Dexalot, a new project building a decentralized order book exchange on Avalanche, has raised $7 mn in funding led by Avalanche’s Blizzard Fund (“Blizzard”) among other Avalanche ecosystem players and DeFi investors.
Avalanche ecosystem investors including Avalaunch, Colony, Benqi, AVentures, and Avascan, Republic Capital, GSR, Muhabbit Capital, Woodstock Capital, Maven Capital, and IPC also participated in the funding round.
Dexalot is a revolutionary decentralized exchange aiming at bringing the traditional centralized exchange look and feel through a decentralized on-chain application.
“We’re very excited to receive support from everywhere across the Avalanche ecosystem. Dexalot wants to create a truly transparent, community-owned crypto exchange, where users can trade assets at the capital efficiency of central exchanges with the same or better user experience,” said Nihat Gurmen, CEO of Dexalot.
Dexalot users can trade crypto securely and efficiently, with no slippage or custody risk. It is built on Avalanche, the fastest smart contracts platform in the blockchain industry.
“Dexalot is pioneering a new generation of decentralised exchanges, enabling users to trade any asset with low fees, zero slippage, and efficient price discovery. Most chains lack the capacity and velocity to maintain an on-chain order book, forcing users to settle for poor trade execution. Dexalot capitalises on Avalanche’s speed to deliver a peerless user experience,” said Emin Gün Sirer, Director of the Avalanche Foundation.
Lydia Chiu, Blizzard the Avalanche Fund said, “As a central limit order book, Dexalot introduces new functionality to the ecosystem and seizes the opportunities unlocked by Avalanche’s near-instant finality.”