> ## Documentation Index
> Fetch the complete documentation index at: https://docs.gtfo.vc/llms.txt
> Use this file to discover all available pages before exploring further.

# Liquidity

Liquidity on trading pairs listed on 1st is provided through a combination of professional market makers and mirror tokens issued against imported private-market allocations. Each listed pair is designed to operate with continuous, two-sided liquidity from launch, rather than relying on sporadic order flow or passive listings.

Before a trading pair goes live, 1st onboards a professional market maker specifically for that market. The market maker provides buy-side liquidity using USDC and sell-side liquidity using mirror tokens that are backed by a SAFT or SAFE lent to the market maker for that purpose. \
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Quoting behavior, minimum depth requirements, and uptime expectations are defined through market making agreements, ensuring consistent and predictable liquidity rather than best-effort participation. Market makers receive automatic fee rebates and do not accrue net trading costs when providing liquidity, allowing them to continuously support the order book without friction.

Additional sell-side liquidity comes from mirror tokens issued against imported private-market allocations. Early investors and VC funds can list any portion of their remaining vesting allocations at any time, adding real supply that reflects genuine selling intent.\
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As more allocations are imported over time, sell-side liquidity increases organically, and listed pairs deepen as more private-market supply becomes tradeable.

A trading pair on 1st only goes live once two conditions are met:

* Market maker liquidity for the pair has been fully provisioned
* At least one verified allocation has been imported for that pair

This ensures that every listed market launches with both buy-side and sell-side depth, rather than thin or one-sided order books.

Over time, liquidity on each trading pair evolves through active market making, continued allocation imports, and the redeployment of liquidity-related fee reserves back into the same market. This structure allows liquidity to scale alongside trading activity while maintaining stable execution quality as markets mature.