Safeguards
Guarded first, tokenised later.
Funds stay parked off the ledger while a round gathers. Only after it closes does the token come into being and reach whoever qualified.
Bundling thrives on spreading money across many wallets. Sheath asks an identity provider to confirm each wallet maps to its own human, then puts a ceiling on allocation for every individual.
Verification runs within the identity provider's frame. Sheath gets just a verdict: no face, no surname, no paperwork.