Developers of the non-custodial exchange IDEX announced adding support for Binance Smart Chain and Polkadot networks. As part of the Multiverse initiative, every holder of IDEX Ethereum tokens will receive the same amount of assets on the new blockchains.
Introducing IDEX Multiverse: trade @Polkadot and @binance Smart Chain tokens from the safety and security of your IDEX account. Learn more about the Multiverse initiative and how you can earn Multiverse tokens: https://t.co/8GUiYlh6rs pic.twitter.com/dc4JrrT6E5
— IDEX (@idexio) November 24, 2020
The distribution of the new IDEXP (Polkadot) and IDEXB (BSC) tokens will begin on December 7 and run for two years. Holders will be entitled to recover half of the fees paid.
Prospective recipients must pre-commit to participate; otherwise the tokens will be directed to a community fund, the purpose of which IDEX will announce later.
IDEX clients will be able to trade assets on the new blockchains from early 2021, without leaving the exchange.
Direct settlements for cross-network trades remain unavailable. To do so, you will need to use bridges between blockchains.
“There are still many years to go before true cross-chain trading,” the company explained.
The developers also announced a staking programme. To participate, you must send IDEX tokens to a smart contract, or hold them in a non-custodial wallet and register on the site. From December 7 until the platform launches on the new blockchains, the reward size will be twice the base rate.
In the future, support for other blockchains, including Algorand, is planned. The initial choice of Binance Smart Chain and Polkadot reflects their full compatibility with the Ethereum Virtual Machine (EVM).
IDEX uses a hybrid approach with centralized order execution and decentralized clearing and custody.
Earlier, Messari predicted that 2021 would be the year of the platform wars due to the emergence of DeFi ecosystems on blockchains competing with Ethereum.
The launch of Ethereum 2.0 will take place on December 1. By November 24, users deposited the required 524 288 ETH into the deposit contract.
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