Read me first

How AYEDEX works

AYEDEX is an exchange with one market: XID/USDC. You trade XID, the xCoin, against USDC, the dollar stablecoin issued by Circle. No other currency is listed. This page explains how the price is formed, how the Stellar network and USDC fit in, how deposits, withdrawals and fees work, what "proof of reserves" is actually proving, and how customers can tell AYEDEX which currency they would like next, as demand only.

Trial phase

Until real XID deposits open, everything in AYEDEX is play money:

How the trial phase worked (the ribbon above says whether it is still on):

• Trial XID. During the trial phase the XID inside AYEDEX is trial XID. Every account can press Get trial XID once (Funds → Deposit → XID) and receives a whole amount between 10 and 100, picked at random by the exchange. It trades on XID/USDC like XID, and it never leaves AYEDEX: XID withdrawals are closed.
• Test USDC. While USDC is on the Stellar test network, its deposits and withdrawals work as described below, with test coins.
• No value. Trial XID and test USDC are worth nothing.
• No XID address. AYEDEX shows no XID deposit address during the trial phase. Do not send real XID or real USDC to AYEDEX while it lasts: it would not be credited.
• Reserves. During the trial phase the reserves panel marks the XID line as trial: trial XID exists only in the AYEDEX ledger, so it is not on chain, by design.

Real XID deposits open when AYEDEX opens them, announced on the exchange itself (the ribbon changes the moment they do). Sections 7 and 8 describe the XID rail as it works from then on.

1. One market: XID/USDC
2. How value is determined
3. The Stellar network, in plain terms
4. Requesting the next currency
5. What must happen before any new currency
6. Wound down: the test tokens
7. XID: the native rail
8. Deposits and withdrawals
9. Orders, fees and the matching engine
10. Market making, disclosed
11. Proof of reserves
12. Accounts, security keys and your PIN
13. What can go wrong
14. Glossary

1. One market: XID/USDC

AYEDEX lists one order book, XID/USDC. You buy XID with USDC or sell XID for USDC; there is no conversion between other currencies and no other pair. Nothing is wrapped: XID is only ever the real coin on its own chain, and USDC is only ever Circle's real asset on Stellar. The exchange keeps a ledger of who owns what, and moves real coins in and out at the edges.

One book keeps all the interest in one place: every buyer and seller of XID meets every other, so the price and the depth you see are the whole market on AYEDEX.

2. How value is determined

There is no oracle for the price of XID. It is set the way any market sets it: by the orders people leave and the trades they make in the XID/USDC book.

The XID/USDC book: price discovery

Traders post limit orders (I will buy up to 100 XID at 0.99 USDC) that rest in the book, and market orders that take the best resting prices immediately. The last trade is the price. The best bid and best ask around it are the spread. That is all a price is.

What moves the XID price

Only customer trades. The house market makers quote both sides but never trade with each other, so a chart candle is a real customer buying or selling. Their reference price follows the last customer trade; when no customer has traded, they hold a published anchor and the chart is honestly flat. This is deliberate: a venue that manufactures its own volume is not one worth trusting.

3. The Stellar network, in plain terms

Stellar is a public payment ledger designed for issuing and moving currency-like assets. It closes a new ledger roughly every five seconds, fees are fractions of a cent, and it has the two properties an exchange needs from a stablecoin rail:

• Anyone can issue an asset. An asset is simply a code (like USDC) plus the account that issued it. That is why an asset is always shown with its issuer: "USDC issued by Circle" is money; "USDC issued by a stranger" is not. AYEDEX takes USDC issued by Circle and no other.
• Trustlines. An account must explicitly opt in to hold an asset. Before you can receive USDC on Stellar, your wallet adds a trustline to Circle's USDC. AYEDEX's own account trusts USDC; a withdrawal to a wallet without a USDC trustline is refused by the network, so we check first.
• Memos. A Stellar payment can carry a short text. AYEDEX uses one account for all customers and tells them apart by the memo, which is your customer number. A deposit without its memo cannot be matched to you automatically.
• Two networks. The public network is real money. The test network is a full copy for development where tokens are free and worthless. AYEDEX runs on test for the whole trial phase; switching to public changes the USDC issuer and the network name and nothing else in the design.

