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1st turns vesting positions into tradable, enforceable ERC-20 tokens — with real delivery rights, onchain automation, and a native central limit order book (CLOB) for execution.

Explore the Protocol

How MirrorTokens, Vaults, and Delivery Commitments work together.

How MirrorTokens work

Learn how to find, trade, and redeem MirrorTokens for real token delivery.

Token Delivery Commitment (TDC)

The legal backbone of 1st. Simple, enforceable, and VC-friendly.

CLOB Trading Platform

Trade MirrorTokens through a fully onchain orderbook.

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🧨 Billions Are Locked. 1st Unlocks Them.

Early-stage token allocations are vesting for years — while the world trades around them. Funds want to rebalance. Contributors want liquidity. Traders want access.
Today, they get nothing — or go OTC, off-chain, and into legal gray zones. 1st creates liquidity with clarity:
  • 📜 Legally binding delivery commitments from VCs
  • 🧾 Native CLOB DEX — transparent, orderbook-based price discovery
  • 🔄 Tradable ERC-20 forward contracts (MirrorTokens)
  • 🔐 Onchain vault settlement, no intermediaries
  • ⚖️ Commodity classification, not securities

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🧬 MirrorTokens: Enforceable, Tradable, Final

Each MirrorToken is:
  • A fractional legal right to a future token delivery
  • Backed by a signed Token Delivery Commitment (TDC)
  • Enforceable in court under commodity forward law
  • Settled automatically by smart contracts, no admin keys
They’re not derivatives, not securities, not synthetic exposure — they’re the real deal, wrapped in ERC-20 and ready to trade. → Explore MirrorToken Mechanics

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📄 What Is a TDC?

A Token Delivery Commitment is a one-sided legal contract signed by the token issuer.
It defines what gets delivered, when, and to which vault — no counterparties needed. It turns locked allocations into something real, transferable, and enforceable. → Read about the TDC Framework

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⚙️ How It Works

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🧠 Why This Matters

1st combines:
  • 💸 Secondary market liquidity
  • ⚖️ Regulatory clarity
  • 🔂 Immutable, non-custodial design
  • 📈 Price discovery for token unlocks
This isn’t a proxy or a hope.
It’s a new asset class backed by real delivery, real law, and real automation.

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TL;DR

1st is how the next wave of token markets will work:
Enforceable. Liquid. Onchain. No bullshit. → Dive into the Protocol Overview