IDEX, a decentralized crypto exchange, has revealed the launch of “Multiverse.” The Multiverse will be a multichain initiative that will bring its renowned trading experience to new blockchains. It plans to start with the expansion to Polkadot and Binance Smart Chain.
The Multiverse Initiative
As part of the Multiverse initiative, IDEX will issue a new supply of tokens native to every blockchain where the exchange is launched. The tokens will be used to secure its operations on the blockchains as well as earning 50% of the trading fees. These tokens will be distributed to the holders of the Ethereum-based IDEX tokens starting on December 7, 2020.
Why They Chose Binance Smart Chain And Polkadot
The reason why the IDEX team settled on the Polkadot and Binance Smart Chain blockchains is their growing popularity. They offer great alternatives to Ethereum, which has been facing network congestion and high fees due to a booming DeFi sector. IDEX is already one of the most successful DApps on Ethereum. IDEX wants to ensure that users of these alternatives also have a chance to enjoy its services. By launching the Multiverse, IDEX intends to become a one-stop-shop for asset trading on various blockchains via a unified platform.
IDEX revamped its platform earlier this year. It now features a new user interface and has been scaled to handle hundreds of thousands of transactions per second. Today, IDEX is the only non-custodial platform that matches the throughput of centralized platforms.
Details Of The Multi-Chain Tokens And Staking Mechanism
IDEX infrastructure, which includes the highly scaled matching engine and the layer 2 system, will be deployed to each layer-1 network. To support the new layer-2 system, a token will be launched for every blockchain. The Multiverse tokens for Polkadot and Binance Smart Chart have been dubbed IDEXP and IDEXB respectively.
These two new tokens will be distributed on a 1:1 ratio to all IDEX token holders over two years via a staking mechanism. The mechanism will launch on December 7, 2020, at 12:00 UTC. To incentivize users to take part, IDEX plans to accelerate the token issuance by 2X before it launches on a new blockchain. To participate in the IDEX Multiverse staking, you can visit this link.
According to the co-founder and CEO of IDEX, Alex Wearn, they have seen several smart contract platforms emerge in the past year. He added that each of these platforms had unique assets and capabilities. The CEO added:
“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.”
About The IDEX Platform
The IDEX decentralized exchange is considered the most advanced crypto exchange in the world. It offers users the speed and features found on centralized exchanges and the security of a decentralized platform. On IDEX, it is easy for market makers to integrate with their existing infrastructure and provide deep liquidity securely.
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