IDEX to Build Polygon zkEVM-based Layer 2 Chain Named Xchain
IDEX, one of the oldest decentralized cryptocurrency exchanges on Ethereum, has announced plans to build a Polygon zkEVM-based Layer 2 chain called Xchain. Here are the key points:
1. Xchain Development: IDEX is currently in the testnet phase of developing Xchain, which will offer a decentralized perpetual trading platform. The blockchain is being built based on zkEVM from Polygon’s Supernets software stack.
2. Polygon’s Supernets: Polygon’s Supernets allows developers to build customizable app-chains that can operate as sidechains or Layer 2 chains. In the case of IDEX, Xchain will function as a Layer 2 chain.
3. Integration with Polygon’s zkEVM: IDEX will integrate Polygon’s zkEVM technology to function as a Layer 2 network, deriving its security from Ethereum.
4. IDEX’s History and Motivation: IDEX was one of the notable decentralized exchanges on Ethereum from 2017 to 2019 but faced increased competition from automated market makers like Uniswap. With Xchain, IDEX aims to reinvent itself and compete head-to-head with centralized exchanges.
5. Funding and Collaboration: IDEX raised $2.5 million in a seed funding round in 2020. Xchain aligns with Polygon’s strategy of enabling crypto projects to create their own blockchains, as seen with projects like Immutable and Aavegotchi.
In conclusion, IDEX’s development of Xchain on Polygon’s Supernets platform demonstrates their commitment to creating a decentralized perpetual trading platform and competing with centralized exchanges. The integration of Polygon’s zkEVM technology further enhances the security and scalability of Xchain. As Xchain progresses, it is expected that more projects will adopt this technology to improve their own offerings.
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