IDEX is a decentralized cryptocurrency exchange (DEX) that combines the speed and user experience of a centralized exchange with the security and transparency of a blockchain settlement. It's commonly used for trading Ethereum-based tokens (ERC-20 tokens) directly from user-controlled wallets, allowing users to maintain custody of their funds throughout the trading process. It aimed to bridge the gap between centralized and decentralized exchanges by offering features like real-time order books and trade execution on a layer-2 solution.
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