IDEX was established by CEO and co-founder Alex Wearn, along with his brother and COO, Phil Wearn. Alex Wearn has a distinguished career background, having worked with prominent companies such as Amazon, IBM, and Adobe, and is an alumnus of the Kellogg School of Management. Phil Wearn brings expertise in accounting, holds a degree in astronautical engineering, and possesses entrepreneurial experience. The management team is further strengthened by CTO Brian Yennie, a software engineer with over 20 years of experience. According to LinkedIn, the current IDEX team comprises 29 professionals. IDEX was initially launched in 2017, with its 2.0 version debuting in the fall of 2020. This followed a successful closing of a $2.5 million seed investment round led by G1 Ventures and Borderless Capital, which included participation from Collider Ventures and Gnosis.

IDEX adopts a distinctive approach by integrating an order book model with an automated market maker. It utilizes an off-chain trading engine to facilitate trades, matching the efficiency of centralized exchanges while ensuring sequencing. Transactions are organized in an off-chain order book, and only when a trade is matched and executed is it settled on-chain. This method allows users to avoid incurring additional network costs for placing and canceling orders. Additionally, order placements are processed in real-time, which supports more sophisticated trading and market-making strategies such as stop-loss, post-only, and fill-or-kill. The automated market maker ensures liquidity by displaying virtual limit orders within the order book alongside real limit orders, thereby visualizing AMM liquidity in the order book model. Typically, orders settle either as AMM only or as a hybrid between AMM and limit order liquidity. IDEX employs smart contracts to decentralize fund custody and trade settlement. The smart contract facilitates the order book model by executing trades off-chain, although they are settled on-chain with a delay. Acting as an escrow agent, the smart contract restricts fund movements until the settlement is finalized. Furthermore, it sequences trades, and a specific function within the smart contract guarantees that funds cannot be indefinitely restricted. In addition, the smart contract enforces ownership and authorization, allowing users to retain custody and engage in market-making without requiring additional infrastructure. You can find more detailed information on Eulerpool.

The total supply of IDEX is set at 1 billion tokens. The distribution of these tokens is outlined as follows: - 40% allocated for market maker rewards, marketing campaigns, and airdrops - 10% designated for IDEX members - 25% reserved for the team - 10% allocated to a future employee token pool - 10% set aside for future use - 5% earmarked for business expenses Additionally, users have the option to operate a lightweight node and stake their IDEX, provided they hold a minimum of 10,000 IDEX tokens. For more detailed information on IDEX, please refer to Eulerpool.

IDEX is an ERC-20 token on Ethereum. The decentralized exchange (DEX) has undergone an audit by Quantstamp, a recognized authority in blockchain security that has collaborated with esteemed projects such as Maker, Compound, and Avalanche. To date, IDEX has successfully maintained its high security standards without experiencing any security breaches. The ERC-20 standard is commonly followed by new tokens when launching on the Ethereum blockchain. Ethereum is among the most popular blockchains and serves as a preferred platform for many decentralized applications and exchanges. It is secured through a proof-of-stake consensus mechanism, which necessitates validators to stake 32 ETH to participate in network validation. A network of decentralized nodes is responsible for validating transactions and ensuring the security of the Ethereum blockchain.

The innovative integration of an order book with an automated market maker has recently caused the price of IDEX to surge from below $0.10 to an all-time high exceeding $0.60. Currently, the price has receded to $0.30 at the time of writing. Nevertheless, with additional launches on layer one and layer two blockchains and continuous product improvements, IDEX has the potential to maintain its growth trajectory over the long term.

IDEX can be accessed on Binance, Uniswap V2, Gate.io, and Balancer.