Decentralized blockchain space is constantly growing with Ethereum grabbing the top spot in the crypto news circles these days. Newer platforms, solutions, and associations are announced every day as more and more crypto firms jump on the Defi bandwagon.
Now, IDEX, a leading decentralized exchange has launched a multi-chain system that would allow other blockchains on its infrastructure.
IDEX Multiverse To Onboard Binance Smart Chain and Polkadot
As several new smart contract platforms are gaining popularity, the exchange is extending its capabilities to all trading of additional blockchains. IDEX initially supported the Ethereum blockchain however as it evolves as a Multiverse, it would now integrate support for Binance and Polkadot and eventually introduce newer networks. Alex Wearne, the CEO of the DEX said that the company would provide support for the trading of new assets and provide more non-custodial trading solutions that facilitate new services.
Named Multiverse the new platform would facilitate multi-chain trading on IDEX including Binance Smart chain (BSC) and Polkadot. The IDEX users can gain IDXP tokens for Polkadot by staking their IDEX tokens on the Multiverse platform. While IDXB token is created for Binance Finance Chain trading on the exchange.
New IDXB and IDXP Tokens
Using the Multiverse platform, the IDEX users would be able to trade their assets on the different blockchains through a single and secured IDEX account. IDEX intends to increase its user base by taking the user trading experience a notch above. As it continues to expand, Multiverse would include other layer-1 protocols like Agoraland on its exchange.
Beginning December 7, IDEX would distribute the Multiverse tokens IDXB and IDXP to the EThereum based IDEX tokens holders. The distribution will be based on 1:1 IDEX staking for the next two years. Users can kickstart their stint with Multiverse by holding IDEX tokens in a wallet and then sign up for an IDEX account. Once the signup is completed they can start Multiverse staking on the IDEX staking page.
Polkadot and Binance Smart Contract, BSC have grown exponentially in recent times as they give some highly efficient and robust trading alternatives to the users apart from Ethereum. Currently, even though Ethereum is gaining popularity, it is marred by several roadblocks such as scalability as Defi space gets busier. IDEX extended support for other blockchains to cater to the scalability problem in Ethereum and onboard newer blockchains covering a larger number of TPS.
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.