CAPSULE DOCUMENTATION

Market exposure,
wrapped onchain.

Capsule is a platform for tokenized market exposure. Its first market, CXMT1L, is deployed on BNB Chain. Users submit USDT with a limit price; Capsule deposits the funds to Aster, opens a 1× long CXMTUSDT position, and mints tokens from the final filled quantity.

Experimental product

V3 Mint and Redeem are live. The repository has completed one Codex Security scan and remediation pass, but no independent third-party audit has been completed. Test only with a small amount you can afford to lose.

Get startedMint flow→ Technical detailsArchitecture→ Required readingRisk disclosure→

STATUS

Current status

Network	BNB Smart Chain (chain ID 56)
Version	V3
Contracts	Deployed; Mint and Redeem are live
Operator backend	Live Aster operator enabled
Audit	Codex Security scan and remediation completed; independent audit pending
Launch	2026-08-02; currently a high-risk limited release

PRODUCT

What is CXMT1L?

CXMT1L is the accounting unit for the system's long position in the Aster CXMTUSDT perpetual market. The target relationship is:

1 CXMT1L ≈ 1 CXMT perpetual long unit

It is not equity in ChangXin Memory Technologies and provides no shareholder, dividend, voting, or other corporate rights. It is also not a traditional daily-reset leveraged token. The current design mints 1:1 against filled quantity, while the operator manages funding, execution loss and margin.

No automatic price peg

CXMT1L may trade away from the Aster CXMT price due to liquidity, waiting time, fees, counterparty risk and market sentiment.

MINT

How to Mint

Mint is not an atomic swap. The user creates a request on BSC, then the system executes it across platforms.

Minimum Mint: 30 USDT

The Capsule frontend checks the amount before wallet approval. A Mint below 30 USDT cannot be submitted.

1
Submit request
Enter the USDT amount and maximum buy price. The frontend defaults to the current best ask + 0.02 with 0.01 precision, then asks you to approve the Vault.
2
Deposit to Aster
The Vault transfers executable USDT to the dedicated wallet. The backend deposits it to Aster Futures and waits for arrival.
3
Open with a limit order
The backend creates a BUY LIMIT GTC order with fixed 1× leverage and isolated margin.
4
Return funds
When the order ends, unused USDT is withdrawn from Aster to the Vault and waits for BSC confirmations.
5
Claim
Claim CXMT1L based on the actual filled quantity. Unused principal is returned at the same time, with the service fee deducted at settlement.

Estimated mint quantityUSDT input ÷ (1 + service fee rate + execution reserve rate) ÷ average fill price

REDEEM

How to Redeem

1
Lock tokens
Enter a CXMT1L amount and minimum sell price, then transfer the tokens to the Vault.
2
Close with a limit order
The backend creates SELL LIMIT GTC + reduceOnly, so a Redeem request cannot open a reverse short position.
3
Withdraw to BSC
USDT proceeds are withdrawn from Aster to the Vault and settle only after the required confirmations.
4
Claim
CXMT1L corresponding to the filled quantity is burned. Claim USDT after fees; unfilled tokens are returned.

FEES

Fees and pricing

Item	Current parameter	Description
Service fee	0.75%	Charged on the actual settled amount
Aster trading fee	Actual cost	Covered from the execution reserve
Aster withdrawal fee	Dynamic	Returned by the Aster API and may change
Funding	Dynamic	Currently borne and managed by the operator account
BSC gas	Paid by user	Approval, request, cancel and claim transactions require BNB

Frontend estimates are provided only as a pre-trade reference. Final results depend on Aster's actual average fill price, filled quantity, trading fees, withdrawal arrival and onchain settlement.

LIFECYCLE

Order lifecycle

Preparing→Preparing deposit→Depositing to Aster→Order open→Withdrawing→Claimable→Claimed

Orders may fill partially. Cancellation does not return funds instantly: the system first cancels the Aster order, reads the final execution result, then initiates withdrawal. Status becomes Claimable only after the Vault has actually received sufficient assets.

TECHNICAL

Architecture

UserEVM wallet

→

BNB ChainSettlement Vault

↔

OperationsExecutor + ledger

↔

Derivatives venueAster Futures

Responsibility boundaries

Vault: receives user requests, locks assets, enforces limit prices, mints or burns tokens, and stores claimable balances.
Backend ledger: maps onchain request IDs to Aster clientOrderIds and records deposit, order, withdrawal and settlement state.
Execution wallet: serves CXMT1L only and signs BSC deposit transactions and Aster withdrawals.
Settler: reads final results and submits settlements to the Vault. It is a trusted role in the current version.

