IDEX is a high-performance decentralized exchange (DEX) combining elements of traditional and decentralized exchanges. It provides a platform for trading cryptocurrencies with advanced security features, high-speed execution, and hybrid liquidity through the use of both order books and automated market makers (AMMs). IDEX supports multichain trading on blockchains like Ethereum, Binance Smart Chain, and Polkadot.
IDEX operates with a hybrid model that utilises both on-chain and off-chain components. The off-chain order book and matching engine execute trades quickly, while the on-chain custody and settlement processes secure the transactions. This design takes advantage of the efficiencies of traditional exchanges while maintaining the transparency and security provided by blockchain technology. IDEX uses the Proof of Stake (PoS) consensus mechanism and employs Layer-2 Optimistic Rollups for scalability and reduced transaction costs.
Founded in 2017 by Alex and Phil Wearn, IDEX was initially launched as part of the Aurora project to offer a decentralized trading platform that combines blockchain security with trading speed. Significant milestones include the introduction of the Hybrid Relay protocol and integrating with Polygon's zkEVM to enhance performance and security. Over the years, IDEX has expanded its presence across multiple blockchains and introduced advanced trading features, establishing itself as a key player in the decentralized exchange space.