By employing its recently-launched multi-chain solution for exporting data to new blockchains, the decentralized exchange IDEX has launched a Binance Smart Chain trading infrastructure. As a result, the platform will onboard new assets and reduce trade settlement costs sharply.
IDEX Joins Binance Smart Chain
Launched last year, the Binance Smart Chain (BSC) blockchain works in parallel with Binance Chain to support smart contracts functionality. The latest integration to BSC comes on behalf of the decentralized crypto exchange (DEX) IDEX.
As previously reported, IDEX released a multi-chain solution, called Multiverse, to expand its infrastructure to other blockchains, including BSC’s layer 1. The transition has become official, according to a press release shared with CryptoPotato.
Both projects aim to lower the transaction fees and enhance the users’ experience when interacting on the exchange. Per the announcement, BSC has already executed more than five million trades with an average cost of $0.10 per transaction. For comparison, Ethereum-based DEXs have completed 46 million trades, but the average fee is $4.5.
“IDEX is excited to usher in the future of DEX trading. As more users enter the cryptocurrency market, we are committed to providing the best possible trading experience. With settlement costs as low as $0.10 and the improved functionality, IDEX BSC is the most user-friendly DEX available.” – commented IDEX co-founder and CEO Alex Wearn.
A spokesman from Binance noted that BSC aims to “facilitate fast, decentralized trading to rectify blockchain’s scalability challenges.” Additionally, the leading cryptocurrency exchange solution hosts several other trading platforms, including TrustSwap and PancakeSwap.
The First Of Many Integrations?
Apart from the successful usage of the Multiverse solution with the BSC, the decentralized exchange plans to utilize further integrations.
Wearn explained that the project looks for other Layer-1 blockchain networks to “support the IDEX infrastructure and become a hub for trading assets on various blockchains through a secure, high-performance platform.”
The exchange also plans to reward its customers following the launch. Between February 2nd to February 16th, all stakers will receive back 50% of the trading fees in the form of the project’s native token – IDEXB.