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On-chain · Bilateral · Institutional

Institutional
Hedging
for Token
Markets.

Fully on-chain bilateral hedging for OTC on vesting tokens. No exchanges. No custodians. Private by default.

Open App
Serviceable Market
$500B
Annual hedged OTC flow on tokenised positions
Downside Coverage
100%
Negotiable threshold, isolated per interval
Settlement
On-chain.
Smart contract escrow, TWAP oracle, no legal overhead
$MirrorUSD Target APY
5–6%
Opt-in yield on locked collateral
Market Sizing

A multi-trillion dollar
market with no infrastructure.

Tokenisation will move trillions of dollars of private assets on-chain 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.

Total Addressable · TAM
$10T
Tokenised assets on-chain by 2030, BCG mid-estimate
BCG and McKinsey project $10–16T in tokenised assets by 2030 across equities, bonds, real estate, and private markets
Every tokenised position requires settlement, and most institutional capital requires hedging to participate
No institutional-grade infrastructure exists today for bilateral hedged settlement
Annual Hedged Flow · SAM
$500B
Annual hedged OTC flow on tokenised positions
Roughly 5% of tokenised float moving through hedged OTC and structured channels each year
Vesting tokens and SAFTs are the first wedge: $18B/yr in private rounds alone across 2022–2024
Equities, private credit, and treasury instruments add hundreds of billions as tokenisation scales
Year-Three Run-Rate · SOM
$30B
Mirror's year-three annual run-rate, ~6% of SAM
Category-defining product with no direct competitor
Live vesting inventory runs $30–50B at any time, almost none of it hedged
Mirror retrofits existing positions through its bid board
TAM derived from BCG and McKinsey tokenisation projections for 2030 (mid-range of published $10–16T estimates) covering equities, bonds, real estate, and private market instruments. SAM modelled as ~5% of tokenised float moving through hedged OTC and structured channels annually, anchored on PitchBook, Galaxy Digital, and CoinGecko Research crypto deal-flow data (2022–2024) for the initial vesting-token wedge. SOM assumes Mirror captures ~6% of annual SAM as a category-defining settlement layer by year three. All figures are order-of-magnitude estimates and should not be treated as audited projections.
The Opportunity

A structural gap
in institutional access.

Institutions have sat out the vesting token market for years: unhedgeable risk, no infrastructure, unacceptable counterparty exposure. Mirror closes that gap.

Buyer Benefits
01
Downside protection to any negotiated threshold. Buyers are compensated up to δ% of entry value if price falls, isolated per interval. A 2.5% bid deposit signals commitment.
02
Interval-isolated exposure. Each window is collateralised on its own, so max downside is known at origination.
03
No margin calls, no exchange dependency. Collateral is locked once. No funding drag, no liquidation, no exchange exposure.
04
Higher deal velocity. With downside covered, funds deploy into more deals without breaching mandates.
Seller Benefits
05
Superior deal terms. Protected buyers accept smaller discounts and longer vesting. Sellers get better proceeds and genuinely committed counterparties.
06
No market impact. Hedging is resolved privately between the two parties. No short pressure, no effect on token price.
07
Deeper institutional reach. Sellers reach institutional buyers who were locked out by mandate. Covered buyers commit to larger, longer positions.
08
Price discovery through committed bidding. The bid board brings real price discovery. If a buyer fails to complete, the 2.5% deposit transfers to the seller.
The Mechanism

Bilateral. Self-collateralised.
Interval-isolated.

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.

δ - Downside
Illustrative
50%
Max protection per interval, negotiated per deal, self-funded from the buyer pool.
γ - Upside
Illustrative
28%
Seller’s share of net interval profit above reference. Bilateral skin-in-the-game.
Settlement Flow
B
Institutional Buyer
Commits USDC · Receives vested tokens · Protected to δ%
↕ bilateral escrow
◈
Mirror Smart Contract
Interval-isolated pools · TWAP oracle · Non-custodial escrow
↕ bilateral escrow
F
Token Seller
Foundation, VC, or asset holder · Provides tokens · Participates in γ% upside
Escrow Guarantee
Neither side can withdraw before settlement, and there is no custodian. Where delivery is enforceable on-chain, no separate legal agreement is needed. The contract is the counterparty.
How It Works

One deal, end to end.

One position from origination to settlement. The buyer gets downside protection, the seller keeps the upside, the contract enforces both.

01
Lock and commit
Buyer deposits collateral. Seller commits the vested position against it.
02
Set the hedge
δ sets the buyer's downside, γ the seller's upside, both priced at origination.
03
Escrow and earn
Capital sits in interval-isolated pools, optionally earning 5–6% APY in $MirrorUSD.
04
Settle privately
A TWAP oracle prices each interval. Settlement is on-chain and private.
Single Hedged Position Live Flow
Token Buyer USDC COLLATERAL Token Seller VESTED TOKENS Mirror · Smart Contract Escrow TWAP Oracle · Interval-Isolated Pools Held in $MirrorUSD · 5–6% APY Settlement Buyer Payout PROTECTED TO δ Seller Upside SHARES γ
δ delta, downside protection · the price floor a buyer is covered to
γ gamma, upside participation · the share of appreciation the seller keeps
Tokenised SAFTs

Mirror's superpower:
SAFT agreements and equities
on-chain.

