Hord is a protocol to create and trade ETFs, also known as tokenized baskets.
There are two key participants in Hord: (a) Champions and (b) their Hord. The Champions are market-leading influencers, funds, or strategy-based traders. Champions broadcast their portfolio data, which is used by their Hord.
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 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's 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 Hord DEX, an orderbook decentralized exchange.