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What is IDEX Coin?

12:15 pm (22 days ago)
November 10, 2023

IDEX is the first Ethereum-based decentralized smart contract exchange that supports real-time trading and high trading volume. IDEX defines itself as the most advanced Ethereum DEX, enabling limit and market orders, feeless cancellations, and the ability to perform multiple transactions simultaneously.

What is IDEX?

IDEX consists of a smart contract, a transaction engine, and a transaction processing system. According to their descriptions, the smart contract is responsible for securely storing all assets and executing transactions. All transactions must be authorized by the user’s private keys.

However, unlike other decentralized exchanges, as per the platform’s descriptions, the IDEX smart contract is designed to only submit exchange-signed transactions to Ethereum. This allows IDEX to control the order in which transactions are processed and separates the payment action from the final settlement. As users trade, their transaction balances are updated in real-time, simultaneously using their private keys to authorize transactions on the contract. This authorization prevents users from reclaiming completed transactions and prevents unauthorized transactions initiated by IDEX.

Authorized transactions are relayed to the system that manages the order of pending transactions, sending them sequentially to ensure each transaction is executed in the correct order and that smart contract balances remain consistent with exchange balances. By controlling the transaction order, IDEX combines the security and auditability of decentralized exchanges with the speed and user experience of centralized exchanges.

IDEX’s native token, IDEX, is a utility token. IDEX token holders are rewarded with more IDEX coins if they contribute to the development of the decentralized architecture. Additionally, users’ wallets are automatically distributed IDEX coins based on their monthly trading volume.

IDEX Token

As of the time this article was prepared, IDEX coin, the token of the decentralized exchange, is trading at $0.1154. It has seen an increase, particularly after being listed on Binance, and has been on an upward trajectory since its listing. Additionally, it’s worth noting that IDEX token hit its lowest point at $0.0085 on March 16, 2020, and reached a record high of $0.1644 after IDEX’s Binance listing on August 22, 2020.

According to CoinMarketCap data, IDEX ranks 242nd in terms of market capitalization, with a market cap of $61,269,861. Currently, there are 530,591,134 IDEX tokens in circulation, with plans to reach a total of 1,000,000,000 IDEX tokens.

IDEX Coin Review

IDEX has gained popularity among decentralized exchange users, with many choosing and being satisfied with the platform. Moreover, its recent surge in popularity, especially after being listed on Binance, has made it one of the notable cryptocurrencies of recent times. The significant performance shown by the token after its listing caught the attention of investors.

How to Buy IDEX Coin?

You can securely and quickly purchase IDEX coin, the cryptocurrency of the IDEX exchange, through Binance, one of the world’s largest cryptocurrency exchanges.

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