It depends on the classification of the token, and that’s going to be decided either by tax authorities or in court.
For example, if you acquire an ‘option’ to buy shares, it is taxable in the UK both on any gain in value when you exchange the option for the shares, and when you sell the shares. The crucial point, and the reason this makes sense is that the value of the thing you end up with may be higher when you do the exchange than when you acquired the option - and possibly the same for a ‘token’ such as MAID (though that is no doubt going to be argued about!).
But it does seem logical to me that any gain in value during the time you hold something will be regarded as taxable when you do an exchange for something else, in the UK at least.
Taxing each exchange isn’t draconian because you don’t get taxed twice, you only get taxed on the gain in the relevant period, so you can actually reduce your liability if you time the exchange and final sale to make use of allowances in different tax years for example.
Whether this applies to
MAID -> Safecoin -> storage PUTS -> actual storage transactions is unknown, but I would assume for planning purposes that the first two will be regarded as taxable by the relevant authority. The third not, because gains there are unlikely to be significant. So you can probably reduce your liability by using any allowances you have to the full - by exchanging during different tax years as noted.
An exception in the UK (I think, but don’t take this as advice), is when you can show that you make your living as a professional trader. In that case they don’t always require you to account for tax on every single transaction, but may allow all trades to be rolled up during a specified period, such as the overall ‘book value’ at the end of the day compared to the beginning of the day. As I said, don’t take that as true, just what I think happens!
Having said all that, I’m not a tax expert and things do change all the time, and cryptocurrency etc are a new area, so I really don’t know how all this will actually be treated. My understanding is that tax advisors don’t yet know either. They have their theories and expectations, and often they disagree between each other, so only time will tell.
Planning for the worst is probably advisable, expect to pay the full rate of tax on all your gains and you should be fine, then anything less will seem like a bonus. Oh, and use up any allowances you have available (for example a capital gains allowance which applies in some countries).