US-based Central Limit Order Book (CLOB) exchange platform, Dexalot has raised $7 million in funding led by Avalanche’s Blizzard Fund (“Blizzard”) with participation from several Avalanche ecosystem players and DeFi investors.
In addition to Blizzard, Avalanche ecosystem investors include Avalaunch, Colony, Benqi, AVentures, and Avascan. Other partners who joined are Republic Capital, GSR, Muhabbit Capital, Woodstock Capital, Maven Capital, and IPC.
Dexalot is a Central Limit Order Book (CLOB) exchange running on the EVM-compatible Avalanche C-Chain, aiming to plug the hole in the niche of Avalanche DEXs, which are so far only AMM-based. While Automated Market Makers have seen enormous success, they remain suboptimal for expert users due to uncertain price execution, high slippage, and low capital efficiency for market makers. To offer a valid alternative, Dexalot offers a classic CLOB system to ensure users get to place orders at precise price levels and guarantee optimum execution.
Dexalot has been operating on the test net since August 2021, registering more than 250,000 transactions and over 12,000 unique wallets that interacted with the test net.
The members of the community who use the exchange will be included in the project’s governance, ensuring a community-led spirit from day one.
Speaking on the fundraise, Nihat Gurmen, CEO of Dexalot said, “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.”
“Dexalot is pioneering a new generation of decentralized 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 capitalizes on Avalanche’s speed to deliver a peerless user experience,” Emin Gün Sirer, Director of the Avalanche Foundation said.
Commenting on the investment, 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. 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, Blizzard the Avalanche Fund.