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Projects listed on 1st earn trading fee revenue from activity on their mirror token markets. Fees are collected on every executed trade and distributed according to a predefined split. This allows projects to generate recurring revenue from private-market trading of their early allocations.

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Fee structure for projects

Projects earn fees on both buy and sell trades:
  • On buy trades, projects earn 0.5% of the USDC trade value
  • On sell trades, projects earn 0.5% of the token amount sold
Fees accrue continuously based on trading activity.

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Fee payouts

Project fees are paid out monthly, on the 1st of each month. Fees earned during a given month are aggregated and settled in a single payout, rather than being distributed per trade. This simplifies accounting and reporting for projects.

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Fee source

Project fees are funded entirely from secondary trading activity on 1st. This means:
  • Projects do not pay to be listed
  • Fees scale directly with market usage and demand
  • Revenue is generated from speculation on Mirror tokens
As mirror tokens change hands throughout the vesting period, projects participate economically in private-market trading of their token.

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Long-term revenue

Because mirror tokens represent future unlocks, trading activity often continues throughout the vesting schedule. This creates a recurring revenue stream for projects over time, rather than a one-time event tied to launch or fundraising. As liquidity and trading volume grow, project fee revenue grows alongside it.

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Transparency and reporting

All fee splits are defined upfront as part of the listing agreement. Projects have full visibility into:
  • Trading volume
  • Accrued fees
  • Monthly payouts
This ensures fee revenue is predictable, auditable, and aligned with the project’s broader token strategy.