iDEX’s hybrid model is still relevant, but competition from Layer-2 native DEXs (like Vertex, Aerodrome, GMX v2) is intense.

To remain competitive, iDEX needs ecosystem integration, better liquidity mining incentives, or Layer-3 adaptation.

Risk Notes:

Liquidity remains lower than on top-tier DEXs.

iDEX is not currently a leader in TVL or volume compared to newer DEXs.

Token price is sensitive to global DEX activity and Ethereum Layer-2 adoption.