, so regulators and traditional VCs understand it better. The warrant itself is also a security.<\/p><\/div><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>Dual exposure<\/h3><p>The investor shares in the success of both the company (equity) and the network (tokens).<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>Aligned interests<\/h3><p>The investor is also a shareholder, so they care about long-term value, not only the token price. Traditional venture funds find this structure easier to join.<\/p><\/div><\/div><div class=\"lbm-co soft\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><div><b>Token Warrant challenges<\/b><p>Structuring: two sets of documents (equity and tokens) make the deal costlier and slower. Valuation: you need to split value fairly between the equity and the token right.<\/p><\/div><\/div><\/section><section id=\"cmp\"><h2>SAFT vs Token Warrant: comparison<\/h2><div class=\"lbm-tl\"><div class=\"lbm-row\"><div class=\"lbm-d\">What the investor gets<\/div><div class=\"lbm-w\"><b>SAFT:<\/b> Right to future tokens<\/div><div class=\"lbm-f\"><b>Token Warrant:<\/b> Equity (or SAFE) plus the right to tokens<\/div><\/div><div class=\"lbm-row\"><div class=\"lbm-d\">Structure<\/div><div class=\"lbm-w\"><b>SAFT:<\/b> Standalone contract<\/div><div class=\"lbm-f\"><b>Token Warrant:<\/b> Addendum to the main deal<\/div><\/div><div class=\"lbm-row\"><div class=\"lbm-d\">Regulatory risk<\/div><div class=\"lbm-w\"><b>SAFT:<\/b> High: depends on token classification<\/div><div class=\"lbm-f\"><b>Token Warrant:<\/b> Moderate: the risk sits in the token<\/div><\/div><div class=\"lbm-row\"><div class=\"lbm-d\">Complexity<\/div><div class=\"lbm-w\"><b>SAFT:<\/b> Low<\/div><div class=\"lbm-f\"><b>Token Warrant:<\/b> High, needs structuring<\/div><\/div><div class=\"lbm-row\"><div class=\"lbm-d\">Investors<\/div><div class=\"lbm-w\"><b>SAFT:<\/b> Crypto-native funds<\/div><div class=\"lbm-f\"><b>Token Warrant:<\/b> Traditional VCs, hybrid and strategic funds<\/div><\/div><div class=\"lbm-row\"><div class=\"lbm-d\">Alignment<\/div><div class=\"lbm-w\"><b>SAFT:<\/b> Possible short-term speculation<\/div><div class=\"lbm-f\"><b>Token Warrant:<\/b> Stronger long-term alignment<\/div><\/div><div class=\"lbm-row\"><div class=\"lbm-d\">Flexibility<\/div><div class=\"lbm-w\"><b>SAFT:<\/b> Lower: capital tied to tokens<\/div><div class=\"lbm-f\"><b>Token Warrant:<\/b> Higher: capital can go to any purpose<\/div><\/div><\/div><\/section><div class=\"lbm-svc\"><div><b>Need help with this topic?<\/b><p>We will review your situation and propose a solution for your project.<\/p><\/div><a class=\"lbm-svc-btn popmake-4929\" href=\"#\" role=\"button\">Contact us<\/a><\/div><section id=\"choose\"><h2>Which instrument to choose<\/h2><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>Choose a SAFT if<\/h3><p>Your project is mainly a decentralized protocol with minimal corporate structure.<\/p><p>Your investors are crypto-native funds that do not want equity.<\/p><p>Speed of closing the round comes first.<\/p><p>You and your counsel are confident in a utility argument for the token.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>Choose a Token Warrant if<\/h3><p>Your project is a hybrid: a development company plus a decentralized network.<\/p><p>You raise from traditional VCs for whom equity is standard.<\/p><p>You want strong long-term alignment with investors.<\/p><p>You prefer a conservative, regulator-predictable approach, even if more complex.<\/p><\/div><\/div><div class=\"lbm-co soft\"><span class=\"lbm-ico\"><svg><use href=\"#i-bulb\"\/><\/svg><\/span><div><b>Tip<\/b><p>The choice affects your current round, future fundraising and regulatory exposure. Our <a href=\"\/en\/legal-documents\/\">Contracts and documents<\/a> and <a href=\"\/en\/corporate-law\/\">Company structure<\/a> services can help prepare the paperwork and the deal structure.<\/p><\/div><\/div><\/section><figure class=\"lbm-pull\"><q>A SAFT is faster, a Token Warrant is sturdier. Your project model decides which matters more.