IDEX Promise to Reduce User Costs by 98%
The IDEX hybrid cryptocurrency exchange this Thursday presented updated information regarding the planned release of the second version of the software.
IDEX 2.0 will include a new user interface, an off-chain application matching engine and a second-level settlement system based on smart contracts. The release of the test version of IDEX 2.0 should take place before the end of this year, and a full-scale launch is scheduled for the first quarter of 2020.
“IDEX 1.0 remains one of the most successful Ethereum DApps, constantly upwards of 50% of all Ethereum DEX traffic. But this success comes at a cost — more specifically the direct cost of using the Ethereum network. In 2018 IDEX traders paid over $4.3 million to the network to settle trades, and contract consumed over 18% of Ethereum network capacity on peak days. The IDEX contract has grown to become the largest contract state on the entire blockchain, an additional and increasing cost to the public. It’s time for this to change,” the team says.
When creating IDEX 2.0, developers used an individually developed second-level solution and O2 Rollup technology, which standardizes high-throughput application startup schemes.
The proposed scheme will exclude all gas costs in the Ethereum main network when concluding transactions. In total cost of users will fall by 98%, the creators of the project promise. The idea is to update balances outside the main blockchain — it is with this procedure that the main cost item is currently associated. However, the developers declare that all aspects of the operation of IDEX 2.0 will be confirmed using cryptography.
The application matching system is also waiting for processing, which will eliminate the coordination problems observed on IDEX 1.0 and other DEX. In addition, in IDEX 2.0, traders will have access to complex types of orders and other advanced features.
Last October, IDEX developers reported to restrict access for users from New York and were forced to admit that their exchange is not fully decentralized.
Author: Marko Vidrih