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IDEX is ablution a new staking feature, acceptance traders to accomplish a acquiescent assets by acknowledging the exchange. Using the AuroraDAO (AURA) token, staking nodes will decentralize allotment of the trading process, bringing IDEX afterpiece to its ambition of absolute decentralization. Traders, meanwhile, will get addition way to accomplish an income, which isn’t such a bad accord back the bazaar is trading sideways.
The new feature will go alive soon, according to the exchange.
One Step Closer To Decentralization
As a amalgam barter congenital on the Ethereum network, IDEX gives traders absolute ascendancy of their own clandestine keys and funds, but with a acute arrangement basic that gives the feel of a centralized exchange. For instance, users accretion admission to fast and accessible trades that are sometimes missing with acceptable DEXs, but with the added aegis that the blockchain has to offer.
By logging into the IDEX platform, traders can see a history of trades that accept happened on that market. Until now, IDEX has relied on a centralized server to bear that data, which is additionally stored in a acute arrangement on the blockchain. IDEX was one adjudicator of accuracy for what happened there.
With the new staking feature, AURA staking nodes will carbon the advice on the blockchain. Now bodies will affix to IDEX and the history will be served from addition bulge in the network.
Alex Wearn, who is at the captain of Aurora, the creators of IDEX, told Crypto Briefing:
The ambition is to booty the barter and move it to a added decentralized network. You won’t accept to catechism whether the advice from IDEX is actual because you’ll be accepting it from an absolute node.
Staking nodes charge accommodated the badge claim to participate, which at the moment is 10,000 AURA tokens (worth about $300 at the accepted bazaar price). Traders who pale and run a bulge will allotment 25% of fees calm by the exchange, in admeasurement to the cardinal of AURA tokens they are staking.
AURA staking nodes are incentivized to acquaint the truth, because they charge put up accessory and set up nodes. But if anyone attempts to bluff the system, they’ll be punished. “Early on this agency banning bodies from accommodating for a aeon of time. As we alpha to add pieces to staking, the abuse will become added astringent and you can lose collateral,” Wearn said.
All Crypto Exchanges Compete
The adeptness to add this staking affection distinguishes IDEX from the competition, including centralized exchanges like Coinbase. According to Wearn:
Certainly, we attending at all exchanges as competitors. For our abiding aspirations, we attending at acceptable accounts as competitors. We see the closing tokenization of abounding banking instruments. When that happens, we aim to be a baton in the space.
Coinbase, for instance, can’t abutment staking because their barter history exists in a database, not a acute contract. Wearn added:
We accept a different aggressive advantage, article to allure added customers, traders and bazaar makers. As that grows, clamminess begets liquidity. With AURA staking, traders on IDEX are able to acquire fees by operating allotment of the system, incentivizing them to advice it grow. As they barter more, it makes the belvedere added attractive, and they acquaint others which increases the amount of what they’re doing.
Despite the differences, DEXs accept added in accepted with centralized exchanges than you ability think. For instance, IDEX is in the action of abacus KYC standards to the platform.
AURA staking nodes accompany IDEX afterpiece to 100% decentralization, but there’s addition allotment to the puzzle. This is the adjustment book itself, which reflects the orders that traders can advertise or buy into. The adjustment book is “phase two” of analytical decentralization and presents a “bigger engineering challenge,” Wearn says, one thatwill “come added bottomward the line.”
IDEX boasts added than 250,000 users and circadian trading aggregate of about $3 actor – $5 actor back ablution in October 2024. Like best crypto exchanges, trading aggregate has collapsed back the crypto bazaar peaked, but the cardinal of users hasn’t trailed off by much.
During the New Year, Wearn joked that the one affair he admired for back ablution the barter is a crypto holiday, accustomed the 24/7/365 attributes of the industry. When the balderdash bazaar returns, the affairs for such a day assume more slim.
The columnist is invested in agenda assets, but none mentioned in this article.