<\/q><cite>The LegalBit team<\/cite><\/figure><section id=\"mistakes\"><h2>Common mistakes when structuring a round<\/h2><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><h3>Betting on utility without analysis<\/h3><p>You cannot simply declare a token to be a utility token. Regulators look at what the token actually does, how it is sold and what investors expect.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>Documents that diverge from the tokenomics<\/h3><p>The terms of a SAFT or warrant contradict the whitepaper and the real token release schedule, which gives investors grounds for claims.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>Ignoring investors\u2019 home markets<\/h3><p>Investors come from different countries, and each applies its own rules on private placements, investor status and restrictions on raising funds.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-info\"\/><\/svg><\/span><h3>No unlock plan<\/h3><p>Vesting and the terms for delivering tokens after the network launches are not set out. This is a source of disputes and pressure on the token price.<\/p><\/div><\/div><\/section><section id=\"process\"><h2>How the deal runs and what the lawyer does<\/h2><div class=\"lbm-cols\"><p>Choosing an instrument is only the first step. Next the deal has to be built so that the documents, the company structure and the tokenomics do not contradict each other.<\/p><\/div><div class=\"lbm-roles\"><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-doc\"\/><\/svg><\/span><h3>Token analysis<\/h3><p>We assess the token\u2019s function and its likely classification under crypto-asset rules, for example MiCA in the EU and the Howey test in the US.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-layers\"\/><\/svg><\/span><h3>Structure and jurisdiction<\/h3><p>We decide which entity issues the tokens and takes the investment, and where it is best incorporated.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-info\"\/><\/svg><\/span><h3>Documents<\/h3><p>We prepare the SAFT or Token Warrant, the SAFE or share documents, and the vesting and unlock terms.<\/p><\/div><div class=\"lbm-role\"><span class=\"lbm-ico\"><svg><use href=\"#i-alert\"\/><\/svg><\/span><h3>Investor compliance<\/h3><p>We check investors against KYC\/AML requirements and apply available private-placement exemptions, for example Reg D and Reg S in the US.<\/p><\/div><\/div><\/section><section id=\"faq\"><h2>Frequently asked questions<\/h2><div class=\"lbm-faq\"><details><summary>What is the difference between a SAFT and a Token Warrant?<\/summary><p>A SAFT is a standalone contract for future tokens with no equity in the company. A Token Warrant is an addendum to an equity or SAFE deal that also gives the investor the right to buy tokens. So a SAFT is simpler and faster, while a Token Warrant is more complex but more familiar to traditional venture funds.<\/p><\/details><details><summary>What is a SAFT in simple terms?<\/summary><p>A contract where the investor pays the project now and receives tokens after the network launches. It is the token version of a SAFE for equity.<\/p><\/details><details><summary>Can a SAFT token be treated as a security?<\/summary><p>Yes. In the U.S. the SAFT itself is generally treated as a security, and a regulator may also disagree that the future token is a utility. If the token is deemed a security, its issuance and trading fall under securities law.<\/p><\/details><details><summary>Which should a crypto project choose for a seed round?<\/summary><p>If the project is mostly a decentralized protocol, investors are crypto-native funds and speed matters, a SAFT is common. If there is a development company and you raise from traditional VCs, a Token Warrant fits better. The final choice depends on your model, investors and tolerance for regulatory risk.<\/p><\/details><details><summary>What is the difference between a SAFT and a SAFE?<\/summary><p>A SAFE (Simple Agreement for Future Equity) was created at Y Combinator in 2013 and converts into shares automatically when a startup raises a priced round. A SAFT follows the same logic, but the investor receives tokens after the network launches instead of equity. The SAFT whitepaper (Cooley and Protocol Labs, 2017) says it was modelled on the SAFE.