Victor Ugochukwu · Dec 14, 2020 . 5min read
IDEX announces Multi-Chain Solution Multiverse, expands to Polkadot and Binance Smart Chain
Decentralized crypto exchange, IDEX announces multi-chain solution and expands to Polkadot and Binance Smart Chain via Multiverse.
By Komal Joshi · Nov 25, 2020 . 5min read
IDEX, the famous decentralized cryptocurrency exchange (DEX), has declared a multi-chain solution. It plans to expand to Polkadot and Binance Smart Chain. IDEX’s multi-chain solution, Multiverse, will expand the DEX’s infrastructure. It includes its layer-2 scaling and staking solutions to new blockchains.
According to the reports, it’s will first implement on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. Additionally, it will allow the trading of digital assets on each of the platforms. Starting from Nov. 23, IDEX token holders can profit from staking options. Moreover, Multiverse will use Polkadot as layer 0. It indicates that IDEX will utilize a parachain of Polkadot to venture into its ecosystem.
IDEX to serve as an aggregate app through it’s Multi-Chain solution
IDEX aspires to bring its technology to developing smart contract platforms. Via IDEX’s multi-chain solution, Multiverse, the decentralized exchange intends to become a one-stop app for buying crypto assets on different blockchains by a centralized and secure platform. Moreover, all of its infrastructure, involving its layer-2 system, will be additionally implied on the layer-1 network.
Moreover, the first multi-chain IDEX tokens that are assigned for Binance Smart Chain and Polkadot are IDEXB and IDEXP, respectively. IDEXP and IDEXB will be issued 1-1 to current IDEX token holders across two years through a staking model. The new tokens will be available on Dec. 7, and IDEX holders will require to claim them immediately, or they will return to a community fund whose application will be determined later.
IDEX intends to be a non-custodial exchange that can contend with centralized ones. Hence, it uses a composite approach where it centralizes trade executions and decentralizes settlement and storage. Additionally, it provides many characteristics that centralized exchanges can, however, decentralized exchanges (DEXs) so far mostly cannot, like high-speed order matching. Moreover, the company aims to extend to other chains as part of its expansion plans. However, it is beginning with Polkadot and Binance Smart Chain, as both are entirely cooperative with the Ethereum Virtual Machine (EVM).
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