St. Petersburg, Florida, 17th February, 2022,
Dexalot, a new project building a decentralized order book exchange on Avalanche, has collected $7 million in funding led by Avalanche’s Blizzard Fund (“Blizzard”) and with participation from a number of Avalanche ecosystem players and DeFi investors.
In addition to Blizzard, Avalanche ecosystem investors include Avalaunch, Colony, Benqi, AVentures, and Avascan. Other partners who joined are Republic Capital, GSR, Muhabbit Capital, Woodstock Capital, Maven Capital, and IPC.
Dexalot is a Central Limit Order Book (CLOB) exchange running on the EVM-compatible Avalanche C-Chain, aiming to plug the hole in the niche of Avalanche DEXs, which are so far only AMM-based. While Automated Market Makers have seen enormous success, they remain suboptimal for expert users due to uncertain price execution, high slippage and low capital efficiency for market makers. To offer a valid alternative, Dexalot offers a classic CLOB system to ensure users get to place orders at precise price levels and guarantee optimum execution.
Additionally, Dexalot is aiming to solve a myriad of issues associated with tokens listing on AMMs through Dexalot Discovery. Dexalot Discovery will combine the CLOB with a novel auction system, which will allow investors (seed, private, IDO and public) to enter no slippage orders over the course of a period (hence eliminating the speed advantage of bots), enable users to see buy and sell demand very transparently, and match buyer and sellers fairly at the end of the process.
Users can send limit orders that operate sequentially: each placed order is either treated as a “taker” (depending on its price and remaining liquidity) and instantly matched, or it’s placed as a “maker” order on the order book. The system is not all-or-nothing, so taker orders that can only be filled partially are then placed as maker orders for the remainder of the liquidity. Price insensitive market orders will also be turned on for certain pairs.
Dexalot has been operating on testnet since August 2021, registering more than 250,000 transactions and over 12,000 unique wallets who interacted with the testnet. The members of the community who use the exchange will be included in the project’s governance, ensuring a community-led spirit from day one.
“We’re very excited to receive support from everywhere across the Avalanche ecosystem,” said Nihat Gurmen, CEO of Dexalot. “Dexalot wants to create a truly transparent, community-owned crypto exchange where users can trade assets at the capital efficiency of central exchanges with the same or better user experience.”
“Dexalot is pioneering a new generation of decentralized exchanges, enabling users to trade any asset with low fees, zero slippage, and efficient price discovery. Most chains lack the capacity and velocity to maintain an on-chain order book, forcing users to settle for poor trade execution. Dexalot capitalizes on Avalanche’s speed to deliver a peerless user experience,” said Emin Gün Sirer, Director of the Avalanche Foundation.
“As a central limit order book, Dexalot introduces new functionality to the ecosystem and seizes the opportunities unlocked by Avalanche’s near-instant finality. The Blizzard Ecosystem fund is excited to support Dexalot as it is quickly positioning itself as a crucial application for users across the Avalanche community,” added Lydia Chiu, Blizzard the Avalanche Fund.
Dexalot is a revolutionary decentralized exchange aiming at bringing the traditional centralized exchange look and feel to a decentralized on-chain application. Its mission is to bring a truly inclusive and transparent environment where Dexalot users can trade crypto securely and efficiently, with no slippage or custody risk. It is built on Avalanche, the fastest smart contracts platform in the blockchain industry.
- Avishay Litani
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