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1st uses MPC-based smart wallets provided by Privy to manage user accounts and enable gasless trading. When a user signs up to 1st using email or a passkey, a self-custodial smart wallet is created automatically. This wallet is used to hold funds, execute trades, receive drops, and settle transactions on chain. Users do not need to connect an external wallet to trade on 1st.

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Self-custody and control

Although the wallet is created through the 1st interface, users retain full ownership and control. Private keys are managed using multi-party computation, meaning no single party holds the full key. Users can export their private key at any time and use their wallet with any compatible external interface. 1st cannot move user funds unilaterally.

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Why MPC is used

MPC wallets allow 1st to combine self-custody with a simple user experience. This approach:
  • Allows instant onboarding
  • Reduces single-key risk
  • Enables gasless transactions
  • Enables automatic drops to be delivered without needs to claim
  • Removes the need for browser extensions or wallet connections
From a user perspective, the wallet works like a normal on-chain account. The MPC setup operates in the background.

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Privy

Privy provides the MPC wallet infrastructure used by 1st. Privy is responsible for wallet key management and signing coordination, while all assets remain under user control on chain.