Non-custodial Exchange IDEX Plans to Launch its Own L2 Network

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IDEX, one of the oldest Ethereum exchanges, has initiated the development of a second-level Xchain solution leveraging Polygon’s zkEVM technology.

The test network has already been launched on the Supernets infrastructure, which additionally enables the creation of customized blockchains known as appchains.

Co-founder of IDEX, Alex Waern, believes that Xchain is the missing piece required to compete with centralized exchanges.

The developers aim to enhance user experience and reduce transaction costs while maintaining a high level of security. Xchain is specifically designed to facilitate efficient trading of perpetual swaps on the IDEX platform.

The Ethereum scaling solution, zkEVM mainnet beta, was launched in March and witnessed its first transaction carried out by Vitalik Buterin.

Utilizing zero-knowledge proof technology (ZK-Rollups), the solution conducts off-chain calculations at the second level to optimize transaction speed and cost efficiency.

Similar to the Ethereum Virtual Machine (EVM), zkEVM supports fundamental network code, enabling developers to leverage existing tools and infrastructure.

Polygon Labs previously unveiled the architecture of their next-generation network in June.