Popular Stellar wallets include Freighter (browser), Lobstr (mobile) and any wallet built on the Stellar SDK. You do not connect a wallet to AYEDEX; you send a payment to the exchange's account with your memo, and later withdraw to any Stellar address you control.

4. Requesting the next currency

AYEDEX lists XID/USDC only. Customers can tell AYEDEX which currency they would like next on the public page Request the next currency: currencies customers are asking for, none of them listed.

• Demand only. A request is not a deposit, not a commitment and not a promise. Nothing on that page is listed or tradable.
• One request per account. Any eligible account (at least 24 hours old, a confirmed email, a security key, a trading PIN and a completed profile, not frozen, no security-reset wait or recovery under way) has one request. You can move it to another currency at most once every 7 days; only your latest request counts. Your citizenship is never used.
• The candidates. The fiat currencies of the ISO 4217 list, with their country or region, except the US dollar (that is USDC). The currencies of comprehensively sanctioned jurisdictions are shown as not eligible. The name or ticker of any future token is a separate decision and is never shown as a promise.
• Thresholds. Each currency shows its threshold and how close it is. Reaching it only flags a listing review.
• Checking the count. Only totals are published, with a "funded" subtotal. Each day's snapshot is published as a SHA-256 digest, and each account sees its own receipt code, so anyone holding the export can check that their request was counted without learning who anyone else is.

5. What must happen before any new currency

No currency is listed because of a vote. Before AYEDEX could list any new currency, all of this must be in place: adequate reserves backing every unit issued, liquidity for the new market, redemption infrastructure (a way to turn it back into money, every day), operational readiness (banking partner, support, monitoring) and applicable legal review. Any one of them can stop a currency however many requests it has.

6. Wound down: the test tokens

During the early trial AYEDEX issued test tokens on the Stellar test network (XCOP and others), each a claim on test USDC at an official daily rate. They are being wound down: their markets are closed, none are issued any more, and they cannot be withdrawn. If you hold one, redeem it for USDC in Funds → Redeem tokens, at the token's official daily rate less 0.25%, while redemption is open. Test tokens have no value: whatever is left when AYEDEX moves to real USDC is retired with the rest of the test balances. Their liabilities stay on the reserves panel until the last one is redeemed or retired. When a token's rate feed is stale, redeeming it pauses until a usable rate returns, and the page says so before you press the button.

7. XID: the native rail

XID is the coin of xCoin, a post-quantum proof-of-work chain (mainnet since September 2026). AYEDEX holds XID as the real coin, never a wrapped version.

• Your deposit address (shown once real XID deposits open; none is shown during the trial phase) is derived from the exchange key by your customer number; it is yours alone for as long as your account exists.
• Coins are never swept. They stay at the address they arrived at. A withdrawal is signed directly from whichever addresses hold credited coins (a deposit still waiting for its confirmations is never spent), and the on-chain total of those coins is what the reserves panel shows.
• Confirmations: an XID deposit is credited after 10 confirmations under 50 XID (about 40 minutes), 30 under 1,000 XID (about 2 hours), and 100 at or above 1,000 XID (about 6 to 8 hours). One confirmation is one block, about 4 to 5 minutes. Every credited deposit is re-checked for a chain reorganisation for 100 blocks, and USDC withdrawals wait for that settling period after an XID deposit.
• Blocks, addresses and transactions can be checked on the public explorer at superknet.com.

8. Deposits and withdrawals

Withdrawals move through a strict state machine (queued → signing → broadcasting → sent) so a network error can never pay twice; anything unclear goes to manual review rather than being retried blindly. When AYEDEX sets a review threshold, withdrawals above it wait for a person; AYEDEX can also set a daily withdrawal cap per account. The exchange can pause withdrawals as a whole; the status is public at /api/status.

