Product pillars
Four primitives. One exchange.
Each pillar is operated by Tokexchange directly. We are sole counterparty to upstream providers and principal issuer of every Token Credit in circulation.
Token Credits (TC)
Fungible, signed, tradable units. 1 TC = 1,000,000 provider-native tokens for a specific model. Each TC carries an issuance batch, expiration, backing rail, and Ed25519 signature.
Order Book
Central limit order book with price-time priority. Lot size 1 TC (1M provider tokens). TC/USD pairs anchor liquidity; TC/TC cross-pairs enable relative-value trading with synthetic routing via USD.
Treasury (backing reserve)
Acquires capacity from curated suppliers and holds it as backing for every TC in circulation. Publishes attestations and runs daily reconciliation. Customer balances are never invested, lent, or used to generate yield.
Inference Gateway
OpenAI-compatible API. Submits inference calls, atomically decrements TC balances against the backing reserve, and routes to the underlying rail (Anthropic direct, OpenAI direct, Bedrock, Azure, Vertex).
Not available in V1
V1 is a closed pilot focused on spot TC/USD markets, redemption through the gateway, and Treasury-backed capacity attestations. The following are explicitly out of scope:
- Forward, futures, options or any derivative product
- Margin, leverage, or borrowing against TC
- Staking, yield, or any passive-income product
- Float investment of customer balances
- On-chain settlement (planned for V2)
- Mobile native apps
- Public seller self-serve onboarding
- Third-party direct credit resale
Coming later
Forward capacity contracts, advanced liquidity programs, and institutional risk tools are on the post-V1 roadmap. We will only ship them once the spot market has proven liquidity and the regulatory perimeter is settled.