Idex is a decentralized perpetual exchange combining an off-chain engine (order book, matching, liquidation) with on-chain settlement.
The protocol is deployed on its own L2 (XChain), like other perpetual exchanges, such as Hyperliquid and Aevo, which have opted to deploy custom-designed networks that allow for optimized transaction speed...
Is this the old school IDEX? the name rings a bell from back in 2017-2018.
Yes they launched in 2017. They were originally a spot exchange but after losing market-share to Uniswap they have pivoted to perps.