Crypto Exchange IDEX Integrates With Polkadot And Binance Smart Chain To Expand Trading

Decentralized cryptocurrency exchange IDEX has announced a multi-chain initiative that brings its trading experience to new blockchains.

IDEX combines the speed and features of a centralized exchange with the security of a decentralized exchange (DEX). The company launched earlier this year a revamped version of their trading platform, featuring an all-new UI/UX and scaling up to hundreds of thousands of transactions per second, making it the only non-custodial platform to match the throughput and performance of centralized exchanges.

IDEX’s new multi-chain initiative, dubbed Multiverse, will bring its trading platform to new blockchains, starting with Polkadot and Binance Smart Chain, and become a one-stop application for multi-chain trading. Polkadot and Binance Smart Chain have both gained in popularity by offering unique alternatives to Ethereum, which has experienced network congestion and high fees in the wake of the recent DeFi boom. After building one of the most successful Ethereum DApps, IDEX aims to bring its technology to emerging smart contract platforms.

“In the past year we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets,” said IDEX co-founder and CEO Alex Wearn. “As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.”

All of the IDEX infrastructure, including the high-performance matching engine and layer-2 system, will be deployed to each layer-1 network. To support IDEX’s new layer-2 crypto-economic model, independent assets will be issued on every additional chain. The first multi-chain IDEX tokens for Polkadot and Binance Smart Chain are IDEXP and IDEXB respectively.

IDEXP and IDEXB will be distributed 1-1 to existing IDEX token holders over two years via a staking model, set to launch on December 7th at 12:00 UTC. To incentivize early participation, IDEX will accelerate the token issuance rate by 2x prior to the launch of each platform.