Decentralized cryptocurrency exchange Dexalot has launched on an Avalanche Subnet, marking a new milestone in “the evolution of decentralized trading protocols.”
The Dexalot Subnet aims “to replicate the user experience of a CEX without compromising on decentralization and transparency.”
Its team has “spent months building and refining its application using the Avalanche Fuji test network to deliver an on-chain central limit order book (CLOB) with low transaction fees, and support across spot trading pairs.”
The Subnet is “a key pillar of Dexalot’s dual-chain application.”
Users deposit and withdraw assets “through the Dexalot application on the Avalanche C-Chain, and then trade on the Dexalot Subnet.”
Communication between the Mainnet and Subnet “occurs through generic message passing using high-end cross-chain communication protocols.” This enables DeFi users “to trade with confidence without surrendering custody of their assets, and may reduce slippage in trade execution.”
Co-Founder and CTO Cengiz Dincoglu said:
“By utilizing both the host chain and exchange chain, we have optimized Dexalot for speed, safety and above all, experience. We are looking forward to introducing DeFi traders to the Subnet on the Avalanche network, and to further differentiating our platform from other centralized and decentralized exchanges in the market.”
According to the Dexalot team, its unique design “establishes a base for expanding to other host chains to further DeFi mass adoption.”
The innovative Subnet implementation is said “to represent a foundation for multiple ecosystem interoperabilities to be created on top of, and around, Dexalot.”
As well as launching its Subnet, Dexalot has confirmed that it will “commence a new Incentive Program on the same date. The Dexalot Incentive Program (DIP) will give away up to 4.8 million $ALOT tokens over the coming months (worth $1,602,618 at today’s prices).”
To be eligible for rewards, all users have to do is “connect their wallet, deposit tokens such as ALOT, AVAX, BTC, ETH, USDC, USDT, and start trading.”
In anticipation of the Subnet launch, Dexalot has “conducted two campaigns, #Stake2theSubnet and #Trade2theSubnet, to engage and educate its growing community of validators and delegators.”
As noted in the update, Dexalot is a decentralized exchange aiming at “bringing the traditional centralized exchange look and feel to a decentralized on-chain application.”
The Avalanche-powered Central Limit Order Book DEX represents “an inclusive and transparent environment where Dexalot users can trade crypto securely and efficiently, with no slippage or custody risk.”