IDEX Introduces Multiverse and Expands to Polkadot and Binance Smart Chain
-IDEX, a high-performance decentralized cryptocurrency exchange (DEX), today announced Multiverse, a multi-chain initiative that brings its world-class trading experience to new blockchains, starting with Polkadot and Binance Smart Chain. As part of the initiative, IDEX is also issuing a new supply of tokens native to each blockchain to secure its operations and earn 50% of trading fees. These new Multiverse tokens will be distributed to Ethereum-based IDEX token holders beginning December 7th.
“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.”
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. With Multiverse, IDEX will become a one-stop application for trading assets on various blockchains through a unified, secure platform.
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.
Multi-Chain Tokens and Staking
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.