<\/p><\/details><details><summary>What terms does a SAFT agreement usually contain?<\/summary><p>In the 2017 whitepaper model, the investor pays the price up front and the tokens are delivered once the network has launched and the tokens work. The investor gets a discount on the price of the final token sale. In the U.S. the sale is limited to accredited investors under Rule 506(c) of Regulation D. The SAFT itself is not transferable, and the investor&#8217;s rights end once the tokens are delivered. In a real deal the terms are adjusted to the project&#8217;s tokenomics and whitepaper.<\/p><\/details><details><summary>What is SAFT funding, and is it an investment?<\/summary><p>It is a deal where an investor pays the project now and receives the right to tokens later. The authors of the model treat the SAFT itself as a security (an investment contract), so in the U.S. it is sold under exemptions such as Rule 506(c) of Regulation D. The token is assessed separately; see the risks section above.<\/p><\/details><\/div><\/section><div class=\"lbm-src\"><b>Sources<\/b><ul><li><a href=\"https:\/\/www.sec.gov\/files\/rules\/interp\/2026\/33-11412.pdf\" rel=\"nofollow noopener\" target=\"_blank\">SEC: Application of the Federal Securities Laws to Certain Types of Crypto Assets (Release 33-11412, 17 March 2026)<\/a><\/li><li><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2020-146\" rel=\"nofollow noopener\" target=\"_blank\">SEC: Telegram to return $1.2 billion to investors (2020)<\/a><\/li><li><a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2023\/1114\/oj\" rel=\"nofollow noopener\" target=\"_blank\">EUR-Lex: Regulation (EU) 2023\/1114 (MiCA)<\/a><\/li><li><a href=\"https:\/\/www.ycombinator.com\/safe\" rel=\"nofollow noopener\" target=\"_blank\">Y Combinator: The SAFE<\/a><\/li><li><a href=\"https:\/\/www.cooley.com\/-\/media\/cooley\/pdf\/reprints\/saft-project-whitepaper.pdf\" rel=\"nofollow noopener\" target=\"_blank\">The SAFT Project: whitepaper (Cooley, Protocol Labs), 2 October 2017<\/a><\/li><\/ul><\/div><\/div>\n\n\n<p class=\"lbm-more\"><b>See also: <\/b><a href=\"\/en\/saft-vs-safe\/\">SAFT vs SAFE: what is the difference<\/a>; <a href=\"\/en\/legal-support-for-token-sales-procedure\/\">Legal Support for Token Sales Procedure<\/a>; <a href=\"\/en\/what-is-know-your-customer-kyc-and-why-is-it-essential-for-cryptocurrency-exchanges\/\">What is Know Your Customer (KYC) and why is it essential for cryptocurrency exchanges?<\/a>. Services: <a href=\"\/en\/crypto-legal-services\/\">legal services for crypto projects<\/a>.<\/p>\n\n\n<div class=\"lb-ac\"><h2>This is what we do<\/h2><p>How we help projects with this topic:<\/p><ul><li><a href=\"https:\/\/legalbit.top\/en\/legal-documents\/\">Contracts and documents<\/a><\/li><li><a href=\"https:\/\/legalbit.top\/en\/corporate-law\/\">Company structure<\/a><\/li><\/ul><\/div>\n\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"BlogPosting\",\"headline\":\"SAFT vs. Token Warrant: Choosing the Right Instrument for a Seed-Stage Crypto Raise\",\"description\":\"SAFT or Token Warrant? Compare structure, regulatory risk and investor fit to choose the right instrument for your crypto seed round.\",\"url\":\"https:\/\/legalbit.top\/en\/saft-vs-token-warrant\/\",\"mainEntityOfPage\":\"https:\/\/legalbit.top\/en\/saft-vs-token-warrant\/\",\"image\":\"https:\/\/legalbit.top\/wp-content\/uploads\/2025\/08\/saft-tw.webp\",\"datePublished\":\"2025-08-13T17:49:41Z\",\"dateModified\":\"2026-10-18T22:24:57Z\",\"inLanguage\":\"en\",\"author\":{\"@type\":\"Organization\",\"name\":\"LegalBit\",\"url\":\"https:\/\/legalbit.top\/\"},\"publisher\":{\"@type\":\"Organization\",\"name\":\"LegalBit\",\"url\":\"https:\/\/legalbit.top\/\"}}<\/script>\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the difference between a SAFT and a Token Warrant?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A SAFT is a standalone contract for future tokens with no equity in the company. A Token Warrant is an addendum to an equity or SAFE deal that also gives the investor the right to buy tokens. So a SAFT is simpler and faster, while a Token Warrant is more complex but more familiar to traditional venture funds.