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About IDEX
Key Points
- IDEX is a hybrid liquidity DEX that combines an order book model with an automated market maker.
- It uses an off-chain trading engine with on-chain trade settlement, eliminating failed trades and wasted gas fees.
- IDEX has a multi-chain future roadmap, currently running on Ethereum and Binance Smart Chain.
- The founders are Alex Wearn (CEO) and Phil Wearn (COO), with a team of 29 people.
- IDEX takes a unique approach to combining an order book model with an automated market maker.
- The total supply of IDEX is 1 billion, with a token distribution of 40% for market maker rewards, 10% for
About IDEX: A Decentralized Cryptocurrency Exchange
What is IDEX (IDEX)?
Idex proudly pioneers the concept of a hybrid liquidity DEX, seamlessly integrating an order book model with an automated market maker. By fusing the high-performance capabilities of a traditional order book model with the robust security and liquidity of an AMM, Idex redefines the decentralized exchange landscape. Its groundbreaking approach involves pairing an off-chain trading engine with on-chain trade settlement, yielding a multitude of benefits for users.
Firstly, this approach eliminates the pitfalls of failed trades and unnecessary expenditures on gas fees, thereby rendering the trading experience more seamless and efficient. The instantaneous trade execution precludes the possibility of front-running or sandwich attacks, allowing users to trade unhindered, without being beholden to the settlement of preceding trades. Consequently, the door is opened to the execution of more sophisticated order types and trading strategies, including limit orders, which, in turn, unlock arbitrage opportunities with other exchanges.
Idex is charting an ambitious course, envisioning a multi-chain future for the exchange, which currently operates on Ethereum and Binance Smart Chain. In the remainder of 2021, it plans to deploy on second-layer solutions and Polkadot, while introducing a referral program. Looking ahead, Idex aims to integrate leverage trading and expand its presence to additional layer-one and layer-two blockchains.
The Visionaries Behind Idex: Meet the Founders
Idex was founded by CEO and co-founder Alex Wearn, alongside his brother and COO Phil Wearn. Alex, an alumnus of the esteemed Kellogg School of Management, boasts an impressive professional background, having worked with prominent companies such as Amazon, IBM, and Adobe. Phil, with a degree in astronautical engineering, brings a unique blend of accounting expertise and entrepreneurial acumen to the table. The management team is further bolstered by CTO Brian Yennie, a seasoned software engineer with over two decades of experience. According to LinkedIn, the current Idex team comprises 29 members. Idex initially launched in 2017, with its 2.0 version debuting in fall 2020, following a successful $2.5 million seed investment led by G1 Ventures and Borderless Capital, with participation from Collider Ventures and Gnosis.
Unparalleled Idex: A Beacon of Distinction
Idex pioneers a distinctive approach by synergistically integrating an order book model with an automated market maker. Leveraging an off-chain trading engine, Idex achieves performance parity with centralized exchanges, ensuring seamless sequencing. Trades are meticulously processed within an off-chain order book, and only upon successful matching and execution, the transaction is settled on-chain.
By doing so, users reap the benefits of eliminating additional network costs associated with placing and canceling orders. Moreover, real-time processing of placements enables the implementation of more sophisticated trading and market-making strategies, including stop-loss, post-only, and fill-or-kill orders.
The automated market maker ensures a liquidity guarantee by injecting virtual limit orders into the order book, alongside real limit orders, thereby providing a visual representation of AMM liquidity within the order book model. Settlements typically occur either solely through the AMM or as a hybrid combination of AMM and limit order liquidity.
Idex leverages smart contracts to decentralize fund custody and trade settlement, thereby ensuring a secure and transparent process. By harnessing the power of smart contracts, trades are executed off-chain, while settlements are facilitated on-chain with a brief delay. The smart contract assumes the role of escrow, restricting the movement of funds until the settlement process is complete. Additionally, trades are sequenced, and a specialized function within the smart contract guarantees that funds cannot be restricted indefinitely. Furthermore, the smart contract enforces ownership and authorization, empowering users to maintain custody and create markets without the need for additional infrastructure.
What Is the Circulating Supply of Idex (IDEX) Coins?
The total supply of IDEX is capped at 1 billion tokens, with a distribution breakdown as follows:
Forty percent will be allocated towards incentivizing market makers, executing strategic marketing campaigns, and facilitating airdrops.
A privileged 10% allocation is reserved for esteemed IDEX members.
A quarter of the allocation, 25%, is reserved for the team.
A 10% allocation has been designated for the future employee token pool.
A reserve of 10% has been allocated for future use.
Five percent will be allocated towards business expenditures.
Alternatively, users have the option to operate a lightweight node, provided they possess a minimum of 10,000 IDEX, which can then be staked.
The Idex Network’s Robust Security Framework: A Comprehensive Overview
IDEX, an ERC-20 token built on the Ethereum blockchain, has undergone rigorous auditing by Quantstamp, a renowned leader in blockchain security, whose esteemed clientele includes prominent projects such as Maker, Compound, and Avalanche. Notably, IDEX has consistently upheld its stringent security standards, successfully withstanding potential threats and avoiding any breaches or hacker attacks to date.
ERC-20 is the de facto token standard that most newly minted tokens adhere to when launching on the Ethereum blockchain. As one of the most prominent blockchains, Ethereum has established itself as the go-to platform for numerous decentralized applications and exchanges. The network’s security is ensured by a proof-of-stake consensus mechanism, which necessitates validators to stake 32 ETH to validate the network. A decentralized network of nodes is responsible for verifying transactions and maintaining the integrity of the Ethereum blockchain.
Can Idex Reach the $1 Milestone?
The pioneering fusion of an order book with an automated market maker has
recently propelled the price of IDEX from a modest $0.10 to an unprecedented
all-time high of over $0.60. Although the price has since corrected to $0.30 at
the time of writing, it appears entirely plausible that, with forthcoming launches
on layer one and layer two blockchains and an increasingly refined product,
Idex is poised to sustain its upward trajectory in the long term.
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Where to Acquire Idex (IDEX) Tokens
IDEX is listed on prominent cryptocurrency exchanges, including Binance, Uniswap V2, Gate.io, and Balancer, ensuring seamless accessibility for users.
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