By
Svetlana Soroka
April 28th, 2024
IdeaSoft, a member of the Sigma Software Group specializing in fintech blockchain applications, has embarked on a collaborative venture with INTMAX, developer of the open-source Ethereum scalability solution Plasma Next.
The collaboration is targeted at pioneering a Decentralized Exchange (DEX) named JIBx. The goal is to launch a groundbreaking advancement in the Plasma Next network through this collaboration. In an official press release shared with Coinspeaker, the goal is to make the DEX as convenient as any Centralized Exchange (CEX) counterpart.
IdeaSoft and INTMAX to Transform the DEX Landscape
The idea is to transform the DEX ecosystem with JIBx with plans to offer a wide range of innovative features such as zero transaction fees, restaking capabilities, and leverage of up to 250X.
The DEX has an on-chain matching engine with off-chain private settlement and account layers which is meant to guarantee both the security and efficiency of Ethereum. Ethereum gas fees had recently soared following a strong inscription debut on blobs even after the successful implementation of the Ethereum Dencun upgrade. With JIBx, more efficiency can be introduced overall.
A notable feature of the DEX which is poised to be the first of its kind in that it combines the convenience of centralized exchanges with the integrity and security of decentralized platforms. This will also include an efficient funding rate model that grants rewards from collateral re-staking immediately after a user opens their position.
Other core features are stablecoin and LST staking pools, bootstrapped re-staking, and perpetual swaps with high leverage.
Just this week, Ethereum co-founder Vitalik Buterin floated a proposal to enhance the decentralization and fairness of Ethereum’s staking mechanism. His program’s goal is to mitigate the errors made by validators on the effectiveness of the network.
Advancements in Ethereum Scalability Solutions
Commenting on the collaboration, Andrey Lazorenko, Co-founder and CEO of IdeaSoft, expressed confidence at the prospect of integrating INTMAX Plasma Next with his team.
According to him, “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.”
Similarly, INTMAX Co-founder Leona Hioki maintains confidence in the IdeaSoft team which he described as highly talented and professional, with unmatched experience in financial trading in general and virtual currency in particular. Hioki agreed with the importance of Distributed Validator Technology (DVT) in Ethereum when Buterin rolled out his roadmap early last month.
Plasma Next signifies the outcome of years of development in Ethereum scalability solutions meant to address essential issues such as fund exit challenges and on-chain verification costs. The Plasma Next system eliminates the need for constant online vigilance and provides a practical solution to achieving statelessness in blockchain systems via zero-knowledge proofs.