Cryptocurrency News

Dexalot Brings CEX Interface to DeFi With the Launch of Its Subnet on Avalanche

By February 1, 2023 No Comments
Dexalot (ALOT) crypto cover image

Key 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 enable users to trade slippage-free with full custody over their assets
  • Users who trade on the Dexalot DEX will receive a share of the incentive reward of close to $1.7 million

Dexalot is a hybrid DeFi protocol serving on Avalanche that brings the traditional centralized cryptocurrency exchange interface to a decentralized and on-chain platform. The project, which implemented Dexalot Subnet, an Avalanche Subnet, spent months developing an efficient and low transaction fee on-chain central limit order book (CLOB) on the Avalanche Fuji testnet.

Having a dual-chain application, Dexalot uses Avalanche C-Chain to deposit and withdraw assets and Dexalot Subnet to process transactions. Communication between Mainnet and Subnet is provided via high-level inter-chain communication protocols. In this way, users’ level of control over their funds increases, while the slippage in the trading application decreases.

The dev team is building a good foundation for this uniquely designed DeFi protocol to be adopted in the mainstream. The innovative Subnet implementation can be used as a foundation for multiple ecosystems to be developed on and around Dexalot.

Traders Will Be Rewarded

Dexalot also announced that it had launched a new incentive program right after launching 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 amount of the prize is approximately $1,670 million. Users who want to get a share of the prize simply deposit ALOT, AVAX, BTC, ETH, USDC, USDT, and other supported cryptos in their wallet and start trading on Dexalot.

Prior to the Subnet launch, Dexalot ran two campaigns, #Trade2theSubnet and #Stake2theSubnet, to grow, strengthen participation and educate the delegate and validator community.

“By utilizing both the host chain and exchange chain, we have optimized Dexalot for speed, safety and above all, experience,” said Co-Founder and CTO Cengiz Dincoglu and added:

 “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.”

Dexalot has brought the CEX interface and look that users are used to, to the decentralized on-chain application. Aiming to increase decentralized finance (DeFi) adoption with this hybrid design, Dexalot also used Avalanche-powered Central Limit Order Book, enabling users to trade tokens securely, cheaply and efficiently without facing custody and slippage risks.