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 and cost.
Their testnet competition will go live on 6/3/24 and include $230k+ worth of $ IDEX rewards. The competition ends on June 26th, with 150 winners.
The trading engine is unique because Idex captures the best of both worlds: an off-chain trading engine allowing for the speed of CEXs while the on-chain settlement optimizes security.
While the off-chain trading engine does introduce centralization attack vectors, it is