Ethereum’s
Top Decentralized Exchange Is Upgrading to Take Advantage of Lower Gas Fees
In a bid to take advantage of
lower gas fees made possible by the upcoming Istanbul hard fork on the Ethereum blockchain, IDEX is launching a
2.0 version of its decentralized exchange as it’ll deal with significantly
reduced costs.
The Istanbul hard fork, scheduled to take
place over the weekend, brings six Ethereum Improvement Proposals (EIPs), one
of which is EIP 2028. IT reduces the gas fee for requesting call data from 68
gas per byte to 16 gas per byte. Calldata information is necessary for
creating specific smart contracts, like those bundling on-chain transactions
off-chain.
Aurora Labs, the company behind
IDEX, is looking to use an ‘unbounded’ scaling solution, Optimized Optimistic
Rollup (O2R), to reduce gas fees by “as much as 90 percent.” IDEX was notably
responsible for 40% of all on-chain DEX transactions,
according to Etherscan. A demo of IDEX 2.0 is now available.
