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Highlights
- IDEX (IDEX) is the world’s first hybrid liquidity decentralised exchange (DEX) that maximises its potential by combining the order book model with an AMM.
- IDEX crypto seems to be rallying on the back of the news of its KuCoin listing.
- The 381st ranked IDEX token was trading at US$0.156555 with a volume of US$39,982,059 as per CoinMarketCap.
IDEX (IDEX) is the world’s first hybrid liquidity decentralised exchange (DEX), which maximises its potential by combining the order book model with an automated market maker (AMM).
Founded by Alex Wearn and Phil Wearn, IDEX’s AMMs remove intermediaries while trading. By combining an off-chain trading engine with an on-chain trade settlement process, it derives the best from both the centralised and decentralised exchanges to offer varied services to its users.
The mechanism helps users to protect themselves from failed trades and also save them from attacks on its protocol. Due to this, the Ethereum-powered IDEX crypto offers arbitrage opportunities with other exchanges.
Also read: How long can the Exeedme (XED) rally sustain?
The IDEX has been rallying on 22 April as it was up by 1% and was also witnessing a volume rally of over 50%.
Why is it rallying?
IDEX crypto seems to be rallying on the back of the news of its KuCoin listing. The Kucoin listing, which happened on 21 April, will give the users the option of trading in pairs of IDEX/USDT.
KuCoin opened the token deposit on Thursday, but the trading will only begin on Friday at 8:00 am UTC.
Another reason for its rally is the dual farm rewards on the Polygon network. The users can deposit their liquidity protocol tokens and can earn dual farm rewards. However, if the liquidity already exists, the users can have their LPs staked in the single rewards farms and take them out and redeposit them in the dual rewards program.
Also read: What is the driving force behind ever-expanding DApp industry?
How has IDEX price fared?
The 381st ranked IDEX token was trading at US$0.156555 with a volume of US$39,982,059 as per CoinMarketCap. IDEX crypto was up 0.57% in the past 24 hours with a live market cap of US $101,837,898 and 650,494,509 IDEX coins in circulation.
The token has been on a high for the past one week, registering gains of 6.2%, which is reflective in the investors’ interest as the volume was up by 57.19% in the past 24 hours.
IDEX has an ambitious roadmap ahead to make it a multi-chain future for the exchange. IDEX plans to implement leverage trading and launch on additional layer one and layer two blockchains.
Though the rally has been supported by the recent developments, as a market participant, one needs to be wary of sudden price variation, which crypto markets are famous for. While dealing with cryptos, one needs to tread carefully and study the trends properly before entering the market.
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