A legal wrapper that turns illiquid SAFTs or equities into transferable, on-chain instruments, with downside protection built in from day one. This is OTC on vesting (still-locked) tokens, not the fully-vested secondary market.

01 - Origination
Tokenise your SAFTs and Equities
Upload a SAFT or tokenise an equity through the legal wrapper. It is minted on-chain with full allocation, vesting, and terms. No lawyers, no paperwork.
02 - Protection
Hedge it through Mirror
The tokenised SAFT pairs straight into Mirror's hedge, with δ and γ priced at origination.
03 - Secondary Market
Sell, transfer, repeat
Tokenised SAFTs trade freely. To exit, a buyer relists, passing the position, hedge, and vesting on. Liquidity where none existed.
04 - Privacy
Anonymous by design
Origination, hedging, and transfer all settle privately on-chain. No order book, no exposed identities, no leakage.
Legal Wrapper
The legal wrapper is in development: enforceable under applicable law, compliant transfers, KYC-gated access. Details under NDA.
Why Mirror

Built for institutions
that move carefully.

01 / Liquidity
Billions in Unlocked Capital
Institutional capital isn't absent by choice. It's been structurally locked out by missing hedging infrastructure. Mirror is the key.
02 / Privacy
Private by Default
Every deal settles privately on-chain between buyer and seller. No order books, no visible short pressure, no information leakage.
03 / Infrastructure
Zero Exchange Dependency
No reliance on centralised exchanges, funding rates, or fragile liquidity. Settlement is sovereign and on-chain.
04 / Risk
No Counterparty Default
Escrow enforces completion. Once committed, neither side can withdraw. No reliance on trust, relationships, or jurisdiction.
05 / Discovery
Genuine Price Discovery
The bid board brings competitive price discovery to vested OTC for the first time. Sellers get real signals, buyers compete on terms.
06 / Alignment
Bilateral Incentive Structure
The γ parameter aligns seller and buyer. Sellers share in buyer upside, skin in the game no OTC desk can replicate.
Competitive Position

Mirror isn't competing
with existing tools. It's a
new category.

Every adjacent tool solves one slice of the problem. None combines downside protection, on-chain settlement, and institutional privacy in a single instrument. That combination is the category Mirror creates.

Mirror Streaming
(Sablier)		 OTC Marketplace
(Second Lane / OffX)		 CEX Perps
Desks
Category Bilateral hedge Token streaming OTC marketplace CEX short hedge
Downside Protection ✓ ✗ ✗ Partial
Exchange-Independent ✓ ✓ ✓ ✗
On-Chain Settlement ✓ ✓ Partial ✗
No Funding Rate Cost ✓ ✓ ✓ ✗
Fair-Value Pricing ✓ ✗ ✗ Partial
Interval-Isolated Settlement ✓ ✗ ✗ ✗
Private by Default ✓ ✗ Partial ✗
→ Scroll to compare
$MirrorUSD - Optional

Capital locked in escrow
doesn't have to sit idle.

$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.

01
The seller earns while collateral is locked. Escrowed buyer collateral generates 5–6% APY for the seller throughout vesting, instead of sitting dormant in the protocol.
02
Treasury yield between trades. Either side can park their stablecoin treasury in $MirrorUSD and earn on idle capital. No lock-up, fully liquid.
03
No change to settlement. $MirrorUSD settles directly, no unwrapping or delay. Proceeds are available the moment a position closes. Bridge-agnostic across chains.
04
Entirely opt-in. Mirror works the same with or without it. Switch in or out at any time, with no lock-up beyond the position itself.
Target APY
5–6%
Yield the seller earns on locked collateral that would otherwise sit dormant in escrow.
Illustrative seller earnings on locked collateral
$10M in active positions ~$315K / yr
$50M in active positions ~$2.06M / yr
Protocol Architecture

Engineered for
institutional standards.

Smart Contract Escrow
Funds held in non-custodial escrow start to finish. No third-party custody, and no separate legal agreement where delivery is enforceable on-chain.
Multi-Source TWAP Oracle
Settlement prices are volume-weighted time averages across multiple sources, resistant to manipulation at each interval.
Interval-Isolated Settlement Pools
Each interval runs an independent pool. Earlier intervals cannot drain protection from later ones. The payoff profile is linear and predictable.
Fair-Value Pricing Constraints
δ and γ are independently priced against fair-value constraints, so neither party can enter mispriced.
Vertically Integrated Deal Flow
Built into the origination layer. No external sourcing, matching, or off-chain dependencies. Deal flow and hedging are vertically integrated from day one.
mirror_position.json
{
  "protocol":   "Mirror",
  "deal":        "PEAQ Strategic Round",

  // 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
}
Backed By

Backed by builders and operators.

Angel investors from across crypto infrastructure, trading, and protocol engineering.

Wintermute
Katryna Hanush
Managing Director
BlackRock
Paul Taylor
Ex-Web3 Venture Lead
Syndicate
Will Papper
Co-Founder
Lo:Tech
Tim Meggs
Co-Founder
Lo:Tech
Laurence Lewars
Head of BD
Offchain Labs
zkLumi
ZK Lead
Hype
Alex Bell
Head of Partnership
Syndicate
Sushen Talwar
Head of Finance
Get in touch

Talk to us.

Questions, partnerships, or institutional onboarding. Reach us directly through any channel below.

Email
anthony@mirrorprotocol.fi
Telegram
@tonybrod
Book a call
30 min via Calendly