Aex2

Aex2 is a protocol specification for asset exchange, also known as Asset Exchange 2. It provides a standardized interface and data model for initiating, negotiating, and settling trades of digital assets across different networks and ecosystems. The specification aims to enable interoperable, trust-minimized exchanges by defining common message formats, contract templates, and verification rules.

Origin and development: The project originated as an evolution of earlier AEX standards under the Aex Foundation, with initial proposals published in 2021 and the first stable 1.x version released around 2022. Aex2 formalizes cross-chain asset transfer concepts and support for both tokenized assets and native coins.

Architecture and core concepts: Aex2 separates concerns into an exchange protocol layer (trade creation, matching, auditability), settlement layer (atomic swaps via hashed timelock contracts or equivalent primitives), and asset representation layer (asset identifiers, metadata). It supports multi-party trades, time bounds, and fallback mechanisms in case of disputes.

Key features: interoperability across networks, atomic settlement to prevent partial fulfilments, extensible modules for oracles, liquidity pools, and identity, privacy controls, governance mechanisms for upgrades, and security practices including formal verification guidelines and audited contract templates.

Applications and adoption: used by decentralized exchanges and custodial platforms seeking cross-chain liquidity. Use cases include cross-chain token swaps, wrapped assets exchanges, and tokenized securities negotiation.

Governance and development: maintained as an open specification with reference implementations, test suites, and developer tools. Development is coordinated by the Aex Foundation with community contributions, public revision cycles, and security audits.