What Is Idex (IDEX)?
IDEX is the governance token of the Idex exchange. Essentially, it’s an ERC-20 token. Thus, the token is based on the Ethereum blockchain. Though it also resides on the Binance Smart Chain network and it will expand to more blockchains in the future. If you’re wondering about the IDEX price, check out the graph above.
Idex decentralized exchange has a unique hybrid liquidity structure. Basically, it’s a combination of a usual exchange based on an automated market maker (AMM) and an exchange based on an order book. Thus, it combines the benefits of both exchange models.
The Creators of Idex
The story of Idex began with two brothers – Alex and Phil Wearn. Alex Wearn is the CEO of Idex. He has a degree in economics and chemistry. Phil Wearn, on the other hand, has a degree in astronautical engineering. He is the COO of the company. Their management team is also accompanied by Brian Yennie who is a software engineer and the CTO of Index.
The Main Features of IDEX Token
Overall, the IDEX token has a total supply of 1 billion tokens. The majority of IDEX tokens (40%) are distributed as rewards for market makers, as well as for airdrops and marketing purposes. The remaining tokens are distributed to the developers, IDEX members, future uses, and other expenses.
Since IDEX token transactions are instant, the balance in traders' wallets is updated immediately. As a result, malicious activity is less likely to harm IDEX coins.
Additionally, note that, just like with most tokens, IDEX price is volatile and can be influenced by many factors. Therefore, always make sure to do your research before making important decisions.
A good starting point is a cryptocurrency tracker that you can see above. In this case, it will provide you with the IDEX price fluctuations and other details.
Besides, IDEX coins can be staked to earn rewards and contribute to the decentralized infrastructure of the Idex exchange. As payment for their efforts, stakers receive half of the trade fees collected by the network.
Considering the transaction fees, there is a difference between the fees that have to be paid by market makers and market takers. Market takers, for example, have to pay a 0.2% fee. Market makers, on the other hand, have to pay a 0.1% fee.
Is IDEX Token Secure?
The IDEX token is secured by a Proof-of-Work consensus mechanism. Besides, Quantstamp, one of the biggest blockchain security companies, audited the Idex exchange. Overall, the IDEX token is known to have a decent reputation in terms of security.
Interested? Don't forget to analyze the IDEX price trends if you're considering purchasing this token.
