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1st is the first decentralized exchange built around a new asset class: mirror tokens. Mirror tokens turn locked, private-market token allocations into on-chain assets that can be traded instantly on a DEX with deep liquidity and fractional access. This unlocks continuous liquidity and price discovery for assets that were previously locked until vesting completed.

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Mirror tokens: a new asset class

A mirror token is an on-chain representation of a locked token allocation, most often created from early-stage investment agreements such as SAFTs or SAFEs. Each mirror token:
  • Represents the right to receive future token unlocks
  • Follows the exact same vesting schedule as the original allocation
  • Can be freely traded at any time during vesting
Mirror tokens make it possible to trade locked allocations continuously, transparently, and in small sizes, rather than through slow, manual OTC transfers.

As a result, private allocations shift from static, illiquid positions to publicly accessible, market-priced financial assets.

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Why mirror tokens matter

Before mirror tokens:
  • Locked allocations could only be transferred through manual OTC deals
  • Trades required large ticket sizes and insider access
  • Ownership transfers were slow, opaque, and capital-intensive
  • Sell pressure accumulated silently and surfaced abruptly at unlocks
With mirror tokens:
  • Locked allocations trade instantly on a DEX
  • Price discovery happens continuously through an order book
  • Ownership transfers automatically and on-chain
  • Sell pressure is absorbed before tokens unlock
Mirror tokens don’t create new supply.
They restructure existing supply into a liquid, tradable form.

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What 1st enables

By building an exchange around mirror tokens, 1st enables: Liquidity for early investors
Sell locked allocations during vesting, without waiting for unlocks. Discounted access for traders
Buy proven locked tokens at fair, market-driven prices Healthier markets for projects
Raise the average cost basis of early supply and reduce unlock-driven volatility. Every trade replaces a future spot-market sell with a private-market transfer, improving market structure at its source.