On August 6, IDEX announced the launch of the second version of the platform and released details about the features that will be added to the next-generation decentralized exchange (DEX). The funds for this endeavor were collected in a seed round led by G1 Ventures and Borderless Capital, totaling $2.5 million.
In the announcement, IDEX shared a breakdown of the four main components of the new platform, including a high-performance trading engine capable of processing hundreds of thousands of orders per second with low millisecond latency.
The platform will also have a brand new UI, modernizing the IDEX experience with an improved interface with advanced trading options, and fully-featured mobile support. An upgraded API will support all advanced order types including stop loss, post only, fill-or-kill, and others, allowing market makers to integrate in less than a day.
The biggest change that the new version will experience is related to the new scalable non-custodial settlement, based on the innovative layer-2 design Optimized Optimistic Rollup (O2R). This technology will enable throughput and volumes previously impossible on non-custodial platforms and ensure that the underlying network does not limit usage or growth.
In the announcement, the company also described the planned IDEX 2.0’s phased launch, dividing it into three different phases. They said that, on day 1, all new change features will go live while trades continue to settle on-chain individually as in IDEX 1.0. The innovative layer-2 system will operate alongside the on-chain settlement, proving the integrity of the system using production data.
When the new system goes live, stakers will have the opportunity to spin up nodes and become part of the layer-2 audit process. The last step will consist of the full settlement transition to the new layer-2 system, eliminating taker gas costs entirely, and setting the stage for unbound scale.
With the low transaction costs expected from the relaunch, market makers and algorithmic traders will now be able to use the exchange, being unable to do so previously. Moreover, IDEX will become cheaper and more seamless to its users, taking the lead as one of the most innovative hybrid DEXs in the crypto sphere.