Trading crypto on IDEX is kind of like a book that only gets sent to the library once it is read. IDEX is a decentralized exchange that processes some transaction information offchain before sending it to have pre-matched sales finalized onchain. Combining an offline order book for buyers to find sellers, with an on-chain “automatic market maker” that actually finalizes the transaction, IDEX is a hybrid financial market maker. IDEX uses its private liquidity offline to make sure that orders have both buyers and sellers but then records the transaction permanently on-chain. This unusual hybrid model prevents orders from failing, saves on gas fees, and can even prevent trading tricks that happen to both off-line order books and on-chain settlements. By matching traders before executing the order, IDEX tries to offer protections that other DEX don’t. This attracts traders who don’t mind slower transactions in exchange for additional security features, all without sacrificing profitability.