Trading volumes soar as IDEX launches on Binance Smart Chain

IDEX has just announced the launch of its trading infrastructure on the Binance Smart Chain, which will facilitate cost-effective DEX trading. The IDEX ‘Multiverse’ trading solution can export its trading experience to other blockchains, enabling 1000x reduced trade settlement costs. 

Vastly lower fees 

Binance Smart Chain is attracting DEX’s and playing a big role in their continued growth. Since September of 2020, BSC users made more than 5 million trades while spending $456,000 in gas fees. By contrast, Ethereum DEX users have carried out more than 46 million trades since 2015 and have paid more than $207 in gas fees. 

In a like for like comparison, BSC users pay less than 10 cents a transaction, while Ethereum DEX users pay an average of $4.50 a transaction – a 49x increase. 

Alex Wearn, the CEO and Co-founder of IDEX stated: 

“IDEX is excited to usher in the future of DEX trading,” 

He added: 

“As more users enter the cryptocurrency market, we’re committed to providing the best possible trading experience. With settlement costs as low as $0.10 and the improved functionality, IDEX BSC is the most user-friendly DEX available.” 

Advantages of a DEX on Binance Smart Chain 

IDEX is now matching the performance of centralised exchanges, as it ramps up its platform to enable hundreds of thousands of transactions per second. IDEX BSC is able to provide the same off-chain infrastructure as its Ethereum counter-part, such as high-performance matching engine, instant execution, and protection against front-running.  

IDEX BSC also supports the kind of advanced orders normally available only on centralised exchanges such as ‘stop-loss’ and ‘take-profit’. 

Wearn continued,  

“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.” 

Binance have said previously: 

Binance Smart Chain aims to facilitate fast, decentralized trading to rectify blockchain’s scalability challenges,”  

“Our blockchain was built to support high-performance decentralized applications, like IDEX, and cultivate cross-chain compatibility to deliver users the best of both worlds.” 

New native assets available on IDEX BSC will include BNB and CAKE. Other assets, which aren’t available on Ethereum DEXs, will be wrapped versions of DOT and LTC among others.  

Finally, when asked how he thinks DEX trading will evolve in 2021 given the boom in DeFi, Alex Wearn replied: 

“To this point swap DEXs have dominated the conversation. This is in many ways due to the fact that the underlying networks don’t have the performance or throughput to host a proper order book DEX. IDEX’s hybrid design changes the game, and, when paired with a low-cost settlement system, gives users the performance of a centralized exchange combined with the security of a DEX.” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.   

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