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Market making on 1st is designed specifically for mirror token markets and is structured to ensure deep, continuous liquidity from the moment a market goes live. Each listed market on 1st pairs mirror tokens against USDC and is supported by a professional market maker operating under predefined parameters.

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Market structure

For every listed market:
  • Mirror tokens represent future token unlocks under a fixed vesting schedule
  • USDC is used as the quote asset
  • A professional market maker provides two-sided liquidity in the order book
Markets are launched only once both sell-side supply and buy-side liquidity are prepared.

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Role of the market maker

Market makers on 1st are responsible for maintaining tight spreads, consistent depth, and continuous two-sided quotes. They do this by:
  • Quoting buy and sell prices across multiple price levels
  • Managing inventory over time as trades execute
  • Rebalancing positions as market conditions change
Market makers do not custody user funds and do not control settlement. They interact with the same order book as all other participants.

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How liquidity is provisioned

Liquidity on 1st is provisioned through a combination of:
  • Mirror tokens backed by verified private-market allocations
  • USDC supplied by the market maker
This structure allows markets to launch with meaningful depth on both sides of the book, rather than relying on organic order flow alone.

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Continuous operation

Market makers operate continuously according to agreed parameters, including:
  • Spread targets
  • Depth requirements
  • Number of price levels
  • Uptime expectations
  • Minimum liquidity requirement
These parameters are enforced through market making agreements and are monitored in real time.