Avalanche Foundation Fuels Dexalot’s Growth with $3M in AVAX Tokens
Dexalot, an innovative decentralized exchange, receives a significant boost from the Avalanche Foundation, highlighting the platform’s potential in reshaping digital asset trading.
The Avalanche Foundation has committed to granting Dexalot, a decentralized exchange (DEX) featuring a central limit order book (CLOB) built atop an Avalanche Subnet, funds up to $3 million in AVAX tokens. This support emanates from Avalanche Multiverse, an all-encompassing initiative championing the growth and broader acceptance of Avalanche Subnets.
Dexalot unveiled its Subnet in February, which optimizes digital asset trading through enhanced speed, throughput, and time-to-finality. The platform facilitates users to set orders at exact price points (limit orders). This CLOB setup distinguishes Dexalot from many DEXes. On Dexalot, order visibility is crystal clear, and it’s potentially structured to negate trading bot speed advantages. The primary ambition of Dexalot is to amplify liquidity, boost transparency, and decrease slippage for its user base.
Commencing this autumn, funds from the Avalanche Multiverse will be allocated across 12 months via the established Dexalot Incentive Program. These funds are contingent upon the Dexalot Subnet achieving specific milestones. Since its inception, Dexalot’s Subnet has overseen 12M+ transactions.
“Dexalot’s fully on-chain, non-custodial CLOB might ensure one of the most competitive pricing for swaps across varied assets within Avalanche’s ecosystem,” remarked Luigi D’Onorio DeMeo, DeFi and DevRel chief at Ava Labs. “Given the recent developments, anticipation is rife for an augmented shift towards non-custodial DeFi that fosters trustless dealings among unified entities. Dexalot stands as a cornerstone in this infrastructural setup.”
Initiated in March 2022, the Avalanche Foundation introduced Avalanche Multiverse to expedite Subnets’ expansion. These Subnets foster a thriving ecosystem, permitting app-specific blockchains such as Dexalot. The scheme has channeled its attention towards backing emerging ecosystems like blockchain gaming, NFTs, DeFi, and institutional applications.
Similar to other endeavors supported by grants from the Avalanche Foundation, like the decentralized GMX exchange, which recently rolled out its V2, Dexalot exemplifies the prowess of Avalanche. Notably, the distinct structure of Dexalot highlights the feasibility of constructing on specialized Avalanche Subnets, fitting the exact requirements of an innovative dApp.
“Right from inception, our intent was to offer users a CEX-like interface but integrated within an all-encompassing on-chain order book DEX,” expressed Tim Shan, Dexalot’s COO. “Such an aspiration proved challenging on alternate L1 and L2 platforms. We firmly believe that Subnets stand out as the optimum blockchain tech for crafting Dexalot. Our heartfelt thanks to the Avalanche Foundation for their magnanimous incentive scheme for our community and to Ava Labs for their unwavering backing throughout our Subnet expedition.”
This article draws upon resources provided by Dexalot. For further details, head to Dexalot’s official website.
This content is purely informational and does not constitute endorsement, guarantee, or warranty by Ava Labs, Inc., Avalanche Foundation Limited, or any associated entities. It isn’t financial or investment guidance. Please refer to this advisory and conduct due diligence to understand the project’s risks and advantages fully.
About Avalanche
Avalanche is a trailblazing innovative contract platform boasting unparalleled scalability and consistently completes transactions in under a second. Its groundbreaking consensus mechanism, Subnet setup, and HyperSDK toolkit empower Web3 developers to roll out robust, tailor-made blockchain solutions effortlessly. Embrace infinite possibilities on this eco-conscious blockchain crafted for Web3 developers.
About Dexalot
Dexalot stands as an avant-garde decentralized exchange merging the essence of traditional centralized exchanges with a decentralized on-chain platform. Backed by Avalanche, its Central Limit Order Book DEX heralds an open and transparent realm where Dexalot’s clientele can securely and swiftly trade crypto, free from slippage or custodial risks.
