The Myspace/Facebook analogy has been gratuitously overused, yet it aptly describes Etherdelta and IDEX. The former was once the only decentralized exchange in town, a hub of ERC20 tokens bolted to a barely usable interface. Then Etherdelta (ED) got hacked and launched a pointless ICO. While ED floundered, IDEX assembled a user-friendly alternative that was a pleasure to use. Its efforts have paid off: IDEX is now trading $13 million a day while Etherdelta is languishing just above $1 million. Cryptocurrency trading, in the early days, was a riot. Erratic trading engines; low liquidity; frequent DDoS attacks and random outages. When the first decentralized exchanges came along, a few years later, it was like the old days of bitcoin all over again. Rickety, unintuitive and verging on unusable, platforms like Etherdelta left a lot to be desired. But they did have one thing in their favor: funds remained in the custody of the user at all times, preventing the possibility of another Mt Gox. Founded in 2016, ED was the only DEX of its kind, and became known as the go-to exchange for acquiring ERC20 tokens before they hit big exchanges. But over the last three months, Etherdelta has waned and in its place a new pretender has emerged – IDEX. On January 15, ED recorded trading volume of $28.5 million versus $728,000 for IDEX. Six weeks later and how the tables have turned. On Saturday IDEX reached a record daily turnover of $13.5 million, ranking alongside established exchanges such as Cryptopia, while ED, crippled by technical issues that have left it hamstrung for weeks, only resumed trading on March 1. In its absence, it’s been usurped by a nimbler and more liquid contender.