DeFi Adoption: Dexalot Subnet Receives Avalanche Multiverse Incentives of up to $3M

The Avalanche Foundation is providing up to $3 million in AVAX tokens to Dexalot, the central limit order book (CLOB) decentralized exchange (DEX) built “on an Avalanche Subnet.”

The incentives come from Avalanche Multiverse, “a comprehensive program nurturing Avalanche Subnet growth and adoption.”

Dexalot’s Subnet launched in February, “unlocking better speed, throughput, and time-to-finality for traders of digital assets. Dexalot aims to let users 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.” Dexalot strives to “create greater liquidity, more transparency, and minimal slippage for users.”

Starting this fall, Avalanche Multiverse funds will be “distributed over 12 months through the existing Dexalot Incentive Program.” The Multiverse funds are “contingent and will be distributed in accordance as the Dexalot Subnet hits new milestones.” Since launch, Dexalot’s Subnet has “processed 12M+ transactions.”

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 “to accelerate the growth of Subnets. Subnets enable a rich ecosystem of scalable app-specific blockchains like Dexalot.” The program has focused “on supporting new ecosystems including blockchain gaming, DeFi, NFTs, and institutional use cases.”

Like other projects that have received grants from the Avalanche Foundation, including the decentralized spot and perpetuals exchange GMX, “which just released V2, Dexalot illustrates the power of Avalanche.”

In particular, Dexalot’s unique architecture showcases “the potential of building on custom Avalanche Subnets tailored to a novel dApp’s precise needs.”

Tim Shan, COO at Dexalot, said:

“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.”

As noted in the update, 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.”

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