diff --git a/exchanges.yml b/exchanges.yml
index 87573e0..e116722 100644
--- a/exchanges.yml
+++ b/exchanges.yml
@@ -386,20 +386,25 @@ components:
       additionalProperties: false
       description: Object containing information about an active exchange.
       properties:
-        exchangeId:
-          type: string
-          description: The URL that uniquely identifies the exchange.
-        ttl:
-          type: string
-          description: The time to live for the exchange.
-        nextStep:
-          type: string
-          description: The interaction the exchange is expecting to happen next.
-        completedSteps:
-          type: array
-          description: The steps completed by the exchange previously.
-          items:
-            type: string
+        exchange:
+          type: object
+          description: The active exchange.
+          properties:
+            id:
+              type: string
+              description: The local exchange ID that identifies the exchange.
+            ttl:
+              type: string
+              description: The time to live for the exchange.
+            step:
+              type: string
+              description: The current step in the exchange.
+            state:
+              type: string
+              description: The status ("pending" | "complete" | "invalid") of the exchange, set to "pending" on creation.
+            variables:
+              type: object
+              description: Template variables to be used in the exchange.
     WorkflowStep:
       type: object
       description: Object containing information about a workflow step.