IDEX Update Focuses on Major Pain Points in Decentralized Trading

2020-10-21 18:03

IDEX, a popular decentralized trading platform, received a major upgrade that significantly improves user experience. 

IDEX Gets a Makeover

The event signifies another step in improving decentralized trading performance, which brings platforms like IDEX closer to their centralized counterparts.

The team focused on eliminating front-running, a malicious practice of paying more gas to buy or sell an asset before a person who has already initiated a trade. Moreover, users can say goodbye to failed transactions, often causing frustration on other leading DEXes like Uniswap.

The performance enhancements come from the off-chain order matching mechanism. While remaining non-custodial, IDEX can quickly match orders in an optimized environment without opening windows of opportunity to front-runners.

The combination of decentralization and functional efficiency makes the platform a strong contender to become a leading DeFi exchange. Users control their funds, so they won’t suffer even if IDEX ceases to exist, which is a substantial risk on centralized platforms. 

Additionally, private off-chain order books open the platform to high-frequency traders and market makers. With a throughput of hundreds of thousands of trades per second, as well as fast trade cancellation, these market participants can conduct their business without trusting large amounts of crypto to anyone. The team also changed the platform’s domain to IDEX.IO rather than IDEX.MARKET.

Further developments, including Layer 2 trading with no gas fees, are also in store. IDEX upgrades will be released in three phases, so each update is extensively tested before the next one is released.

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