Why is IDEX (IDEX) crypto bringing smiles to its users?

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Why is IDEX (IDEX) crypto bringing smiles to its users?

 Why is IDEX (IDEX) crypto bringing smiles to its users?
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Highlights

  • Ethereum-powered IDEX (IDEX) is one of the unique hybrid liquidity DEX models that makes the most from decentralised and centralised exchanges.
  • The IDEX has been rallying on 9 May as it was up by over 4% and saw a volume gain of over 100%. 
  • On Monday, the IDEX token was trading at US$0.108441 with a trading volume of US$3,03,90,423 over a day, as per CoinMarketCap. 

Ethereum-powered IDEX (IDEX) is one of the unique hybrid liquidity DEX models that makes the most from decentralised and centralised exchanges and maximises their potential using features, such as traditional order book, security, and liquidity. 

This ensures users are protected against failed trades and shielded against attack, along with the facility not needing to pay additional network costs for placing or cancelling orders. The IDEX crypto offers users arbitrage opportunities on other exchanges as well. 

Also read: Bitcoin leads the market free-fall: Why are cryptos crashing?

On 9 May, the IDEX was rallying as it was up by over 4% and saw a volume gain of over 100%. 

Marching ahead

The rally comes after a lull period for the IDEX crypto. The token for some time was witnessing red, with the past 30 days resulting in 28.9% losses. In the last one week, it was undone by the bearish sentiments prevailing in the market, resulting in losses of 10.1%. 

Although today’s reason for the rally is still unclear, it seems to be on the back of its announcement of Decentral Games (DG/USDC) which is now available for trading on the IDEX platform. With this, the liquidity providers can earn handsome rewards for offering liquidity and trading. Also, users can trade with the benefit of 0% maker fees. 

Not just Decentral Games, users of the SX Networks will be able to stake their SX tokens on the IDEX platform and earn up to 25% -30% APY. The staking facility is limited and will be available only till 17 May. 

Also read: Why are DeFi attacks increasing by the day?

How is IDEX price faring? 

IDEX token on Monday was trading at US$0.108441 with a trading volume of US $3,03,90,423 over a day, as per CoinMarketCap. The 394th ranked token enjoyed a market cap of US$7,05,62,871 and a circulating supply of 65,07,04,299 IDEX coins.

The token’s rally is especially impressive at present because the crypto market is down and the biggies, like Bitcoin, and Ethereum too dropping by 5.37% & 7.15% respectively. With the overall crypto market being down by 3.49%, IDEX’s rally is perhaps among the handful of cryptos who have been seeing the colour green. 

To sum up, it must be reiterated that crypto markets can be volatile market and their prices can change at any given point in time. Therefore, one must be careful while entering the market and do market research to ensure that one doesn’t suffer any losses due to bad decision-making or lack of understanding of the market. 

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