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Mirror tokens are tradable assets that give you exposure to an underlying token that unlocks over time. A drop is the process where mirror tokens are burned and the corresponding amount of the underlying token is sent to your 1st wallet. The amount of mirror tokens burned in each drop is determined by the vesting schedule of the listed pair. Because mirror tokens are burned as drops occur, mirror tokens that are trading always represent only future unlocks. Mirror tokens never include value from tokens that have already unlocked.

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Simple example

  • You hold 100 mirror tokens
  • The vesting schedule unlocks 10% per month
  • After the first drop, 10 mirror tokens are burned and 10 underlying tokens (spot) are sent to your wallet
You now hold 90 mirror tokens, representing the remaining future unlocks and 10 underlying tokens (spot).

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Drops and trading

If you hold mirror tokens when a drop happens, you receive the underlying tokens for that unlock. If you sell your mirror tokens before a drop, the buyer receives future drops instead. The right to future unlocks always follows the mirror tokens.

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Cross-chain drops

Drops on 1st work across multiple blockchains. Mirror tokens trade on Base, while the underlying tokens they represent may unlock on different chains. When a drop occurs, mirror tokens are burned on Base and the underlying tokens are delivered to the user’s 1st wallet on their native chain. This process is coordinated automatically using LayerZero. Users do not need to bridge assets, switch networks, or take any action.

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Drop schedules

Each listing on 1st has its own drop schedule, based on the vesting terms of the underlying allocation. All upcoming drops for a listing are visible before trading.