What is IDEX? IDEX (IDEX) is a hybrid Decentralized Exchange that combines high performance matching engine with Automated Market Maker (AMM). In this article, you can access the answers to the questions that investors wonder, such as what is IDEX, what it offers, what is IDEX coin, what is it for, how to get it. As Kriptokoin.com , we have prepared it for you.
What is IDEX? What does it do?
IDEX is a decentralized exchange with centralized exchange elements that make the network faster while maintaining its integrity as a decentralized environment. The platform is hosted on both Ethereum and Binance Smart Chain. Most similar projects use the automated market maker model for trading on a DEX, but IDEX has a different approach.
IDEX uses order books to initiate and execute the exchange of supported cryptocurrencies. It is debatable whether IDEX can be classified as a decentralized exchange or a surveillance one, as users must complete your customer verification and provide their email address. Also, IDEX on BSC offers features commonly found on centralized exchanges such as stop-loss functionality. Recently, IDEX was also featured on Polkadot as part of the IDEX Multichain project. Users can trade cryptocurrencies powered by Ethereum, Polkadot and Binance Smart Chain. In addition, the main goal of the project is to ensure that thousands of transactions are executed and processed in seconds.
What is IDEX coin?
IDEX coin is the native token of IDEX. Cryptocurrency is staked by Nodes to verify transactions on the off-chain ledger.
How does IDEX work?
IDEX functions as an order book exchange. In addition, the project combines elements of centralized and decentralized exchanges for the execution of ledger and high speed. Most of the DEX platforms on the market are AMMs. However, IDEX uses order books and centralizes the system used to match orders on the network.
For maximum functionality and speed on Ethereum, IDEX uses Layer-2 Optimism Aggregations. Accordingly, Optimism Aggregation maintains the decentralized model of the mainnet, namely IDEX. However, it is a scaling solution that offers higher speeds in processing off-chain transactions. Gas fees paid by users increase when the Ethereum network is busy. Users are experiencing problems as the network becomes expensive. That’s why Blockchain is transitioning to the Proof-of-Stake consensus mechanism with the upcoming Ethereum 2.0 upgrade.
How to get IDEX coins?
IDEX is traded on many cryptocurrency exchanges with a large trading volume. The altcoin is currently listed by exchanges such as Binance, MEXC, BingX, DigiFinex. To purchase the token, it is necessary to become a member of one of these exchanges and verify the identity. Investors who have created their accounts completely can buy IDEX coins by depositing money in their wallets.
