IdeaSoft To Launch an Innovative Perpetual DEX on INTMAX’s Open-source L2 Plasma Next
Luzern, Switzerland, March 29th, 2024, Chainwire
Building on Plasma Next would make the DEX as convenient as CEX for trading with low fees, slippage, and waiting period
INTMAX, developer of the open-source Ethereum scalability solution Plasma Next that offers near-zero gas fees to enable nano-transactions, has announced that IdeaSoft, a member of Sigma Software Group that specializes in building fintech blockchain applications, is building a perpetual decentralized exchange on Plasma Next. This strategic partnership leverages IdeaSoft’s vast expertise in WEB3 development across various sectors, signaling a significant leap forward in the Plasma Next ecosystem.
The perpetual DEX, called JIBx, will offer zero transaction fees, restaking, leverage of up to 250X, and boasts an on-chain matching engine with off-chain private settlement and account layers powered by Plasma Next. Users will get the cheapest transaction cost and highest performance with programmability while retaining the security and stability of Ethereum.
INTMAX Plasma Next is the complete version of the Plasma, the Ethereum scalability solution presented by Joseph Poon and Vitalik Buterin in 2017. Plasma Next solved the main problem with the fund exit (difficult online requirements and on-chain verification costs) using zero-knowledge proofs. By ensuring constant state growth per block without individual liquidity preparations and removing the need for constant online vigilance, Plasma Next offers a practical solution to the long-standing challenge of achieving statelessness in blockchain systems.
Recently, INTMAX Plasma Next teamed up with ETH Samba to empower Brazil’s vibrant Ethereum developer community and introduced the innovative nanoMoney.js, a groundbreaking JS library that aims to reward website users for engaging actions like reading, liking, or creating content. Through this collaboration, Plasma Next demonstrated its ability to facilitate rewards as small as $0.000000001 in DAI, which is only possible when the gas fee is almost zero. Plasma Next makes Ethereum ultra-convenient for micro- and nano-transactions at scale.
Andrey Lazorenko, the Co-founder and CEO of IdeaSoft, said, “Super excited to start using INTMAX Plasma Next with our team! It’s exactly what we need to make many of the projects faster, more convenient for users, and finally get overwhelming adoption. Can’t wait to see what we’ll build with this.”
INTMAX Co-founder Leona Hioki commented, “The IdeaSoft team is highly talented and professional, with unmatched experience in financial trading in general and virtual currency in particular. I am confident that together we will be able to create a product of exceptional quality. It is a great honor to work with them.”
JIBx leverages Plasma Next for both settlement and account layers, ensuring unmatched privacy, low trading fees, security, and scalability. Distinctively, it features a perpetual on-chain limit order book utilizing black-red tree sorting. This strategic choice significantly lowers transaction costs while simultaneously increasing transactions per second (TPS), setting a new standard for DEX technology.
This DEX is poised to be the first of its kind that combines the convenience of centralized exchanges with the integrity and security of decentralized platforms. Among its novel features are:
- Near 0 transaction fees – Plasma Next allows to reduce fees to less than a cent amount
- Efficient Funding Rates Model: Rewards from collateral re-staking are available immediately when you open your position.
- Bootstrapped Re-staking: Utilizing stablecoins and LST-based assets, we create an intriguing multiplier effect. This enables the distribution of points for re-staking and allows us to share fees with active traders.
- Stablecoin and LST Staking Pools: A stablecoin pool ensures liquidity is locked during margin trading. Meanwhile, the LST staking pool offers rewards and reduced trading commissions.
- Perpetual Swaps with High Leverage: Offers up to 250X leverage, backed by innovative algorithms and an insurance fund to efficiently manage high-risk operations.
By supporting IdeaSoft in developing the JIBx platform, INTMAX not only promotes the growth of the Plasma Next ecosystem but also contributes to the broader blockchain community. This initiative underscores a commitment to innovation, open-source development, and the democratization of finance, marking a pivotal step toward a more accessible and efficient decentralized finance landscape.
Plasma Next represents a groundbreaking evolution, promising to redefine blockchain scalability and privacy for the digital age. By addressing the need for constant online presence—a significant barrier to user adoption—Plasma Next marks a significant leap forward, giving developers a platform to build secure and highly scalable dApps.
About IdeaSoft
IdeaSoft is an EU-based custom software development company with over 7 years of experience and a track record of delivering 250+ projects. The company’s primary focus is on developing blockchain & web 3.0 solutions, with a particular emphasis on CeFi, DeFi, dApps, blockchain gaming, blockchain infrastructure, RWA tokenization, security tokens, custom blockchain solutions, and smart contract development. Additionally, the team possesses extensive experience in creating fintech and banking apps, ranging from neobanking, core banking, open banking, and embedded banking to BaaS. IdeaSoft is an official partner and member of Sigma Software Group since 2021.
About INTMAX
INTMAX is developer of the open-source Ethereum scalability solution Plasma Next that offers constant near-zero gas fees to enable nano-transactions. It is the Stateless Ethereum Layer built for mass adoption, offering a highly efficient, secure, and scalable solution for blockchain applications. INTMAX provides a ready-to-use solution to empower any applications and services with instant, the most secure, and near-zero cost crypto transactions.