CONTRACTS

Contract addresses

Contract	BNB Chain address
CXMTSettlementVault V3	`0x28aA...425E` ↗
CXMT1L V3	`0x4757...139d` ↗
USDT	`0x55d3...7955` ↗

Use only addresses on the official site

Any other token with the same name or symbol may be counterfeit. V2 and earlier contracts are retired and must not be used.

STATE MACHINE

Onchain state machine

Status	Meaning	User action
`Pending`	Request entered the Vault; external execution has not started	May request cancellation
`Processing`	Funds entered the execution flow	May request cancellation; wait for order cancellation and asset return
`CancelRequested`	Cancelling the order and calculating final fills	Wait
`Claimable`	Sufficient settlement assets have entered the Vault	Claim
`Claimed`	The user claimed all proceeds	None

INTEGRATION

Frontend integration

Third-party frontends should interact directly with the Vault and must never send user private keys or signatures to the Capsule backend.

// Mint
approve(vault, usdtAmount)
vault.requestMint(usdtAmount, limitPriceE4)

// Redeem
approve(vault, tokenAmount)
vault.requestRedeem(tokenAmount, limitPriceE4)

// Cancel / Claim
vault.requestCancel(requestId)
vault.claim(requestId)

limitPriceE4 uses four decimal places, while the current product requires 0.01 USDT increments. For example, 7.42 is encoded as 74200.

SECURITY

Custody and trust model

This is a custodial bridge combining onchain requests with offchain execution. The Vault constrains onchain settlement, but BSC cannot natively prove that the Aster account actually holds the corresponding long position.

Core solvency invariantAster CXMT long position ≥ circulating CXMT1L − tokens locked for redemption

Users must therefore trust the operator not to misuse the Aster position, to report fills correctly and to maintain sufficient margin. Capsule publishes the dedicated account, live position, total supply and coverage data for independent review.

RESERVE VISIBILITY

Position and reserve transparency

The Capsule reserve console displays the Aster long position, CXMT1L total supply, coverage ratio, Vault balance and execution wallet, refreshing every 15 seconds.

Three public data sources

The Aster USER_DATA API provides live snapshots; Aster Explorer independently exposes the operator account, positions and fills; BNB Chain supply, Vault and execution wallet can be independently checked on BscScan.

Open the operator account in Aster Explorer ↗

Open the Capsule reserve console ↗

RISKS

Risk disclosure

Smart contract risk

The contracts have not been independently audited and may contain vulnerabilities that freeze or lose assets.

Custody and operational risk

Failures in the backend, signing wallets, Settler or database may delay or mis-settle requests.

Aster risk

Venue outages, suspended withdrawals, API changes, account restrictions or security incidents directly affect redemption.

Margin and liquidation risk

Even with a 1× target, funding and account losses may reduce margin and create liquidation risk.

Liquidity and price risk

Thin order books, partial fills and secondary-market spreads may cause large slippage or long waits.

Legal and regulatory risk

Synthetic equity exposure may be subject to derivatives, securities or marketing restrictions in different jurisdictions.

EMERGENCY

Emergency controls

The Vault owner can pause new requests and processing; pausing does not claim assets for users.
The execution wallet cannot be changed while requests are processing.
Service fee, execution reserve and withdrawal fee are bounded by contract limits.
The owner should migrate to a multisig and the Settler should use a dedicated, limited hot wallet.

FAQ

Frequently asked questions

Is Mint instant and atomic?

No. Deposits, Aster execution, withdrawals and BSC confirmations all take time. Users submit a Claim only when the final result is claimable.

Why not mint instantly from a shared liquidity pool?

The current goal is for each issuance to correspond as closely as possible to a real newly opened position. This reduces the risk of existing users subsidizing new issuance, at the cost of longer wait times.

What happens if the limit order does not fill completely?

You can cancel. The system settles CXMT1L from the final filled quantity and returns unused USDT; on Redeem, unfilled tokens are returned.

Is CXMT1L equity in ChangXin Memory Technologies?

No. It is a synthetic token backed by a perpetual long position and represents no corporate ownership.

Can I test with a small amount?

Yes. Submit Mint or Redeem through the Capsule app. This remains a high-risk limited release: never transfer directly to the contracts or execution wallet, and use only an amount you can afford to lose.