Leading decentralized crypto exchange has revealed yesterday its latest update dubbed IDEX 2.0 The new version addresses issues related to user experiences among DEX exchanges such as front-running and failed transactions.
Bridging Performance Gap between CEX and DEX
The larger purpose of IDEX includes bridging the performance gap between centralized and decentralized exchange. IDEX offers traders the same user experience as a centralized exchange with its services to that of a decentralized exchange.
The latest IDEX 2.0 offers the following features:
- Frictionless onboarding
- Instant execution of trading
- Front-running protection
- Guaranteed trade settlement
- Private order books
- Capability to execute thousands of users and hundreds of thousands of orders per second
IDEX co-founder and CEO, Alex Wearn. said:
“Decentralized exchanges put the users ‘closer’ to the blockchain. This means that they have to deal with some of the shortcomings of blockchains themselves. In particular, this could include things like long wait times for transaction and trade execution. The open nature also exposes users to issues like front-running and trade failures.”
IDEX On a Mission To Provide Reliable DEX User Experience
Decentralized exchanges are quite known for providing unreliable user experience. A recent analysis from Token Ion revealed that Uniswap had a transaction failure rate of 22.4% within a month. In the same way, IDEX stated that other DEX exchanges too reverted about 5 to 10% of its transactions.
The nature of open ledger and on-chain matching systems on these DEXs makes it challenging for front-run trades and seamless transactions. IDEX’s suggestion for these is to “keep order matching and execution off-chain, guaranteeing successful trades all while keeping the user in control of their assets.”
Besides the latest UX update, IDEX 2.0 will continue adding new features and upgrade in three phases. In its next phase, IDEX will launch a layer-2 scalability solution that aims to virtually remove gas fees.