Avalanche Foundation Grants $3 Million in AVAX Tokens to Dexalot Exchange
The Avalanche Foundation has announced a substantial grant of up to $3 million worth of AVAX tokens to Dexalot, the trailblazing decentralized exchange (DEX) built on an Avalanche Subnet. This significant injection of funds comes through the Avalanche Multiverse program, a comprehensive initiative designed to foster the growth and adoption of Avalanche Subnets. Dexalot’s Subnet, which was launched in February, has already shown its potential to revolutionize the world of decentralized trading.
Dexalot’s Subnet introduction marked a turning point in the realm of digital asset trading, offering traders enhanced speed, throughput, and time-to-finality. By allowing users to place orders at precise price levels, known as limit orders, Dexalot differentiates itself from most other DEXes. This unique feature provides users with a Central Limit Order Book (CLOB) experience, which in turn presents new opportunities for transparent and fair order matching, potentially leveling the playing field against trading bots’ speed advantage. The overarching goal of Dexalot is to enhance liquidity, transparency, and minimize slippage, ultimately creating a more favorable environment for users.
The Avalanche Multiverse funds will be disbursed over a period of 12 months, starting in the upcoming fall season. These funds will be subject to distribution as the Dexalot Subnet achieves various milestones, further incentivizing the development and success of the project. Since its inception, Dexalot’s Subnet has already processed a remarkable 12 million plus transactions, showcasing the burgeoning demand and utility for its offerings.
Luigi D’Onorio DeMeo, head of DeFi and DevRel at Ava Labs, commented on the significance of Dexalot’s approach, stating, “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. 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 introduced the Avalanche Multiverse program in March 2022, with the aim of accelerating Subnet growth. Subnets have been pivotal in fostering a diverse ecosystem of scalable app-specific blockchains, exemplified by Dexalot. This program is aligned with the support of various ecosystems, including blockchain gaming, DeFi, NFTs, and institutional use cases.
Dexalot’s success echoes the power of the Avalanche platform, which has also been the foundation for other notable projects such as the decentralized spot and perpetuals exchange GMX. Dexalot’s distinctive architecture underscores the immense potential of building on customized Avalanche Subnets tailored to specific dApp requirements.
Tim Shan, COO at Dexalot, expressed his excitement, stating, “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. 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.”
In conclusion, the Avalanche Foundation’s generous grant to Dexalot underscores the incredible potential of decentralized exchanges within the Avalanche ecosystem. Dexalot’s innovative approach, enhanced by the power of Subnets, could potentially reshape the landscape of digital asset trading by prioritizing transparency, fairness, and user experience.
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