- Dexalot raises $7 million in funding led by Avalanche’s Blizzard Fund.
- Investors also pitched in from the Avalanche ecosystem.
- The project has been operating on testnet since August 2021 and has registered over 250,000 transactions and more than 12,000 unique wallets.
Avalanche’s Blizzard Fund has led a $7 million funding round for Dexalot, a decentralized exchange (DEX) startup. The fundraising saw the participation of several other Avalanche ecosystem players and DeFi investors. This project is aiming to build a decentralized order book exchange on Avalanche, which allows users to trade any asset with low fees, zero slippage, and efficient price discovery.
The Avalanche ecosystem investors – aside from Blizzard – included Colony, AVentures, Avalaunch, Avascan, and Benqi. Other partners who joined are Maven Capital, GSR, Muhabbit Capital, Republic Capital, Woodstock Capital, and IPC.
Dexalot CEO Nihat Gurman shared his excitement from all the support received across the Avalanche system.
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.
Ava Labs’ Vice President of Business Development Lydia Chiu echoed the same sentiment regarding Dexalot, as it is quickly becoming a crucial application for users across the Avalanche community.
Dexalot is a Central Limit Order Book (CLOB) exchange running on the EVM-compatible Avalanche C-Chain. It aims to cover the missing piece of Avalanche DEXs which are so far only AMM-based.
The project has been operating on testnet since August 2021. Dexalot has registered over 250,000 transactions and more than 12,000 unique wallets interacting with the testnet. In addition, the community members using the exchange will be included in the project’s governance. This ensures a community-led project from day one.
Avalanche Foundation Director Emin Gün Sirer says that Dexalot is pioneering a new generation of decentralized exchanges. The platform enables users to trade any asset with minimal fees, zero slippage, and efficient price discovery.
Sirer adds that most chains lack the ability to maintain on-chain order books, leaving users to settle for poor trade executions. Dexalot capitalizes on Avalanche’s speed to deliver a peerless user experience.