Consider the following (single-sorted) equational/algebraic theory with one binary operation symbol $\ast$ whose axioms are as follows: $$(x \ast x) \ast (x \ast x) = x$$ $$(x \ast y) \ast (x \ast y) = (x \ast x) \ast (y \ast y).$$
I am interested in models of this theory where $\ast$ is NOT idempotent, i.e. where $x \ast x = x$ is not true for every $x$ in the model. So far, I have come up with the following toy model of this theory, where $\ast$ is not idempotent: the carrier is $\{0, 1\}$, and the binary operation $\ast$ is defined as follows: $$0 \ast 0 = 1,$$ $$1 \ast 1 = 0,$$ $$0 \ast 1 = 0,$$ $$1 \ast 0 = 1.$$
My question is, are there any more 'natural' models of this theory where $\ast$ is NOT idempotent, i.e. are there any non-idempotent binary operations satisfying the above axioms that have been previously studied in mathematics?
Let me describe how to produce typical models of this equational theory using a different but equivalent language.
First, number the two given axioms:
Axiom $(1)$. $(x*x)*(x*x)=x$
Axiom $(2)$. $(x*y)*(x*y)=(x*x)*(y*y)$
Let $\sigma(x)=x*x$ be the squaring map with respect to $*$, and let $x\odot y=\sigma(x*y)$. Axiom (1) asserts exactly that $\sigma$ is a permutation of exponent $2$, while Axiom (2) asserts exactly that $\sigma$ commutes with $*$. Since $\sigma$ also commutes with itself, it will then commute with $\odot$, which is a composition of $\sigma$ and $*$. Since $x\odot y$ is defined to be $\sigma(x*y)$, and $\sigma$ has exponent $2$, we can recover $*$ from $\sigma$ and $\odot$ by $x*y=\sigma(\sigma(x*y))=\sigma(x\odot y)$.
Altogether, this shows that we can convert between the $*$-language and the $\odot,\sigma$-language using these definitions:
Now, in order to translate theories, we observe that an algebra $\langle A; *\rangle$ in the language $\{*\}$ satisfies Axioms (1) and (2) iff the corresponding algebra $\langle A; \odot, \sigma\rangle$ in the language $\{\sigma,\odot\}$ satisfies
Axiom $(1)'$. the binary operation of $\langle A; \odot\rangle$ is idempotent, and
Axiom $(2)'$. $\sigma$ is an exponent-2 automorphism of $\langle A; \odot\rangle$.
That is, up to a change of language, a model of the original axioms is simply an idempotent binary algebra equipped with an exponent-$2$ automorphism.
Examples.