Dexalot, a decentralized cryptocurrency exchange (DEX) that aims to replicate the appearance and feel of a typical centralized exchange in a decentralized on-chain application, has launched on an Avalanche Subnet and is a major step forward in the development of decentralized trading protocols.
In particular, the exchange aims to provide users with an environment similar to that of a centralized exchange (CEX), without sacrificing security or privacy, as per the information shared with Finbold on February 1.
Developers spent months utilizing the Avalanche Fuji test network to create a fully functional, on-chain central limit order book (CLOB) that supports many spot trading pairs and has minimal transaction costs. In Dexalot’s dual-chain application, the Subnet plays a crucial role. Avalanche C-Chain users may use the Dexalot application to deposit and withdraw funds for trading on the Dexalot Subnet.
Using sophisticated cross-chain messaging protocols, generic communications are sent between the Mainnet and the Subnet. Users of DeFi may now make secure trades without giving up control of their funds, which may improve trade execution and lessen slippage.
Co-Founder and CTO Cengiz Dincoglu stated:
“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.”
Framework to expand DeFi adoption
Moreover, the Dexalot team claims that the platform’s innovative architecture “establishes a base for expanding to other host chains to further DeFi mass adoption.” Subnet’s innovative implementation is seen as laying the groundwork for the development of several interoperable ecosystems on top of and around Dexalot.
In addition, Dexalot also announced it would also start a new Incentive Program. In the following months, the Dexalot Incentive Program (DIP) will distribute a maximum of 4.8 million Dexalot ALOT tokens (now valued at $1,602,618). Traders who sign up, create an account, and deposit tokens like ALOT, AVAX, BTC, and ETH into their wallets may immediately begin earning rewards.
Finally, Dexalot has ALSO launched two initiatives, #Stake2theSubnet and #Trade2theSubnet, to engage and educate its expanding community of validators and delegators in advance of the Subnet launch.