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Major decentralized exchange IDEX, recently announced its multi-chain initiative, Multiverse. The initiative aims to bring the exchange’s trading experience to other blockchains, and the first ones on the list are Polkadot (DOT) and Binance Smart Chain (BSC).
IDEX to expand its exchange to new blockchains
IDEX revealed that it is also going to issue a whole new supply of tokens, which will be native to every blockchain to which it expands. That way, it will secure its operations, and it will be able to earn 50% of trading fees on these new blockchains.
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The DEX will also distribute Multiverse tokens — IDEXB and IDEXP — to all of its token holders who own ETH-based IDEX tokens. The distribution is scheduled to start on December 7th.
Alex Wearn, IDEX’s CEO, commented on the recent development, noting that, over the past year, the exchange has noticed multiple new smart contract platforms emerge. Each of these platforms came with its own, unique set of assets and capabilities.
As these platforms continue to grow, IDEX expects to see a growing demand for their assets, but also for a non-custodial trading solution that would support these emerging networks.
Why chose Polkadot and SBC?
As for why did it select Polkadot and BSC to start, the reason likely lies in the fact that both projects saw major increase in popularity. They offer competent and unique alternatives to Ethereum (ETH), right at the time when the project’s network started experiencing major difficulties caused by the DeFi sector’s explosion.
Ethereum’s scalability problems have inspired IDEX to seek out various new blockchains, and its Multiverse will allow it to become a go-to app for trading assets on secure, decentralized platforms.
Earlier this year, IDEX went through a major overhaul of its trading platform, with new user interface nad improved user experience. It also scaled up, and is now capable of covering hundreds of thousands of TPS. As such, it is the only DEX in the industry that is capable of offering a solution that is just as capable as centralized exchanges.