The decentralized crypto exchange IDEX announced its expansion to Polkadot and Binance as well as the launch of its multi-chain capabilities so let’s find out more in today’s crypto news.
The popular decentralized crypto exchange IDEX announced its expansion and multi-chain solution which will pave the way for the entire crypto infrastructure to additional blockchains like Polkadot and Binance Smart Chain. In a press release, IDEX revealed its new solution dubbed Multiverse which is intended to expand the DEX infrastructure like its layer-2 scaling and staking solutions to additional blockchains.
Introducing IDEX Multiverse: trade @Polkadot and @binance Smart Chain tokens from the safety and security of your IDEX account. Learn more about the Multiverse initiative and how you can earn Multiverse tokens: https://t.co/8GUiYlh6rs pic.twitter.com/dc4JrrT6E5
— IDEX (@idexio) November 24, 2020
The first implementation is going to be deployed on Polkadot’s Layer 0 and the Binance Smart Chain’s Layer 1. This way, trading of digital assets on each of platform is done in a way so the IDEX token holders will benefit from the staking options. It is important to note that Polkadot will be used Layer 0 which means that IDEX will use the parachain of Polkadot in order to tap into the ecosystem and a clear example of this is Moonbeam. CEO of IDEX Alex Wearn said:
“In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. 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.”
It goes without saying that both Polkadot and Binance Smart Chain gained a huge chunk of popularity offering an alternative to the ETH network which was troubled with congestion and high fees with the DeFi boom at its peak. IDEX hopes to bring the technology to new smart contract platforms via its Multiverse as the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains via a unified and secure platform.
All of the infrastructure, including the layer-2 system, will be deployed on each layer-1 network so independent assets will be issued on a new chain to support IDEX’s new layer 2 economic model. With this in mind, the first multi-chain IDEX token is designated for the Binance Smart Chain and Polkadot which are IDXP and IDXB.
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