The popular Avalanche-hosted decentralized exchange Dexalot says its official subnet is now ready for prime time, increasing the speed and safety of its platform and enabling a more positive trading experience for users. At the same time, it announced a new incentive program to encourage more traders to take a look at its unique exchange platform.
Dexalot is a novel DEX that’s aiming to bring the experience of traditional, centralized trading platforms to the decentralized world. To use it, all that’s required is to link a cryptocurrency wallet such as MetaMask. There’s no need to deposit funds, no intermediary, transactions are completed swiftly and there’s absolutely no risk that users will lose their funds, as their assets always remain under their control.
So how has Dexalot achieved this? It’s all thanks to its innovative use of a traditional Central Limit Order Book that matches users’ orders to ensure optimal price trading, combined with the blazing fast transaction speeds and low costs of the Avalanche blockchain.
Unlike traditional Automated Market Maker-based DEXs on Avalanche that rely on liquidity pools and only allows users to trade at the current market rate, Dexalot allows traders to enter orders at the specific price they want to trade. This means there is no risk of price slippage on executions or being ‘front-run’ by bots on a crucial trade.
Dexalot does this in a fully decentralized way and does not depend on any third-party services, meaning that users retain full control of their wallets. In this way, Dexalot is truly a non-custodial exchange.
One of its unique advantages besides the use of CLOB technology is its Intel SGX-supported Avalanche Digital Asset Bridge that allows users to bridge Ethereum-based tokens onto Dexalot. True to its decentralized nature, it’s also fully democratic with community-based governance.
The DEX runs on the Avalanche blockchain to take advantage of that network’s extremely high throughput, which ensures transactions are finalized in seconds with low fees. Dexalot says that it chose Avalanche because previous attempts to bring CLOB-like functionality to DEXs failed as a result of building on poor infrastructure that limited adoption, leading to slow transactions, high fees and unfulfilled orders.
Dexalot said its Avalanche Subnet will make its platform even faster, with no compromises on decentralization or transparency. Avalanche Subnets are independent networks, similar to Polkadot’s parachains, designed to host the transactions of specific decentralized applications. In this way, they accelerate transaction speeds even faster, while easing the pressure on the main Avalanche C-Chain.
With the Subnet’s launch, Dexalot users will still deposit and withdraw their assets via the main C-Chain. However, trades on the platform will now occur on the Subnet, with communication between the two networks handled by “high-end cross-chain communication protocols”. According to Dexalot CTO Cengiz Dincoglu, it’s all part of Dexalot’s promise of becoming a dual-chain application that optimizes its platform for speed, transparency, and incredible user experiences.
“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,” Dincoglu said.
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Besides all of the above promises, traders have another strong motive to try out Dexalot with its new Dexalot Incentive Program, which kicks off today. Under that program, Dexalot has promised to distribute 4.8 million $ALOT tokens to its user base. The rewards, which total $1.58 million at today’s rate, will be available to all users who link a wallet to Dexalot and deposit $ALOT, $AXAX, $BTC, $ETH, $USDC or $USDT tokens and make at least one trade on its platform.
Dexalot also hinted at plans to launch its exchange on additional host blockchain, saying that the unique design of its subnet establishes a “foundation for multiple ecosystem interoperabilities”.