9. Orders, fees and the matching engine

The matching engine is the exchange's own: an in-memory order book per market with price-time priority (best price first; at the same price, whoever was there first), settled into a double-entry ledger where every balance change is a journal entry tied to a fill, deposit or withdrawal (or, during the trial phase, a trial XID claim). Nothing is created or destroyed by trading; fees are the only thing that moves to the house.

Fees: 1.25% of what you receive on every trade, charged to both sides: the maker (the order that was resting in the book) and the taker (the order that took it). A buyer pays it in XID, a seller in USDC; it goes to AYEDEX. Redeeming a wound-down test token: 0.25%. Self-trade prevention cancels your own resting order rather than let you trade with yourself.

10. No house market making

AYEDEX runs no house bots and posts no quotes of its own. Every order in the book is another customer's, and customers trade with each other at the prices they set. What that means for you:

• Limit orders always work: yours rests in the book at your price until another customer takes it, or you cancel it.
• Market orders fill only against orders already resting on the other side. When that side is empty, or too thin for the amount, the order is refused and nothing is traded: place a limit order instead.
• The price is simply the last trade between two customers. AYEDEX does not set it.
• Both sides of every trade pay the same 1.25% fee (section 9), which goes to AYEDEX.

11. Proof of reserves

The panel at the foot of the trading page is read live from the chains, not from a spreadsheet.

• On chain: XID actually sitting at the exchange's addresses (anyone can sum them on superknet.com), and USDC actually in the exchange's Stellar account (anyone can look it up on a Stellar explorer).
• Owed to customers: the sum of every customer balance in the ledger, including balances held in open orders.
• House inventory: the market makers' balances, shown separately.
• Wound-down tokens: while any test token is still held, what customers hold, what it would redeem for at today's official rate, and the USDC reserve that backs it.
• Status: BACKED when on-chain holdings cover what customers are owed; SHORT otherwise. It is computed every minute and it would say SHORT to the whole internet if the exchange ever fell behind. During the trial phase the XID line reads TRIAL instead: trial XID is not on chain, by design, and the numbers beside it say how much there is. Real XID credited from deposits is still checked against the chain: if the chain ever holds less than that, the line reads SHORT all the same.

12. Accounts, security keys and your PIN

AYEDEX needs a desktop or laptop computer and a hardware security key: a YubiKey or a current Titan Security Key (not the Titan keys from 2018-2021). Phones and tablets cannot open or use an account; they can still read the markets and this page. A security key is a small USB or NFC device: AYEDEX accepts only keys made by Yubico (YubiKey) or Google (the current Titan Security Key), checked by the maker's certificate when you register one. The first Titan keys (2018-2021) are refused: no published certificate lets AYEDEX check who made them. Passkeys kept by a phone, Face ID, Touch ID or Windows Hello are not accepted.

1. Confirm your email. After you sign up, AYEDEX emails you a 6-digit code, valid for 15 minutes. One account per email address: dots and "+" tags in a Gmail address count as the same address, and disposable email services are refused. An address nobody confirms does not keep its account: after 15 minutes a new sign-up with that address replaces it (it must confirm the address too). Until your account has a security key, every sign-in asks for a new code, so your password alone never reaches the key step.
2. Register your security key. Insert it and press the button. Your browser asks to let ayedex.com see the make and model of your security key: choose Allow (in Firefox, leave "Anonymize anyway" unticked); that is how AYEDEX knows it is a YubiKey or a Titan. Then touch the key. Register a second key as a backup (up to 10) and keep it somewhere safe; the last key can never be removed. An account that already holds funds when its first key is registered waits 24 hours before its first withdrawal.
3. Choose your trading PIN. 4 or 6 digits, typed twice; easy ones (1234, 1111, 1212, your birth year) are refused.

