Dexalot, a central limit order book (CLOB) decentralized exchange (DEX) based on an Avalanche Subnet, will receive up to $3 million in AVAX tokens from the Avalanche Foundation. The incentives are provided by Avalanche Multiverse, a comprehensive initiative supporting the development and adoption of the Avalanche Subnet.
In February, Dexalot’s Subnet was launched, giving traders of digital assets increased speed, throughput, and time-to-finality. Dexalot seeks to provide users with the ability to make orders at certain price levels (limit orders), potentially offering a CLOB experience that is distinct from that of other DEXes. Users may see orders forthrightly using Dexalot, and fair matching may even eliminate trading bots’ speed advantage. Dexalot aims to provide consumers with better liquidity, more transparency, and less slippage.
The current Dexalot Incentive Program will be used to distribute Avalanche Multiverse funds over a 12-month period beginning this autumn. As the Dexalot Subnet achieves new milestones, the Multiverse funds will be allocated in accordance. Dexalot’s Subnet has handled more than 12 million transactions since its debut.
“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.”
In order to hasten the expansion of Subnets, the Avalanche Foundation introduced Avalanche Multiverse in March 2022. A diverse ecosystem of scalable app-specific blockchains, like Dexalot, is made possible through subnets. The initiative has concentrated on enabling new ecosystems, such as institutional use cases, DeFi, NFTs, and blockchain gaming.
Dexalot exemplifies the potential of Avalanche, much like other initiatives that have benefited from funding from the Avalanche Foundation, such as the decentralized spot and perpetual market GMX, which recently released V2. Dexalot’s innovative design in particular demonstrates the possibilities of developing on custom Avalanche Subnets catered to a new dApp’s specific requirements.
“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 article is based on content supplied by Dexalot. Go to the Dexalot website for additional details.
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