What Is Hord?

Hord is a protocol to create and trade ETFs, also known are tokenized baskets. 

To learn more about this project, check out our deep dive of [Hord](https://coinmarketcap.com/alexandria/article/what-is-hord).

There are two key participants in Hord: (a) Champions and (b) their Hord. The Champions are likely to be market-leading influencers, funds, or strategy-based long-term traders. Champions broadcast their portfolio data, which is used by their Hord.

There are two key smart contracts in Hord: (a) Champion Contract and (b) Mirror Contract. The first one serves Champions and the second one serves their Hord (followers). 

The Champion Contract is a smart contract that broadcasts the Champion’s portfolio data to the Mirror Contract. The Champion’s Hord can deposit funds to a Mirror Contract, which always acquires the assets in the proportion represented by the Champion’s portfolio. 

Once funds are in the Mirror Contract, a token is minted to reflect its deposits, and it is then distributed to the accounts that deposited funds to the Mirror Contract. This token is essentially the tokenized portfolio of the Champion, and is redeemable for the underlying value held in the Mirror Contract. 

The ETF tokens can be traded on the Hord DEX, an orderbook decentralized exchange.

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