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 L1. The incentives come from Avalanche Multiverse, a comprehensive program nurturing Avalanche L1 growth and adoption. 

Dexalot 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 Avalanche L1 hits new milestones. Since launch, Dexalot’s Avalanche L1 has processed 12M+ transactions. 

“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,” Luigi D’Onorio DeMeo, head of DeFi and DevRel at Ava Labs. “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 Avalanche L1s. Avalanche L1s 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 L1 tailored to a novel dApp’s precise needs.

"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,” said Tim Shan, COO at Dexalot. “This vision proved difficult to execute on other L1 and L2 solutions.  We can think of no better blockchain technology than Avalanche L1s 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 Avalanche journey.”

To learn more about Dexalot’s Multiverse rewards and eligibility, visit this page.

This post is based on materials provided by Dexalot. For more information, visit Dexalot’s website.

Provided for informational purposes only, without representation, warranty or guarantee of any kind. None of this is as an endorsement by Ava Labs, Inc., the Avalanche Foundation Limited or any of their respective subsidiaries or affiliates, nor is any of this investment or financial advice. Please review thisNotice and conduct your own research to properly evaluate the risks and benefits of any project.