\"}},{\"@type\":\"Question\",\"name\":\"What is a SAFT in simple terms?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A contract where the investor pays the project now and receives tokens after the network launches. It is the token version of a SAFE for equity.\"}},{\"@type\":\"Question\",\"name\":\"Can a SAFT token be treated as a security?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. In the U.S. the SAFT itself is generally treated as a security, and a regulator may also disagree that the future token is a utility. If the token is deemed a security, its issuance and trading fall under securities law.\"}},{\"@type\":\"Question\",\"name\":\"Which should a crypto project choose for a seed round?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"If the project is mostly a decentralized protocol, investors are crypto-native funds and speed matters, a SAFT is common. If there is a development company and you raise from traditional VCs, a Token Warrant fits better. The final choice depends on your model, investors and tolerance for regulatory risk.\"}},{\"@type\":\"Question\",\"name\":\"What is the difference between a SAFT and a SAFE?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A SAFE (Simple Agreement for Future Equity) was created at Y Combinator in 2013 and converts into shares automatically when a startup raises a priced round. A SAFT follows the same logic, but the investor receives tokens after the network launches instead of equity. The SAFT whitepaper (Cooley and Protocol Labs, 2017) says it was modelled on the SAFE.\"}},{\"@type\":\"Question\",\"name\":\"What terms does a SAFT agreement usually contain?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"In the 2017 whitepaper model, the investor pays the price up front and the tokens are delivered once the network has launched and the tokens work. The investor gets a discount on the price of the final token sale. In the U.S. the sale is limited to accredited investors under Rule 506(c) of Regulation D. The SAFT itself is not transferable, and the investor's rights end once the tokens are delivered. In a real deal the terms are adjusted to the project's tokenomics and whitepaper.\"}},{\"@type\":\"Question\",\"name\":\"What is SAFT funding, and is it an investment?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It is a deal where an investor pays the project now and receives the right to tokens later. The authors of the model treat the SAFT itself as a security (an investment contract), so in the U.S. it is sold under exemptions such as Rule 506(c) of Regulation D. The token is assessed separately; see the risks section above.\"}}]}<\/script>\n","protected":false},"excerpt":{"rendered":"<p>SAFT or Token Warrant: how they differ, what regulatory risks they carry and which to choose for a crypto seed round.<\/p>\n","protected":false},"author":1,"featured_media":7037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81],"tags":[127,104,126,110,109],"post_folder":[],"class_list":["post-6209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tokens-and-nft","tag-contracts","tag-crypto","tag-saft","tag-securities","tag-token-sales"],"_links":{"self":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts\/6209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/comments?post=6209"}],"version-history":[{"count":33,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts\/6209\/revisions"}],"predecessor-version":[{"id":8161,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/posts\/6209\/revisions\/8161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/media\/7037"}],"wp:attachment":[{"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/media?parent=6209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/categories?post=6209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/tags?post=6209"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/legalbit.top\/en\/wp-json\/wp\/v2\/post_folder?post=6209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}