Checking Out AuroraDAO’s Decentralized Exchange, IDEX

A couple weeks back I wrote about a project launching through Wings.ai called AuroraDAO.

It’s an ambitious project that wants to be a decentralized banking and financing platform for Ethereum. And one of its products is IDEX, its decentralized exchange. Below I give the IDEX exchange a review.

If you’ve used decentralized exchanges before, like EtherDelta, you know they can be a pain to use compared to the centralized exchanges. Aurora’s IDEX improves on the experience.

The best way to look at IDEX is to compare it to EtherDelta.

In terms of access both work very similar. You use MetaMask to ‘sign in’ and as your main wallet.

Both EtherDelta and IDEX require you to transfer from MetaMask to your trading wallet. This is not something you have to do on a centralized exchange. The process requires broadcasting a transaction to the Ethereum network and I found that both take the same amount of time.

There are a few areas where IDEX is better.

The first is placing orders. I found orders on IDEX showed up much quicker.

Next, IDEX does a much better job tracking orders and balances. You can find all your open orders in the left-hand column or through the Order tab. With EtherDelta you have to load each specific coin to see your orders. Same for balances, IDEX makes them available both in the left-hand column and in the Balances tab. With EtherDelta you have to load each specific coin to see your balances.

IDEX also has much better charts since they use charts from TradingView.

And finally, IDEX is more customer friendly as it has a Help tab.

So far as I’ve been watching IDEX it has been doing about 500k to $1.5 million per day in volume. EtherDelta generally does between $5 and $15 million.

IDEX is definitely an improvement over EtherDelta, check it out.

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