Underwriting
The no is the product.
Paper deals show the screen. Live origination is protocols and governance tokens, not SaaS. Saber is Live-NO at $25k, Paper-YES at $5k. A real deal is an LOI plus keys.
NO — AI · Async standups SaaS
Async standups SaaS
web2 · ask $50k
Rejected. Off-chain. Last month profit $0. AI eats the category. No offer.
NO — price · Saber AMM
Saber AMM
protocol · ask $25k counterfactual
Live-NO. TVL is LPs’, not ours. Counterfactual ask $25k, cap ~$7k. Buying the float is a trade, not a cell.
NO — off-chain · Chrome extension (paper)
Chrome extension (paper)
web2 · ask $12k counterfactual
Rejected as live origination. Paper web2 exercise. 10.5k actives, TTM profit $8.4k. Live origination does not buy extensions.
NO — no hook · NTDA (pump.fun)
NTDA (pump.fun)
meme · ask mcap (counterfactual)
Rejected. Attention without a cash hook is a campaign, not a cell.
PAPER · Saber handover @ $5k (would keep / no keys / not a close)
Saber AMM (handover at $5k)
protocol · ask $5k counterfactual
Paper-YES. Same facts as 0002. Ask $5k ≤ cap $7,088. Squads. Paper, no keys, not a close.
Full memos live in the repo. Numbers are locked.