Avalanche-Based Dexalot Raises $7 Million in Funding, Blizzard Fund Led Round

The protocol is set to pioneer a Central Limit Order Book (CLOB) exchange concept intended to change the narrative in the DeFi space of the Avalanche (AVAX) ecosystem.

Dexalot secures $7,000,000 in strategic funding

According to the official announcement shared by the team of Dexalot exchange, its strategic funding round has concluded successfully with top VCs on board.

The round was led by by Avalanche's Blizzard Fund ("Blizzard"). It also yielded contributions from Avalaunch, Colony, Benqi, AVentures, Avascan, Republic Capital, GSR, Muhabbit Capital, Woodstock Capital, Maven Capital and IPC.

Legendary blockchain pioneer Emin Gün Sirer, director of the Avalanche Foundation, stressed that Dexalot's mission and vision are completely new for Avalanche's ecosystem:

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.

Dexalot leverages the EVM-compatible Avalanche C-Chain to develop a next-gen crypto exchange instrument powered by a Central Limit Order Book (CLOB). This approach allows Dexalot to be much more resource-efficient than every AMM-powered exchange.

12,000 wallets, 250,000 transactions: Milestones of Dexalot's testnets

Nihat Gurmen, CEO of Dexalot, emphasizes that the community-first approach is at the center of his roadmap for the next stages of Dexalot's development:

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.

The protocol's solutions stack will also boast an instrument for fundraising, Dexalot Discovery. Through this tool, early-stage projects will be able to list their tokens in a seamless manner.

As of Q1, 2022, the project undergoes stress-testing in a public testnet campaign. Its testers have already registered 12,000 wallets and authorized 250,000 transactions.

On Feb. 18, 2022, the project is going to open a registration campaign for its initial decentralized exchange offering (IDO) with a $1.5 million hard cap.