Decentralized exchange Dexalot has raised $7 million in funding. The funding round was led by Avalanche’s Blizzard Fund. Also, there were a number of investors drawn from the DeFi sector and Avalanche ecosystem. Other investors included Avalaunch, GSR, Muhabbit Capital, Republic Capital, Woodstock Capital, Maven Capital, Colony, IPC, Avascan, Benqi, and AVentures.
The funds will help Dexalot increase its footprint in the Avalanche ecosystem and help solve some of the current inefficiencies. Dexalot currently operates on Central Limit Order Book (CLOB) on the C-Chain. Usually, the overdependence on Automated Market Makers by most Avalanche-based decentralized exchanges makes them unattractive to expert users.
What does the exchange target to achieve?
Many Avalanche DEXs face high slippage rates, low capital efficiency, and fluctuations in execution prices. Dexalot aims to plug this deficit through its usage of CLOB. Furthermore, Dexalot will integrate CLOB with an auction system, enabling users to trade with greater confidence and less risk. Consequently, the integration will mitigate slippage and level the playing field for all users. That will eliminate bot advantage in placing orders.
Dexalot users can send limit orders that operate sequentially. Depending on the order price and market liquidity, orders can be treated as a taker or a maker. Takers get instant market marches while makers appear as orders on the order book. Furthermore, in case of failure to meet taker orders fully, they assume the role of maker orders on the remaining liquidity. Additionally, market orders that are unresponsive to the current price may be activated for some pairs.
The CEO of Dexalot, Nihat Gurmen, expressed his delight that the fundraising attracted interest from several investors across the Avalanche ecosystem. He added that Dexalot is keen on building a transparent, community-owned crypto exchange with the same or better capital efficiency and user experience as centralized exchanges.
According to the Director of the Avalanche Foundation, Emin Gün Sirer, Dexalot leverages Avalanches’ super-fast execution speed and capacity to support an order book setup. According to him, that sets Dexalot apart from its peers in the DEX market.
Dexalot is pioneering a new generation of decentralized exchanges, enabling users to trade any asset with low fees, zero slippage, and efficient price discovery.”
Emin Gün Sirer, Director of the Avalanche Foundation.
“The Blizzard Ecosystem fund is excited to support Dexalot as it is quickly positioning itself as a crucial application for users across the Avalanche community,” added Lydia Chiu, from Blizzard the Avalanche Fund.
About Dexalot
Dexalot is a community-centric DEX, that operates on Avalanche. It bridges the gap between DEXs and centralized exchanges. Dexalot operates on Central Limit Order Book (CLOB) and provides the feel and look of CEXs, which makes it intuitive. It aims to provide a transparent and secure exchange platform with no slippage on orders.