If you are not familiar with IDEX
The cryptocurrency exchange operates on a smart contract, a trading engine and an "arbiter of transaction processing". The first one stores all assets and performs trading calculations. To verify transactions, the user needs to use their private keys.
The platform is somewhat different from the usual decentralized crypto exchanges. After all, her smart contract sends only signed transactions in Ethereum. Thanks to this, the platform controls the order of their processing in such a way as to separate trading from full settlement.
Updating the balance on users' accounts occurs automatically and instantly. At the same time, users have to use personal keys that authorize trading in a smart contract. It prohibits the cancellation of completed transactions and the initiation of any unauthorized transactions.
The advantage of the exchange is that it preserves the anonymity of users. To work with it, you only need an Ethereum wallet. At the same time, there is no registration on the site as such. Only a wallet is used to log in.
The commission here varies depending on whether the user is a maker or a taker. It is 0.1% and 0.2%, respectively. however, it is also worth considering the commission within the Ethereum blockchain itself for conducting operations. It is written off traditionally in ETH.
Pros and cons of the IDEX crypto exchange
Among the advantages, it is worth highlighting complete anonymity. After all, operations are carried out only within the Ethereum network. However, this can be a significant disadvantage for new investors. They will not be able to trade until they create their wallet on the Ethereum network and buy coins. To do this, you will have to use third-party platforms.
On the other hand, full decentralization of the site. Consequently, the risks of system failure are minimal. Also a plus is actually a non-custodial system. The exchange does not have access to your funds directly, and trading is carried out through a smart contract.
The platform supports many cryptopars. Among the disadvantages is a relatively small trading volume compared to larger competitors such as Binance or ByBit.
What is known about the IDEX second-level solution
Today it became known that the exchange started working on an L2 solution called XCHAIN. The zkEVM technology created by the developers of the Polygon crypto network will be used as a base.
The test network has already been launched on the Supernets infrastructure. It makes it possible to create a customized blockchain — upchain.
One of the founders of the crypto exchange, Alex Vern, said that this solution is the final element to compete with centralized platforms.
The developers report that the user experience will be improved. Spending on commissions will also decrease. At the same time, a high level of security will be maintained. The solution will also make it possible to effectively trade swaps on the crypto exchange.
Beta testing of the main version of zkEVM was started in early spring. It allows you to scale the Ethereum crypto network. The first transaction was carried out by Vitalik Buterin himself.
The solution uses a zero-disclosure proof. At the same time, it conducts off-chain calculations at the L2 level. This allows you to reduce the cost of operations and significantly speed them up. Note that zkEVM is equivalent to EVM. It provides support for the main crypto network. At the same time, developers can use already created tools with infrastructure.