A Moin.Cash exchange order starts with a quote and ends with settlement. Between those two points, the order moves through checks that help operators understand where funds are.
The deposit state confirms that funds arrived on the expected network. The confirmation state waits for enough block confirmations. The conversion state records provider or internal routing. The settlement state records the target payout or credit.
This state model is designed for support and auditability. If an order needs review, the timeline gives both the user and operator a shared source of truth.