CDR Hackathon · Story Protocol · May 2026

Find your match
without showing your hand.

The trustless M&A matchmaking protocol.

Both sides seal their acquisition intent into CDR vaults. The protocol matches privately. Identities reveal only when both parties consent — simultaneously, on-chain, with no banker in the middle.

I'm looking to sell →I'm looking to acquire →

0Data exposed

4Revelation stages

$50BIndustry disrupted

0Trusted middleman

01 — The Problem

M&A is broken
at the signal layer.

Every acquisition deal requires a banker. Not because they're smart. Because nobody can safely go first. The moment either side signals intent, they lose leverage.

Startups Cannot

Signal acquisition interest

Publicly signaling you're open to an exit tanks your valuation, triggers employee panic, alerts competitors, and destroys negotiating leverage. So founders stay silent — even when an exit would be the right move.

Startups Cannot

Share metrics pre-NDA

Any buyer could use your revenue numbers against you in fundraising, with customers, or to poach your team. Without identity established, sharing financials is impossible. Without financials, deals don't start.

Acquirers Cannot

Reveal acquisition criteria

Disclosing what sectors, stages, or price ranges you're targeting inflates valuations across every target in your pipeline simultaneously. Competitors learn your strategy. Shareholders ask uncomfortable questions.

Acquirers Cannot

Approach targets directly

A direct approach from a strategic acquirer is public. It signals intent. It moves markets. It puts the target in a position of power. The informal channel has to stay informal — which means expensive, leaky brokers.

02 — How Mirror Works

Four steps.
Zero exposure.

Both sides seal their intent

Startups upload acquisition intent. Acquirers upload criteria. All sensitive data — company names, revenue, budget — is encrypted client-side and stored in CDR vaults on Story's Aeneid testnet. Nobody can read vault contents without the on-chain conditions being met.

The protocol finds the fit

A matching agent reads only public signals — sector, stage, deal type, geography — and scores compatibility. When a score crosses the threshold, a match is recorded on-chain. Both parties are notified. No names. No details. Just: a match exists.

Revelation happens in stages

Four stages of increasing disclosure, each requiring mutual on-chain consent. Compatibility first. Thin profiles second. NDA-gated identity reveal third — simultaneous for both parties. Financial details last, at the seller's discretion.

Negotiation rights mint on-chain

When identities are revealed at Stage 3, Negotiation Rights NFTs are minted to both wallets. These are permanent, composable on-chain records of mutual acquisition intent. Soulbound. Non-transferable. Proof that both sides consented to engage.

Both sides seal their intent

STEP 01

03 — Revelation Protocol

Four stages of disclosure.
Each requiring mutual consent.

No single party can advance a stage. Every transition is a smart contract call that requires both sides to confirm. The protocol enforces the order. Nobody decides — the code does.

Sealed

Both parties register

Both vaults are created on Story's Aeneid Testnet via CDR. All sensitive data — company name, revenue, price — is encrypted client-side. The read condition returns false for every caller. No event is emitted on denied reads.

Match Found

Compatibility score ≥ 60

The matching agent reads only public signals (sector, stage, deal type) from both vaults and computes a compatibility score. When it crosses 60, MirrorMatcher.recordMatch() is called on-chain. Both wallets receive a notification: a match exists and the compatibility percentage. No names. No details.

Thin Profile

Both parties confirm interest

Both wallets call confirmAdvanceToStage2(). When both confirm, the StagedReadCondition upgrades to Stage 2. The counterparty agent can now read coarse fields only: sector, size range, deal type, geography. Company name and financials remain sealed.

Identity Revealed

Both sign on-chain NDA

Both wallets call MirrorNDA.sign(). When both have signed, NDAComplete fires atomically — MirrorMatcher advances to Stage 3. Both company names reveal simultaneously on both dashboards. Negotiation Rights NFTs are minted to both wallets.

Full Access

Seller grants Stage 4

The sell-side wallet voluntarily calls grantStage4(). The full vault unlocks for the buyer: ARR, revenue, growth rate, churn, target price, floor price, deal notes. The seller decides when they're comfortable sharing financials.

04 — Protocol Architecture

Private data.
On-chain composability.

CDR vaults are encrypted objects with programmable access control. Two vaults compose with three contracts. No data is ever exposed outside the TEE without conditions being met on-chain.

Sell Vault

CDR · Aeneid

→

MirrorMatcher

Coordinates stages

→

Buy Vault

CDR · Aeneid

MirrorNDA.sol

Dual-sig NDA

NegotiationRights

ERC-721 soulbound