IDEX Decentralized Crypto Exchange Surpasses 150,000 Users as Top Ethereum DApp

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The IDEX exchange surpassed 150,000 users as of May 21st, making it the top Ethereum DApp according to DApp Radar. This came after a surge in memberships in April, when 50,000 users signed up for the decentralized exchange, when it resumed after a period of extensive maintenance to address performance issues.

Exchanges going offline to resolve performance issues is nothing new. Bittrex paused new customer registrations from December to April to address a number of issues. The exchange accepted new members briefly in April, and then shut off signups again, for the same reason. Unlike Bittrex however, IDEX is a decentralized exchange.

According to IDEX, the decentralized exchange processes 40,000 transactions per day, which is approximately 70% more transactions than all other DApps combined. The company upgraded a number of its key components. Part of this process involved splitting the monolithic service into several microservices, and changing the architecture of the orders and trading system. Since this upgrade, IDEX claims that the exchange is able to handle a higher volume of users and traffic. In order to handle the volume of coding required for upgrades, the company has also added members to the dev team.

IDEX is a component of the Aurora Project. The project’s ultimate goal is to serve as a decentralized cryptocurrency bank and financial platform. The project includes a number of Ethereum applications and protocols to give it this functionality as an advanced, open and stable financial network. The company seeks to serve the needs of all people regardless of geography or wealth, with Boreal, a stablecoin, as the reserve currency of the ecosystem, backed by digital currency reserves in the form of Ether, debt used as a demand for loan repayment, and retailer endorsement. Customers are able to take out loans and to use it for other common banking applications.

While Boreal is the currency of the ecosystem, AURA is its staking token to serve as a way to secure it further. People who operate nodes will be rewarded according to their Proof of Stake (POS). As the network grows, fees for IDEX and other Aurora services will increase, while node operators will be able to claim greater rewards.

IDEX provides real-time trading and on-chain settlement. There are no delays associated with transaction mining, and multiple orders may be fulfilled and cancelled simultaneously without gas costs. IDEX traders get discounts on their transactions when using Boreals to cover the fees, thus generating further demand for Boreals.

Another project in the Aurora ecosystem is Snowglobe, a protocol for high performance, EVM-compatible, decentralized sidechain exchanges. EVM, or Earned Value Management, helps project managers to measure project performance when determining costs and scheduling controls. All exchanges on Snowglobe are able to share liquidity, making for greater scalability.

The Aurora banking system is known as Decentralized Capital, or DC. It’s an autonomous, decentralized bank that provides Boreal loans, secured by Snowglobe, with several systems in place to reduce loan default risks.

Lastly, there is a Distributed Computing system that is part of Snowglobe. Widely used systems such as Golem are compatible with Aurora, in order to run the autonomous banker and market maker.

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