Highlights:
- Dexalot has launched Subnet on Avalanche, bringing a familiar CEX interface and order book to the world of DeFi
- The dual chain application will allow users to trade without slippage with full custody of their assets
- Users who trade on the Dexalot DEX will receive a share of the nearly $1.7 million incentive reward
Dexalot is a hybrid DeFi protocol serving on Avalanche that brings the traditional centralized cryptocurrency exchange interface to a decentralized, on-chain platform. The project, which implemented the Dexalot subnet, an Avalanche subnet, spent months developing an efficient central limit order book (CLOB) with low transaction costs on the test network. Avalanche Fuji.
Having a dual chain application, Dexalot uses Avalanche C-Chain to deposit and withdraw assets and Dexalot Subnet to process transactions. Communication between the main network and the subnet is provided through high-level inter-chain communication protocols. In this way, users’ level of control over their funds increases, while slippage in the trading application decreases.
The development team is building a good foundation for this uniquely designed DeFi protocol to be adopted in the mainstream. The innovative implementation of the subnet can be used as a basis for the development of several ecosystems on and around Dexalot.
Traders will be rewarded
Dexalot also announced that it launched a new incentive program right after the launch of its subnet. According to the Dexalot Incentive Program (DIP), a total of 4.8 million ALOT tokens will be distributed in the coming months. At today’s price, the total prize money is approximately $1,670 million. Users who want to get a share of the price simply deposit ALOT, AVAX, BTC, ETH, USDC, USDT and other supported cryptos into their wallet and start trading on Dexalot.
Prior to the launch of the subnet, Dexalot conducted two campaigns, #Trade2theSubnet And #Stake2theSubnetto grow, strengthen participation and educate the community of delegates and validators.
“By using both the home chain and the exchange chain, we have optimized Dexalot for speed, security and above all the experience,” said co-founder and CTO Cengiz Dincoglu and added:
“We look forward to introducing DeFi traders to the Avalanche Network subnet and further differentiating our platform from other centralized and decentralized exchanges in the market.”
Dexalot brought the CEX interface and look that users are used to on-chain decentralized application. In an effort to increase decentralized finance (DeFi) adoption with this hybrid design, Dexalot also utilized the Avalanche-powered Central Limit Order Book, allowing users to trade tokens securely, cheaply and effectively without facing the risk of guarding and skidding.
Adnan is a crypto enthusiast who always keeps an eye on the latest developments in the crypto ecosystem. He is an environmental engineer working on his MBA and has been following FinTech innovations for several years. Adnan produces written content to review crypto projects and support the crypto community.
