New York, New York, August 17th, 2023, Chainwire
The Avalanche Foundation’s Multiverse grant program accelerating Subnet growth has awarded up to $3M to Dexalot, an exchange offering a CLOB model on-chain.
The Avalanche Foundation is providing up to $3 million in AVAX tokens to Dexalot, the central limit order book (CLOB) decentralized exchange (DEX) built on an Avalanche Subnet. The incentives come from Avalanche Multiverse, a comprehensive program nurturing Avalanche Subnet growth and adoption.
Dexalot’s Subnet launched in February, unlocking better speed, throughput, and time-to-finality for traders of digital assets. Dexalot aims to let users place orders at precise price levels (limit orders), offering a CLOB experience which is potentially different from most DEXes. With Dexalot, users can see orders transparently, with fair matching potentially eliminating the speed advantage of trading bots. Dexalot strives to create greater liquidity, more transparency, and minimal slippage for users.
Starting this fall, Avalanche Multiverse funds will be distributed over 12 months through the existing Dexalot Incentive Program. The Multiverse funds are contingent and will be distributed in accordance as the Dexalot Subnet hits new milestones. Since launch, Dexalot’s Subnet has processed 12M+ transactions.
“Dexalot’s non-custodial, fully on-chain CLOB could provide for one of the best pricing of swaps for various assets within the Avalanche ecosystem,” Luigi D’Onorio DeMeo, head of DeFi and DevRel at Ava Labs. “After the events from the past year, we expect to continue to see a renewed push into non-custodial DeFi that enables trustless transactions between unified parties and Dexalot is a key piece of that infrastructure.”
The Avalanche Foundation launched Avalanche Multiverse in March 2022 to accelerate the growth of Subnets. Subnets enable a rich ecosystem of scalable app-specific blockchains like Dexalot. The program has focused on supporting new ecosystems including blockchain gaming, DeFi, NFTs, and institutional use cases.
Like other projects that have received grants from the Avalanche Foundation, including the decentralized spot and perpetuals exchange GMX, which just released V2, Dexalot illustrates the power of Avalanche. In particular, Dexalot’s unique architecture showcases the potential of building on custom Avalanche Subnets tailored to a novel dApp’s precise needs.
“From the very beginning, our objective was to provide users with the familiar interface of a CEX, but integrated into a fully on-chain order book DEX,” said Tim Shan, COO at Dexalot. “This vision proved difficult to execute on other L1 and L2 solutions. We can think of no better blockchain technology than Subnets for building Dexalot. We are very grateful to the Avalanche Foundation for providing such a generous incentive program to our community and Ava Labs for their continued support on our Subnet journey.”
This post is based on materials provided by Dexalot. For more information, visit Dexalot’s website.
Provided for informational purposes only, without representation, warranty or guarantee of any kind. None of this is as an endorsement by Ava Labs, Inc., the Avalanche Foundation Limited or any of their respective subsidiaries or affiliates, nor is any of this investment or financial advice. Please review this Notice and conduct your own research to properly evaluate the risks and benefits of any project.
About Avalanche
Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.
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About Dexalot
Dexalot is a revolutionary decentralized exchange that brings the traditional centralized exchange look and feel to a decentralized on-chain application. The Avalanche-powered Central Limit Order Book DEX represents an inclusive and transparent environment where Dexalot users can trade crypto securely and efficiently, with no slippage or custody risk.
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