IDEX Launches on Binance Smart Chain as Ethereum Fees Soar

Key Takeaways

  • IDEX decentralized exchange has launched on Binance Smart Chain due to exorbitant fees on Ethereum.
  • The new integration offers to reduce settlement fees. A promotional plan will reward traders and IDEXB stake holders until Feb. 11.
  • The developers of the application have also planned the launch of the DEX on other Layer-1 solutions like Polkadot.

Decentralized exchange IDEX has launched its trading infrastructure on Binance Smart Chain (BSC) as Ethereum DeFi users experience high fees. The developers will kickstart the launch with the distribution of IDEX BSC’s native token IDEXB for traders and stakers.

IDEX BSC Brings Cheaper Trading

Leading decentralized exchange IDEX has launched on Binance Smart Chain (BSC), a blockchain-as-a-service (BaaS) platform; executing trades on IDEX BSC are 49 times cheaper than the Ethereum counterpart. On BSC, IDEX will have access to tokenized cryptocurrencies, for instance, BUSD.  

The decentralized exchange on Binance’s blockchain platform will reward traders with the native token of the DEX and allow IDEXB stakers to earn 50% of trade fees from Jan. 28 to Feb. 11.

Recently, Ethereum has been experiencing network congestion and high fees in the wake of the latest DeFi boom. Ethereum DeFi users now pay more than $5 for each transaction or more for complex transactions involving numerous smart contract executions.

Instant Execution for IDEX Users

ETH gas fees, operational costs for the network, now amount to $4.5 million per million transactions since launch. By comparison, BSC users have made 5 million trades and spent $456K in gas fees since launch in September 2020. 

The DEX also promises a high-performance matching engine, instant execution, and protection against front-running. Additionally, IDEX BSC also offers advanced trading options like stop-loss and profit booking. 

The co-founder and CEO, Alex Wearn, noted in the press release:

“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.”

The transformation was made possible by the implementation of the Multiverse cross-chain solution. The DEX has also planed a launch on Polkadot using its Multiverse solution.

Disclosure: The author held Bitcoin at the time of publication. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article