OpenXSwitch - Glossary
Workspace
A centralized hub within OpenXSwitch where users can manage their accounts, wallets, sub-wallets, and other resources. Each workspace can represent a distinct entity, such as a business or project, and may have dedicated settings and permissions.
Wallet
A digital container that holds funds and supports blockchain transactions, such as deposits, withdrawals, and internal transfers. OpenXSwitch wallets can be custodial, ensuring secure management of funds on behalf of users.
Sub-Wallet
A secondary wallet created within a workspace to segregate funds for specific purposes or projects. Sub-wallets enable enhanced fund management, such as organizing finances by departments or use cases, and may support features like auto-collection and policy-based governance.
Address
A unique identifier on a blockchain network used for sending and receiving digital assets. Each wallet or sub-wallet in OpenXSwitch is associated with one or more blockchain addresses to facilitate transactions.
WalletAsset
A WalletAsset is a unified representation of a cryptocurrency or token in a multi-chain wallet system. It aggregates balances of the same asset across different blockchains, allowing users to deposit on one chain and withdraw on another seamlessly.
Why WalletAsset Matters?
- Cross-Chain Balance Aggregation – Instead of treating assets separately by chain, a WalletAsset combines them into a single view.
- Flexible Withdrawals – Users can receive an asset on one chain and send it out on another, making transactions more efficient.
- Simplified User Experience – Users don’t have to track different versions of the same token across multiple chains.
Recharge Currency
A digital asset used to fund wallets or sub-wallets. Users can deposit cryptocurrencies like Bitcoin, Ethereum, or stablecoins to maintain liquidity and enable transactions within the platform.
You can only deposit and withdraw using a recharge currency or coin
Trade
The act of buying, selling, or exchanging digital assets on supported markets.
- Spot Trade: Immediate purchase or sale of digital assets at the current market price, executed through either a limit order or market order.
- Limit order: allows a trader to specify the maximum price they are willing to pay when buying or the minimum price they are willing to accept when selling.
- Market order: executes a trade immediately at the best available price in the market.
- Future Trade: A derivative contract to buy or sell an asset at a predetermined price on a specific future date.
Trading Pairs
Trading pairs allow users to exchange one cryptocurrency for another based on current market rates.
In-Wallet Exchange
A trading mechanism within OpenXSwitch that uses funds from sub-wallets to perform transactions. After the exchange is completed, the resulting cryptocurrency is automatically credited back to the originating sub-wallet, ensuring seamless management of funds without requiring external transfers.
It supports various trading types, including spot trading and futures trading
Withdraw
The process of transferring funds from a wallet or sub-wallet to an external blockchain address. Withdrawals are subject to network fees and governance policies defined by the user or platform.
Internal Transfer
Movement of funds between wallets or sub-wallets within the same workspace or platform, often without incurring blockchain transaction fees. Internal transfers enable seamless fund reallocation for operational efficiency.
No blockchain transaction fees