Nikolas Sargeant
The Avalanche Foundation is set to provide roughly $3 million in AVAX tokens to Dexalot, the central limit order book (CLOB) decentralized exchange (DEX) built on an Avalanche Subnet.
In a press release shared with Cryptowisser, the team said the incentives come from Avalanche Multiverse, a comprehensive program nurturing Avalanche Subnet growth and adoption.
Dexalot’s Subnet launched on the Avalanche blockchain in February, unlocking better speed, throughput, and time-to-finality for traders of digital assets. Dexalot seeks to make it possible for users to 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. The platform strives to create greater liquidity, more transparency, and minimal slippage for users.
Avalanche Multiverse funds will be distributed via the existing Dexalot Incentive Program starting this fall. The distribution will be spread over the next 12 months. The Multiverse funds are contingent and will be distributed in accordance as the Dexalot Subnet hits new milestones.
While commenting on this latest development, Luigi D’Onorio DeMeo, head of DeFi and DevRel at Ava Labs, said;
“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 launched Avalanche Multiverse in March 2022 in a bid to accelerate the growth of Subnets. Subnets promote a rich ecosystem of scalable app-specific blockchains like Dexalot. The Avalanche Multiverse program has focused on supporting new ecosystems including blockchain gaming, DeFi, NFTs, and institutional use cases.
Tim Shan, COO at Dexalot also commented that;
"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.”
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.
Meanwhile, Dexalot is a revolutionary decentralized exchange that brings the traditional centralized exchange look and feel to a decentralized on-chain application.
