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The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.
IDEX Expands to Binance Smart Chain and Polkadot
In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.
Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.
It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:
In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. 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.
Attempts of Further Growth
It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.
IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.
All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.
With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.