Literally, XD, but written as how it is pronounced in Spanish ("equis" for X, "de" for D).

Some use it as a toned down variant (similar to the ending a sentence with "lol" instead of "XD"). Nowadays, some use to distance themselves from old-school meme speak that overused the emoticon (such as "xdxdxdxd" in memes from communities like SDLG). Some use it more in ironic shiposts. However, tbh, most normal people use "equisde" and "XD" indistinctly.
Person 1: *posts 8/10 meme*
Person 2 (autistic, can't let go his childhood): "Pero qué wen momo la ptmr +10 lince :v"
Person 3 (autistic, zoomer): *replies with edgy XD image macro*
Person 4 (autistic, zoomer but younger and with ADHD): *replies with unrelated shitpost to farm likes*
Person 5 (average enjoyer of memes): "equisde"
by 445731 June 13, 2022
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