[ad_1]
-
Ethereum-based decentralized exchange, IDEX, plans to expand to new blockchains.
-
The platform is using its Multiverse, a multi-chain initiative, which will allow it to offer trading on other chains.
-
Initially, the exchange will expand to Polkadot and Binance Smart Chain, while also offering new tokens on them.
Leading decentralized exchange IDEX recently announced its multi-chain initiative, Multiverse. The initiative aims to bring the exchange’s trading experience to other blockchains, and the first on the list are Polkadot (DOT) and Binance Smart Chain (BSC).
IDEX to expand its exchange to new blockchains
IDEX has revealed that it will also release a new supply of tokens, which will be native to every blockchain it expands to. In this way, it will guarantee its operations and will be able to earn 50% of the trading fees on these new blockchains.
Are you looking for quick news, important tips and market analysis? Sign up for the Invezz newsletter today.
The DEX will also distribute Multiverse tokens – IDEXB and IDEXP – to all of its token holders who own ETH-based IDEX tokens. Distribution will begin on December 7th.
Alex Wearn, CEO of IDEX, commented on the recent development, noting that, over the past year, the exchange has noticed the emergence of more new smart contract platforms. Each of these platforms comes with its own unique set of resources and features.
As these platforms continue to grow, IDEX expects to see increasing demand for its assets, but also for a non-custodial trading solution that would support these emerging networks.
Why did you choose Polkadot and SBC?
As for why he chose Polkadot and BSC to start, the reason probably lies in the fact that both projects have seen a noticeable increase in popularity. They offer competent and unique alternatives to Ethereum (ETH), just as the project’s network began to encounter major difficulties caused by the explosion of the DeFi sector.
Ethereum’s scalability issues have inspired IDEX to seek out various new blockchains and its Multiverse will allow it to become a go-to app for trading assets on secure, decentralized platforms.
Earlier this year, IDEX underwent a major overhaul of its trading platform, with a new user interface and improved user experience. Furthermore, it has grown and is now capable of covering hundreds of thousands of TPS. As such, it is the only DEX in the industry that can offer a solution as efficient as centralized exchanges.
