Decentralized cryptocurrency exchange Dexalot has been introduced on an Avalanche Subnet, marking a new breakthrough in the transformation of decentralized trading protocols. The user experience of a CEX is something that the Dexalot Subnet seeks to replicate as closely as possible without sacrificing decentralization or transparency.
The Dexalot team has spent months developing and improving its application with the help of the Avalanche Fuji test network in order to create an on-chain central limit order book (CLOB) with minimal transaction fees and support for spot trading pairs in several markets. The Subnet is an essential component of the dual-chain application that Dexalot has developed.
In order to trade on the Dexalot Subnet, users must first deposit and withdraw assets using the Dexalot application that is hosted on the Avalanche C-Chain. Generic message forwarding using high-end cross-chain communication protocols is how Mainnet and Subnet are able to communicate with one another. Due to this, DeFi users are able to engage in secure trading without having to hand over custody of their assets. This also has the potential to reduce slippage in trade execution.
Optimizing Speed, Safety, and User Experience
The Dexalot team believes that the one-of-a-kind design of the Dexalot subnet lays the groundwork for expanding to additional host chains, which will ultimately lead to greater mass adoption of DeFi. It has been claimed that this cutting-edge Subnet implementation serves as a basis for the development of numerous ecosystem interoperabilities that may be built on top of and around Dexalot.
Dexalot Co-Founder and CTO Cengiz Dincoglu said: “By utilizing both the host chain and exchange chain, we have optimized Dexalot for speed, safety, and above all, experience. We are looking forward to introducing DeFi traders to the Subnet on the Avalanche network, and to further differentiating our platform from other centralized and decentralized exchanges in the market.”
In addition to finally releasing its much-anticipated Subnet, Dexalot has announced that it would begin a brand-new Incentive Program on the same day. Over the course of the next few months, the Dexalot Incentive Program (DIP) will give out up to 4.8 million $ALOT tokens, which have a value of $1,565,579 based on today’s prices.
The only thing users need to do to become eligible for rewards is link their wallet, deposit tokens such as ALOT, AVAX, BTC, ETH, USDC, or USDT, and start trading. On the other hand, Dexalot has run two initiatives, namely #Stake2theSubnet and #Trade2theSubnet, in order to engage and educate its rapidly expanding community of validators and delegators in preparation for the introduction of the Subnet.
Dexalot is a ground-breaking decentralized exchange that aims to replicate the look and feel of traditional centralized exchanges within a decentralized on-chain application. The Central Limit Order Book DEX, which is powered by Avalanche, is an inclusive and transparent ecosystem that enables users of Dexalot to trade cryptocurrencies in a safe and effective manner, without the risk of slippage or custody.