IDEX, a high-performance decentralized cryptocurrency exchange (DEX), today announced the launch of IDEX’s trading infrastructure on Binance Smart Chain to provide efficient, cost-effective DEX trading. The initiative was made possible by Multiverse, the multi-chain solution that exports IDEX’s trading experience to new blockchains. The upgraded IDEX BSC platform improves the trading experience for users by opening access to new assets and reducing trade settlement costs by up to 1000x.
Binance Smart Chain continues to play a central role in the sustained growth of DEXs. Since September 2020, BSC users executed more than 5 million trades, and spent $456K in gas fees. Conversely, Ethereum DEX users have executed 46 million trades since 2015, but have spent north of $207 million in gas fees. By comparison, BSC users pay less than $0.10 per transaction, while Ethereum DEX users pay $4.5 per transaction, making BSC 49x cheaper. BSC now hosts popular trading platforms including IDEX, TrustSwap, and PancakeSwap.
“IDEX is excited to usher in the future of DEX trading,” said IDEX co-founder and CEO, Alex Wearn. “As more users enter the cryptocurrency market, we’re committed to providing the best possible trading experience. With settlement costs as low as $0.10 and the improved functionality, IDEX BSC is the most user-friendly DEX available.”
IDEX is a non-custodial platform that aims to match the throughput and performance of centralized exchanges as the platform scales to support hundreds of thousands of transactions per second. IDEX BSC leverages the same off-chain infrastructure as IDEX Ethereum, including a high-performance matching engine, instant execution, and protection against front-running. In addition, IDEX BSC supports advanced order types rarely found on DEXs, such as stop-loss and take-profit.
Wearn continued, “In line with the IDEX Multiverse, we will continue to explore new layer-1 blockchains to support the IDEX infrastructure and become a hub for trading assets on various blockchains through a secure, high-performance platform.”