Trade spot and vested tokens privately. Settle programmatically. Hedge onchain. No order books, no custodians, no information leakage.
Settlement, vesting, hedging and asset structuring: one system underneath every transaction, with the marketplace as a surface on top, alongside API and direct access.
Programmable settlement for private markets. Once counterparties commit, terms are enforced onchain: assets and payment move together in a single transaction.
Locked and vested assets on any schedule: linear, fixed-term, cliff, milestone or fully custom. Tokens unlock over time and flow to the right counterparty automatically.
OTC execution and hedging as one system. Exposure flows straight into a corresponding hedge, created onchain alongside the transaction. No venues, funding rates or margin calls.
The surface of the stack, not the substance. Counterparties list, discover and match here. API and direct access sit alongside as equal doors into the platform.
The same stack extends across private markets: liquid tokens, vested allocations, SAFTs and instruments beyond, each inheriting the layers beneath it.
Tokenisation will move trillions of dollars of private assets onchain over the next decade. None of it has institutional-grade hedging or settlement infrastructure today. Mirror is that layer, starting with the largest immediate opportunity: vesting tokens.
Institutions have sat out the vesting token market for years: unhedgeable risk, no infrastructure, unacceptable counterparty exposure. Mirror closes that gap, and both sides of the trade come out ahead.
A two-parameter bilateral hedge. Downside protection (δ) and upside participation (γ) are priced independently, and each interval sits in its own pool, so there is no path-dependency.
At each window, a TWAP oracle sets the reference price. Below it, the buyer draws protection up to δ%. Above it, γ% of profit goes to the seller. Neither side can exit early.
One position from origination to settlement. The buyer gets downside protection, the seller keeps the upside, the contract enforces both.
A legal wrapper that turns illiquid SAFTs or equities into transferable, onchain instruments, with downside protection built in from day one. This is OTC on vesting (still-locked) tokens, not the fully-vested secondary market.
Every adjacent tool solves one slice of the problem. None combines downside protection, onchain settlement, and institutional privacy in a single instrument. That combination is the category Mirror creates.
| Mirror | Vesting Platforms (Sablier / Magna) |
OTC Marketplaces |
CEX Perps Desks |
|
|---|---|---|---|---|
| Category | Bilateral hedge | Token vesting | OTC marketplace | CEX short hedge |
| Built-in Hedging | ✓ | ✗Hedge on CEX | ✗Hedge on CEX | ✓ |
| Downside Protection | ✓ | ✗ | ✗ | Partial |
| Exchange-Independent | ✓ | ✓ | ✓ | ✗ |
| Onchain Settlement | ✓ | ✓ | Partial | ✗ |
| No Funding Rate Cost | ✓ | ✗Via CEX hedge | ✗Via CEX hedge | ✗ |
| Fair-Value Pricing | ✓ | ✗ | ✗ | Partial |
| Interval-Isolated Settlement | ✓ | ✗ | ✗ | ✗ |
| Private by Default | ✓ | ✗ | Partial | ✗ |
Vesting platforms and OTC marketplaces provide no hedging of their own. To manage exposure, users must open a separate short on a centralised exchange, taking on funding rates, margin calls and exchange risk that Mirror is built to avoid.
$MirrorUSD is Mirror’s optional yield-bearing settlement asset. Locked collateral earns 5–6% APY for the seller instead of sitting idle. Entirely opt-in.
{ "protocol": "Mirror", "deal": "Vested Token Allocation", // Capital structure "investment": 50000, "entry_price": 0.0290, "tokens": 1724138, // Hedge parameters "downside": 0.50, "upside": 0.28, "intervals": 4, // Settlement "oracle": "TWAP", "escrow": "non-custodial", "irrevocable": true, // Vesting "vest_type": "cliff_linear", "cliff_days": 30, "vest_days": 180 }
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