IDEX (IDEX)
IDEX is a decentralized exchange built on the Ethereum blockchain, offering real-time trading and high transaction throughput. The platform is recognized for its advanced features, which include limit and market orders, gas-free cancellations, and the ability to execute multiple trades simultaneously. The native token of the exchange is the IDEX token.
Multiverse initiative
In November 2020, IDEX introduced the Multiverse initiative, which extends its trading capabilities to other blockchains, starting with Polkadot and Binance Smart Chain. This initiative involves issuing new tokens native to each blockchain to support operations and share in trading fees. These Multiverse tokens were distributed to Ethereum-based IDEX token holders starting December 7, 2020.
| Ticker | IDEX |
| Category | Decentralized Exchange (DEX) |
| Website | https://idex.io/ |
| @idexio | |
| Telegram | IDEXChat |
| https://www.reddit.com/r/auroradao/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0xb7...ae Copied! |
| polygon-pos | 0x9c...3dCopied! |
Overview of IDEX
IDEX comprises a smart contract, a trading engine, and a transaction processing arbiter. The smart contract manages the secure storage of assets and trade settlements, requiring user authorization through private keys. Unlike other decentralized exchanges, IDEX's smart contract allows only the exchange to submit signed trades to Ethereum, ensuring controlled transaction sequencing. This design offers the speed of centralized exchanges while maintaining the security and transparency of decentralized exchanges.
Fees
IDEX charges a 0.2% fee for market takers and a 0.1% fee for market makers. Additionally, users are responsible for gas fees to process transactions on the blockchain.
Maker and taker model
Market makers create new orders, while market takers fulfill existing ones. Takers cover the gas fees for each trade, which are deducted from their balances. The gas fee is calculated based on the last 10 trades' average price.
Gas fees
Transactions on the Ethereum network incur gas fees, which are paid to miners. Trades on IDEX require approximately 140,000 gas. This cost is higher than some exchanges, but IDEX ensures users receive their selected order without competing for the same order.
Minimum trade orders
IDEX enforces a minimum order of 0.15 ETH for makers and 0.05 ETH for takers. This policy prevents users from placing small limit orders that could force takers to incur unnecessary gas costs.
IDEX Token
The IDEX Token is the platform's utility token, incentivizing adoption and trading through rewards based on monthly trading volume. IDXM, or IDEX Membership, offers benefits such as reduced trading fees and increased rewards. These benefits are accessible after holding IDXM in a trading wallet for one week.
IDEX 2.0
In August 2020, IDEX secured $2.5 million in funding to launch IDEX 2.0, a high-performance decentralized exchange. The new platform combines the features of centralized exchanges with the security of decentralized ones. The IDEX 2.0 API sandbox is available on testnet, allowing traders to deploy trading bots with reduced friction.
IDEX Multiverse
IDEX Multiverse, announced in November 2020, expands IDEX's trading experience to new blockchains, beginning with Polkadot and Binance Smart Chain. This initiative will extend to other layer-1 networks like Algorand. Multiverse tokens, native to these blockchains, secure operations and share trading fees. They are distributed to existing IDEX stakers over a two-year period, with accelerated issuance before each platform's launch.