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IDEX Launches on Binance Smart Chain as Ethereum Fees Soar

IDEX has begun trading on Binance Smart Chain as an alternative to Ethereum. 

IDEX Launches on Binance Smart Chain as Ethereum Fees Soar
Shutterstock image by STEVLTH

Key Takeaways

  • IDEX decentralized exchange has launched on Binance Smart Chain due to exorbitant fees on Ethereum.
  • The new integration offers to reduce settlement fees. A promotional plan will reward traders and IDEXB stake holders until Feb. 11.
  • The developers of the application have also planned the launch of the DEX on other Layer-1 solutions like Polkadot.

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Decentralized exchange IDEX has launched its trading infrastructure on Binance Smart Chain (BSC) as Ethereum DeFi users experience high fees. The developers will kickstart the launch with the distribution of IDEX BSC’s native token IDEXB for traders and stakers.

IDEX BSC Brings Cheaper Trading

Leading decentralized exchange IDEX has launched on Binance Smart Chain (BSC), a blockchain-as-a-service (BaaS) platform; executing trades on IDEX BSC are 49 times cheaper than the Ethereum counterpart. On BSC, IDEX will have access to tokenized cryptocurrencies, for instance, BUSD.  

The decentralized exchange on Binance’s blockchain platform will reward traders with the native token of the DEX and allow IDEXB stakers to earn 50% of trade fees from Jan. 28 to Feb. 11.

Recently, Ethereum has been experiencing network congestion and high fees in the wake of the latest DeFi boom. Ethereum DeFi users now pay more than $5 for each transaction or more for complex transactions involving numerous smart contract executions.

Instant Execution for IDEX Users

ETH gas fees, operational costs for the network, now amount to $4.5 million per million transactions since launch. By comparison, BSC users have made 5 million trades and spent $456K in gas fees since launch in September 2020. 

The DEX also promises a high-performance matching engine, instant execution, and protection against front-running. Additionally, IDEX BSC also offers advanced trading options like stop-loss and profit booking. 

The co-founder and CEO, Alex Wearn, noted in the press release:

“In line with the IDEX Multiverse, we will continue to explore new Layer-1 blockchains to support the IDEX infrastructure and become a hub for trading assets on various blockchains through a secure, high-performance platform.”

The transformation was made possible by the implementation of the Multiverse cross-chain solution. The DEX has also planed a launch on Polkadot using its Multiverse solution.

Disclosure: The author held Bitcoin at the time of publication. 

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