IDEX Launched On Binance’s Smart Chain To Lower Fees

IDEX launched on Binance’s smart chain and now strives to lower down the transaction fees only a month after launching its Multiverse solution. IDEX expanded its services to the Binance Smart Chain and we are reading more about it in our latest binance news.

By employing the newly launched solution for exporting data to new blockchains, the decentralized exchange IDEX launched a Binance Smart Chain trading infrastructure so now the platform will onboard new assets and will lower down the trade settlement costs dramatically. Launched in 2020, the Binance Smart chain blockchain works along with Binance Chain to support smart contracts and the latest integration to BSC came on behalf of the exchange now.

IDEX released a new blockchain solution dubbed Multiverse to expand its infrastructure to other blockchains and the transition became official as per the press release issued shortly after. Both projects aim to lower the transaction fees and to boost the user experience when interacting on the platform. According to the announcement, BSC executed more than five million trades with an average cost of $0.10 per transaction while for comparison, ETH-based DEXs completed 46 million trades with a few of $4.5. CEO Alex Wearn said:

 “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.”

A spokesman from Binance noted that the BSC will facilitate fast, decentralized trading to rectify blockchain scalability challenges and the leading crypto exchange solution hosts a few other trading platforms like PancakeSwap, Trustswap. Apart from the usage of Multiverse’s solution with BSC, the decentralized exchange plans to utilize even more integrations. Wearn explained that the project looks for more blockchain networks to support the IDEX infrastructure and to become a hub for trading assets on various blockchains via a secure, high-performance platform.

The IDEX exchange also wants to add an additional reward for its customers after the launch and as of today, all stakers will receive back 505 of the trading fees in the form of a native token IDEXB.