The short version
- Your wallet's secret is 32 random bytes made on your device and stored in your passkey. The signing key is derived from it; no server ever holds it.
- Every transaction is signed by your key and recorded on the MLX ledger, which anyone can read on the explorer.
- USDC is the network dollar: deposits in any supported coin arrive as USDC, and withdrawals pay USDC on Solana.
- The operator runs the ledger and holds the reserves behind USDC on MLX, but can't sign for you.
1From passkey to signing key
- When you create a wallet, your browser makes 32 random bytes: the wallet's seed.
- The seed is saved as the user handle of a new passkey for mlx.app (WebAuthn), which your passkey manager keeps and syncs. The browser releases it to the wallet only after Face ID or Touch ID.
- The wallet turns the seed into an Ed25519 signing key with HKDF-SHA-256 (RFC 5869, RFC 8032). Its public key is your account's key on the ledger.
- The same seed, written in the English BIP-39 word list, is your 24-word recovery phrase (BIP-39). Restoring from it gives the same key.
MLX.app for iPhone and iPad derives the key the same way from the same passkey or phrase. While the web wallet is unlocked, the seed stays in that tab's session memory until the wallet locks or the tab closes.
2Names, transactions and the ledger
Your account has a readable name like yourname.mlx and the public key from your seed. Every change you make is a transaction: its SHA-256 hash is signed with your key, and the ledger rejects any transaction your key didn't sign.
The MLX Network sequencer orders transactions and seals them into hash-linked blocks, each signed by the sequencer, about once a minute. Every account, block and transaction is public on explorer.mlx.app: names, balances, dedicated seats, transfers, trades and withdrawal addresses.
3Balances, deposits, buying and withdrawing
MLX amounts are counted to six decimal places, and so are USDC amounts. USDC is the network dollar: it's what you pay with for dedicated seats and spot MLX, and what you withdraw.
| Action | How it works |
|---|---|
| Deposit | Pick an amount from $10 to $100,000 and a coin: USDC, USDT or SOL on Solana; USDC, USDT or ETH on Ethereum; USDC, USDT or BNB on BNB Smart Chain; USDT or TRX on Tron; or BTC. Native coins go up to $20,000. The quote holds for 30 minutes, and the payment is credited as USDC on MLX Network. |
| Send | To a name.mlx or a public wallet address. Instant and free. |
| Buy & sell | The protocol sells MLX along its emission curve, at the curve price plus a premium, and buys it back at the curve price less a discount. The wallet shows both before you confirm. Sells depend on the treasury's USDC. |
| Withdraw | USDC to a Solana address, at least 10 USDC plus a 1 USDC network fee. The amount waits in escrow on the ledger until the payout is sent by hand; the Solana signature is then recorded. A rejected withdrawal is refunded with its fee. |
USDC on MLX is a claim on reserves the operator holds, not USDC issued by Circle. Proof of reserves shows the reserve wallets once they're published.
4Locked MLX
Some MLX arrives locked. It counts toward your total, can't be sent or sold before its date, and unlocks by itself.
- Dedicated seats: a seat pays nothing up front. It sets how long your mined MLX stays locked: 3 days for Ultra, 7 for Pro, 10 for Core, 14 for Lite and 20 for Nano. The smaller the seat, the longer the lock.
- Mined MLX: each day's mining from your Macs is one lock that opens 30 days after that day on a free seat, or after your shortest seat lock-in with a dedicated seat.
- Before 20 October 2026: dedicated seats were also paid a reward up front, and invites earned a bonus. Those stay locked until their original dates.
MLX you buy at spot is never locked. Tap Locked MLX in the wallet to see every lock and when it opens. While your Macs work, that row counts up live.
5Activity, Macs and devices
- Activity lists your transactions, with one Mined on your Macs row per day. Each token's page has its full history, filters and Export CSV, and View in explorer opens the public record.
- Macs in Settings lists the Macs that work for this wallet. Linking one needs a signature from the Mac's own Secure Enclave key and one from your wallet, so no one can attach a Mac to your wallet, or yours to theirs, alone. A wallet can link up to 32 devices.
- Devices lists the browsers where this wallet was opened, from mlx.app's visit records, so you can spot one you don't recognize.
6What MLX can and can't do with your funds
| The operator can't | The operator can |
|---|---|
| Sign a transaction from your account | Run the only sequencer: order transactions, pause the ledger or refuse a transaction |
| See or recover your passkey, seed or recovery phrase | Correct the ledger after a bug or attack, explaining what it did |
| Reverse a transfer you signed | Delay or refuse withdrawals and freeze balances for compliance checks |
| Create new MLX: all of it was made in block 0 | Hold the reserves behind USDC on MLX and pay withdrawals by hand |
That makes your key yours and your balances dependent on one operator. MLX Tokens can lose value or become worthless. Read the risks before you deposit or buy anything.
7Questions
- Where is my MLX wallet's private key stored?
- Nowhere on MLX's servers. The seed it comes from is in your passkey, synced by your passkey manager, and in your recovery phrase. While the wallet is unlocked it sits in the browser tab's session memory.
- What is a name.mlx address?
- Your account's public name on the MLX ledger, like yourname.mlx. People send you MLX or USDC by typing it, and anyone can look it up on the explorer.
- Is the MLX wallet self-custodial?
- For your key, yes: only you can sign. But the ledger is run by one operator, and USDC on MLX is a claim on reserves the operator holds, so your balances depend on that operator.
- How long do withdrawals take?
- They're reviewed and paid by hand on Solana. The wallet says within 24 hours, usually sooner, but they can be delayed or paused, as the risk disclosure explains.
- Why can't I send some of my MLX?
- It's locked. Mined MLX unlocks on its date, shown on the wallet's Locked MLX page. Until then it counts toward your total but can't be sent or sold.