Key points:

IDEX is not just an exchange, its an ecosystem.

It is free to list on IDEX.

Customer service is vastly superior than any competitor.

IDEX is fast, unlike many other DEX’s.

When the sidechain is running in Q3, there will be no gas fees. Only fees will be trading fees.

Some of these points help explain why IDEX web traffic has grown dramatically, while Binance and Kucoin experienced declines.

W hat is IDEX?

“Aurora is a collection of Ethereum applications and protocols that together create a decentralized banking and finance platform. Inspired by free banking, Aurora provides customers with an advanced, open, and stable financial network available to anyone in the world regardless of geographic location or class status. Aurora’s own stable currency, the boreal, is backed by a combination of cryptocurrency reserves and debt, and is available to customers via loans based on their digital economic reputation. Traders on IDEX, the network’s decentralized smart contract exchange, can utilize the boreal as payment for trading fees or as a stable base currency.” ¹

Stable Token:

I spoke to an Aurora Telegram Admin to better understand aspects of IDEX:

What exactly are boreals? How does the stable token work?

“Boreal is a stable token tied to $1, backed by the Aurora reserve. We will buy back BRL to the value of $1. Ether is the store of value.”

“Boreals (BRL) is a price-stable decentralized cryptocurrency built on the Ethereum blockchain. BRL supply is carefully managed by Decentralized Capital in order to match it with demand and maintain price stability, originally assessed by keeping parity with USD, and over time transitioning to a basket of 10 goods and commodities.” ¹

Aurora is a collection of Ethereum applications and protocols. What does this mean?

“Aurora is a large project, with IDEX just being a part of a bigger picture.”

Aurora, when completed, will be composed of:

Decentralized Capital (DC) is an autonomous, decentralized bank for the blockchain age, providing boreal loans to users anywhere in the world. ²

Snowglobe is a protocol for high-performance, EVM-compatible, decentralized sidechain exchanges. ²

Snowglobe will serve as the base of the Aurora ecosystem and create a foundation for distributed computing systems such as Golem to integrate with Aurora. Distributed computing will allow Aurora to run computationally heavy components such as the autonomous banker, responsible for managing Decentralized Capital, or the autonomous market maker that helps maintain boreal price stability. ²

“Prior to the launch of Snowglobe, all revenue from IDEX will be deposited into the boreal reserves. This revenue will be collected for future use in aligning economic incentives with AURA holders after the Snowglobe protocol is live.”¹

Speed:

Creating orders is speedy when compared to a true DEX. Why?

“IDEX is composed of a centralized trading engine and decentralized Ethereum smart contracts. The trading engine hosts the off-chain balances and orderbook, matches trades, and manages the queue of pending transactions, while the Ethereum smart contract stores all assets and manages trade execution and settlement. By separating trade matching from on-blockchain settlement, IDEX combines the speed and user experience of centralized exchanges with the security and auditability of decentralized exchanges” ²

Admin clarification:

“The IDEX smart contract has a unique design such that only the exchange is authorized to submit signed trades to the Ethereum network. This enables IDEX to control the order in which transactions are processed, separating the act of trading from final settlement. As users trade their exchange balances update in real-time, while their private keys are simultaneously used to authorize the trade in the contract. This authorization prevents users from rescinding any completed trades, and prevents IDEX from initiating any unauthorized trades. Thats why you can have the real time trading and trade matching on IDEX”

Aura Staking:

IDEX will share the revenue of trade fees for people who stake Aura, starting in Q3.

“By staking Aura you help secure IDEX network from ddos attack and the like, it is used as “glue” to hold the decentralized orderbook/sidechain protocol together through staking. So by staking Aura you will receive a portion of trade fees from IDEX, based on how much Aura you stake.” ³

“All value that flows into Aurora (IDEX trade fees, boreal banking fees, etc) will be used to advance the platform, either by compensating AURA stakers, covering operating expenses for further development, or building reserves and facilitating dApp profit sharing to support the boreal.” ³

Filling an empty space:

Listing on a major exchange requires hefty fees and time. There will always be a need for exchanges that rapidly list new coins, especially for free. Right now with its ease of use for customers and ease of listing for creators, IDEX is filling that space.

Admin:

“As long as its a good project and not a scam one it will list on IDEX”

Sources: