The 1st DEX is a central limit order book (CLOB) decentralized exchange. Trading on 1st happens through markets where mirror tokens are paired against USDC. Mirror tokens are on-chain assets that represent upcoming token unlocks from private-market allocations. As vesting progresses, mirror tokens are burned and the underlying tokens are delivered to holders through drops. Each listed market corresponds to a specific project and vesting schedule, and trades reflect exposure to future unlocks rather than spot supply.Documentation Index
Fetch the complete documentation index at: https://docs.gtfo.vc/llms.txt
Use this file to discover all available pages before exploring further.
Why a CLOB
Mirror tokens require precise and transparent pricing. Because mirror tokens represent time-based exposure to future token unlocks, pricing must reflect vesting risk, remaining time, and market demand. A CLOB allows traders to place explicit buy and sell orders at specific prices, enabling continuous price discovery through visible bids and asks. This structure is better suited for vesting-based assets than AMMs, where prices are derived mechanically from pool balances rather than expressed directly by market participants.What this enables on 1st
Using a CLOB allows 1st to support:- Transparent price discovery through visible bids and asks
- Deterministic execution based on price and time priority
- Deep liquidity across multiple price levels
- Professional market making alongside user orders