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1st was built to fix a structural problem in how token markets function after a project launches. Today, most tokens enter the market with low circulating supply and large amounts of locked private-market allocations. These allocations are invisible to the market, even though they represent future sell pressure. This creates a disconnect between how tokens are priced and how supply actually behaves over time.

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The problem with post-TGE markets

After a token launches:
  • Early investors hold large allocations at low cost bases
  • Most of those tokens are locked under vesting schedules
  • Public markets trade a small circulating supply at high valuations
  • Unlock events release large amounts of supply all at once

When unlocks happen, sell pressure appears suddenly and predictably. This often leads to sharp price declines that affect retail investors, projects, and long-term market confidence.

The problem is not that early investors want liquidity. The problem is that there is no structured way to express that liquidity before unlocks.

Why existing solutions do not work Before 1st, early liquidity options were limited:
  • Manual OTC deals that were slow, opaque, and accessible only to insiders
  • Large minimum ticket sizes that excluded most participants
  • No continuous price discovery
  • No way for projects or markets to see how private supply was being valued
These transfers happened off-market and out of view, while public markets remained disconnected from private-market reality.

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What was missing

What the market lacked was a way to:
  • Reduce sudden sell pressure on public exchanges
  • Trade locked allocations during vesting with deep liquidity
  • True price discovery of private market assets
  • Allow both early investors and new buyers to participate at fair market prices
In other words, the market needed a liquid private market that operated alongside public trading, not after it.

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Why 1st exists

1st was built to introduce that missing layer. By turning locked allocations into mirror tokens and enabling them to trade with deep liquidity, 1st allows private-market risk to be priced continuously and transparently. This shifts market dynamics in three important ways:
  • Liquidity moves from unlock events to ongoing markets
  • Price discovery happens earlier and more gradually
  • Public markets face less sudden supply shocks
1st does not change token supply or vesting terms. It changes when and how that supply is priced.