IDEX Review: OG Score & Community Audit

The team is completely rebranding to Kuma, shifting focus to on-chain perpetuals on Berachain, and building their own Layer-2 settlement network called XCHAIN. While the tech development is active, they are stepping into a brutal, highly fragmented perpetual DEX market where overall volume has been severely contracting since late 2025.
Financially, the legacy token has fallen roughly 99.9% from its $1.01 all-time high. It is currently trapped at a microscopic market cap of under $1 million, with 1 billion tokens in circulation. The biggest warning sign is the liquidity: 24-hour trading volume often sits near a completely dead $10,000. Even with the upcoming migration to Kuma, the broader market has entirely abandoned this legacy asset. Not to  mention their Socials is entirely empty like theres nothing to see there. its a dead token period.

Team has shifted focus on Kuma a new project the previous project IDEX was not enough innovative and similarly Kuma has nothing unique a decentralized exchange which already has strong competition.
There is no solid reason to buy and hold IDEX token is 99% down from ATH and trading volume is extremely low.

It was around before the AMM explosion and built a genuinely interesting hybrid exchange model. The problem is that the current product has very little resemblance to the IDEX people remember. The project has gone through multiple architecture and product shifts and now sits under Kuma, focused on perpetuals and XCHAIN. That’s a lot of reinvention for a protocol still trying to find durable product-market fit.
The migration itself is another headache. Moving an old community, token and liquidity base into a new brand creates friction, and there are already examples of users still holding much older AURA tokens and needing help converting them. That doesn't mean the migration is broken, but it shows how much historical baggage the project carries.
The more worrying part is the gap between the new narrative and actual economic traction. Kuma advertises high-performance perpetual trading, but DeFiLlama currently shows only about $11K in TVL for the standalone perp product. Cumulative volume sounds impressive, but volume without sticky liquidity and capital is not enough to prove the model works.
 

Nothing to expect from this , it would eventually get delisted:) team already rebranding to KUMA which I don’t see any potentials there as well, to many established competitions already, this team need to focus on bringing good innovation.

IDEX? Straight up fading into irrelevance. Binance slapped it with that yellow flag for volatility and zero fundamentals, and honestly, it fits. https://www.binance.com/en/support/announcement/detail/d542f33541414ba5b1289b8812d452de https://www.tradingview.com/news/u_today:1f231dbfa094b:0-binance-issues-delisting-alert-on-five-cryptos-which-pairs-are-impacted/#:~:text=Based%20on%20its%20most%20recent,UTC Sour community, dormant devs, bland token setup, smells like a project circling the drain. Compared to dYdX's buzz, this one's just collecting dust. Skip it.