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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.

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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.

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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
All participants interact with the same order book under the same rules.

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Decentralized settlement

Although trading uses a central limit order book, settlement happens on chain. Users retain self-custody of their assets, trades settle deterministically through smart contracts, and ownership updates occur automatically. The CLOB defines how orders are matched, not who controls assets.