What this means for you
- Discounted access at market-driven prices: You can trade mirror tokens at a discount to spot, with pricing determined by supply and demand.
- Full transparency: Every Release Candidate is backed by tokens held in a public onchain wallet. You can verify proof of funds at any time, directly within the pair page on 1st.
- Same unlock schedule as early investors: When you hold mirror tokens, you receive native tokens on the same vesting schedule as the project’s early investors.
- Your position is protected at all times: Whether or not a Release Candidate becomes a full release, your tokens remain tradable and you continue receiving unlocks as scheduled. Nothing changes for you.
How it works
1st buys the token on the open market- 1st buys the token at spot prices and holds it in a public wallet. You can view exactly how much is held and how much has been distributed at any time.
- For every token 1st holds, 1st mints a corresponding mirror token.
- Each mirror token follows the same vesting schedule as early investors.
- Example: If you hold 100 mirror tokens and the vesting schedule unlocks 10% this month, you receive 10 native tokens on 1st.
- Release Candidates launch with smaller liquidity by design.
- This makes demand signals clearer and lets the market express interest quickly.
- Pricing and discounts are determined in real time by supply and demand.
What happens next
The Release Candidate can transition to a full release when:- The project approves and signs an agreement for a full release.
- Sustained trading activity demonstrates clear demand.
- Early investors provide additional liquidity.
- You can continue trading with the existing market, and you will receive native tokens on every scheduled unlock exactly as defined by the vesting terms.
- The only difference is that there’s no formal project collaboration and no additional allocations from early investors. But your access, your tokens, and your unlocks remain the same.
Why we use Release Candidates
Release Candidates let us measure real demand before scaling liquidity. This approach means:- You get access to tokens the market actually wants exposure to.
- Pricing reflects genuine supply and demand.
- Liquidity scales responsibly, only where demand is proven.
- Everything is verifiable onchain.
Verifying proof of funds
Inside every Release Candidate pair, you can view proof of funds showing exactly how much of the underlying token is held and how much has been distributed. This is viewable by anyone, at any time, directly onchain. Overview of all Release Candidates on 1st:| Project | Trading pair on 1st | Proof of funds |
|---|---|---|
| Ethena | View pair | View here |
| Zora | View pair | View here |