IDEX (IDEX) Price

To improve network speed without compromising its decentralized nature, IDEX borrows features from centralized exchanges. The platform uses both Binance Smart Chain and Ethereum as its hosting infrastructure. Unlike most similar projects, IDEX does not employ the automatic market maker methodology while carrying out transactions on a DEX.

All cryptocurrency trades on IDEX are initiated and completed using order books. Since IDEX customers must perform know-your-customer authentication and provide an email address, it is unclear if the platform qualifies as a decentralized or non-custodial exchange. Features like stop-loss orders, often seen on centralized exchanges, are also available on IDEX on BSC. Recently, as part of the IDEX Multichain initiative, IDEX has also been accessible on Polkadot.

IDEX Features and Updates

While most DEX systems rely on smart market maker systems to carry out sell and buy orders, IDEX uses order books and a centralized matching mechanism. All off-chain operations can be executed instantly and processed quickly because of the centralized nature of this system.

IDEX's software is a one-of-a-kind hybrid of decentralized and centralized components, and the exchange guarantees trade execution and low latency. IDEX is the only decentralized exchange to provide consumers with complete custody of their assets because of its innovative method of sourcing exchange services. IDEX is an innovative and important initiative for the Defi business and beyond because of its flexible order types, the automatic incentive system for staking, and straightforward user interface.

IDEX Team

IDEX was developed and created in 2017 but was initially launched under the Aurora brand. Alex Wearn and his brother Philip Wearn, who also helped develop EtherEx, conceptualized and launched the venture. In  2019, Aurora relaunched as IDEX, intending to build the first practical, non-custodial exchange that uses both a centralized and decentralized mechanism for order matching.

Alex Wearn, IDEX's chief executive officer, has held several managerial positions in the software industry, including at Amazon, Adobe, and IBM. The goal of this project is to give users access to financial and banking features and tools that will allow them to instantly trade cryptocurrencies on several platforms, including Ethereum, Polkadot, BSC, and others that will be included in the near future.