IDEX Rallies Over 70% After Activating Layer 3 Capabilities

IDEX, the underlying cryptocurrency of the decentralized exchange with a similar name, gained over 70% in the past 48 hours. The crypto asset, which opened at $0.559 yesterday, reached a new yearly high of $0.1057 in less than two days.

IDEX/USD Daily Chart on TradingView

Data from the TradingView shows a ballistic price movement on IDEX that has broken multiple resistances, with bullish candles of significant momentum. CoinmarketCap data shows that in the past 24 hours, the IDEX trading volume has increased by almost 600% to reach $310.7 million, while its market capitalization climbed to $63.5 million, reflecting a 52% increase.

The current price surge comes after IDEX’s release of its Layer 3 capabilities. In an update, the IDEX team announced it released the latest version of its product, allowing users to take total control of their trading activities without relinquishing either performance or security. It described the innovation as a synthesis of centralized exchange performance with decentralized exchange custody.

Introducing the all-new IDEX.

The world’s first Layer3 exchange. pic.twitter.com/mpyS7wIhNz

— IDEX (@idexio) April 24, 2023

The exchange announced to its community that it would soon release its testnet and allow stakers to earn 50% of the fees generated by the platform. It also informed users of the proposed reignition of DeFi summer with the upcoming launch, with a series of activities slated for the rest of the year.

At the time of writing, IDEX traded at $0.0980, having dropped slightly from the local high. However, the upward momentum remained intact, with the next resistance at $0.1094 significantly threatened.

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