Every sign-in is your password and a touch of your key. Every order asks for your PIN, and trading then stays unlocked for 15 minutes in that browser. Every withdrawal and every security change (password, PIN, keys) asks for a fresh touch of your key and your PIN, bound to that one action. Five wrong PINs lock it for 15 minutes, longer each time. Forgot your PIN? Your password, a code by email and a touch of your key set a new one; withdrawals then wait 24 hours. Lost one key? Sign in with your backup key. Lost every key? At sign-in choose Lost your security keys? on this computer: your password, a code we email you, the ID details of your profile, and three photos (your ID's front and back, for a passport the photo page and the page facing it; and you holding the ID next to a code written on paper). You see each photo large before it is sent, and can take it again. The photos are encrypted in your browser: AYEDEX's servers cannot open them, only the founder can, with a key kept off those servers; they are deleted 30 days after the decision. AYEDEX reviews them and nothing changes for 72 hours; every step is emailed to you with a cancel code, and signing in with any key you still have cancels it too. Once approved and the 72 hours are over, every key and the PIN are removed: you sign in with your password and an emailed code, register a new key and choose a new PIN, and withdrawals wait 7 days. The ID details you give for your profile can never be changed, so enter them exactly as on your ID; the Security page shows them as stored, so you can write them down. A recovery compares them without regard to accents, capitals, spaces, hyphens or the dots in a number, but it counts every other difference as a wrong try. Forgot your password? Write to [email protected] from your account's email address: after a manual check AYEDEX gives you a one-time password, which works only with your security key; right after signing in you choose a new one (your key and PIN confirm it), and withdrawals wait 24 hours.

AYEDEX emails you about every action on your account: orders, trades, deposits, withdrawals, sign-ins, a password typed without the key touch that should follow it, failed PIN or key attempts, and every security change. A frozen account's open orders are cancelled. These emails cannot be turned off, never contain a link, and never show a whole wallet address. A session stays on the computer and browser it signed in on, and ends after a day idle and 30 days at most.

Before trading or withdrawing you complete a profile: legal name, government ID number, date of birth (18 or over) and citizenship. During the test phase this information is stored as given and not verified; identity verification and sanctions screening are part of the launch checklist. The exchange can freeze an account under review.

13. What can go wrong

• Counterparty risk. A centralized exchange holds your coins while they are deposited. AYEDEX limits it with per-customer XID addresses, public reserves, withdrawal reviews and a pause switch, but it is still custody: keep on the exchange what you are trading, not your savings.
• Thin markets. XID is new. Large orders will move the price; use limit orders and check the depth.
• Stablecoin issuer risk. USDC is only as good as Circle's reserves and Stellar's operation; AYEDEX cannot fix either.
• Wound-down tokens. A test token redeems at its official daily rate; when that rate's feed stops or turns suspect, redeeming pauses until a usable rate returns (section 6).
• Software risk. This is new code. It is tested, reviewed and probed, and it will be audited; it is not yet audited.

14. Glossary

XID

The xCoin. Ticker XID, symbol Ӿ, 100,000,000 cap, post-quantum signatures, proof of work.

Trial XID

The play-money XID of the trial phase, before real XID deposits opened: 10 to 100 per account from a one-time button, tradable inside AYEDEX only, worth nothing.

Book

The list of resting buy (bid) and sell (ask) orders for a market, best prices first.

Spread

The gap between the best bid and the best ask.

Maker / taker

A maker's order rests in the book and is taken by a taker's order. Both pay the same 1.25% fee.

Next-currency request

An eligible account's one request for the currency it would like AYEDEX to consider next. Demand only: no deposit, no commitment, not a promise.

Stellar anchor / issuer

The account that created an asset on Stellar and promises to redeem it. For USDC that is Circle.

Trustline

An account's opt-in to hold a particular Stellar asset.

Memo

The note on a Stellar payment that tells AYEDEX which customer sent it.

Confirmations

Blocks mined on top of the block containing your deposit; more blocks, less chance of reversal.

Proof of reserves

A live comparison of what an exchange holds on chain against what it owes its customers.

AYEDEX · XID/USDC. Questions: [email protected] · Explorer: superknet.com · The coin: xcoinproject.com