- IDEX, a well-liked decentralized trade (DEX), plans to increase its infrastructure into two additional blockchains, including its Ethereum (ETH) implementation.
In an announcement shared with BEG, IDEX confirmed a multi-chain answer enlargement program that can combine the decentralized trade’s infrastructure to Polkadot and Binance Smart Chain (BSC). The most recent transfer goals to increase the probabilities of merchants on the platform to tokens, staking applications, and swaps throughout the blockchains.
IDEX is a layer-2 blockchain answer that mixes the non-custodial safety of a decentralized trade whereas providing a centralized trade velocity and comfort. IDEX runs all of its operations on the Ethereum blockchain and plans to provide each IDEX token holder on the ETH blockchain an identical variety of tokens on the newly expanded chains.
As Ethereum faces huge gas costs and scalability points with the rise of the DeFi market, new good contract platforms reminiscent of Polkadot are coming as much as supply customers sooner and cheaper platforms for builders to construct their DeFi apps. In an announcement on the enlargement program, IDEX CEO Alex Wearn acknowledged the enlargement program goals to “give clients new networks to finish trades.”
Ethereum is going through robust competitors from different blockchains, even in gentle of the ETH 2.Zero Beacon chain launch, anticipated subsequent week. Nevertheless, we’re acknowledged that the newest transfer by IDEX to Polkadot and Binance Sensible Chain is a diversification tactic reasonably than a aggressive stance because the DEX goals to “put a stake within the floor and plant our [IDEX] flag early.”
The implementation of IDEX will occur on Polkadot Layer 0, that means that the trade will hook up with a parallel chain (parachain) to Polkadot’s blockchain. IDEX can be built-in on Binance Sensible Chain Layer 1, enabling merchants to faucet into BSC’s centralized DEX ecosystem instantly.
The brand new tokens can be distributed to IDEX customers on Ethereum beginning December 7, buying and selling on BSC and Polkadot, anticipated to start out in Q1 2021. Tokens that aren’t claimed promptly can be transferred to a group fund for makes use of selling the event of IDEX.
Wearn additional acknowledged the decentralized trade is engaged on including new blockchains sooner or later however is at the moment working with Polkadot and BSC as a result of each are at the moment suitable with the Ethereum Digital Machine (EVM). He additional mentioned,
“As these platforms develop, we’ll see elevated demand for buying and selling these property and a necessity for non-custodial buying and selling options that help these networks.”
To boost the cross-chain community that can present a one-stop-shop permitting totally different property to be traded on its platform, IDEX will supply unbiased property throughout every blockchain. Binance Sensible Chain and Polkadot will begin with the tickers IDXB and IDXP, respectively.