Investors have poured $7 million into the Dexalot cryptocurrency exchange, which is based in Estonia.
The Blizzard Fund of the Avalanche was the primary investor in the round.
A number of investors from the DeFi business as well as the Avalanche ecosystem were also in attendance.
- Others who invested included Avalaunch
- Muhabbit Capital
- Republic Capital
- Woodstock Capital
- Maven Capital
- Amongst a number of other firms.
The funds will be utilized to help Dexalot in expanding its footprint in the Avalanche ecosystem as well as addressing some of the current inefficiencies in the system.
Dexalot currently makes use of the Limit Order Book of the C-Central Chain (CLOB). Professional users avoid most Avalanche-based decentralized exchanges because they rely too heavily on Automated Market Makers, which makes them unattractive to them.
What Exact Problem is Dexalot Exchange Plans to Solve?
Avalanche DEXs are plagued by high slippage rates, low capital efficiency, and price swings, among other problems. With the help of CLOB, Dexalot hopes to close this gap in the market.
Features That make Dexalot Better and Ahead of Competition.
- As part of this integration, Dexalot will connect CLOB with an auction system, allowing users to trade with greater confidence and with lesser risk
- As a result, the integration will reduce slippage and ensure that all users are treated on an equal basis. The advantage of utilizing a bot to place orders will be eliminated as a result of this.
- The Dexalot platform allows users to send limit orders that are executed in a predefined order. If the order price and market liquidity are favorable, orders can be classified as either takers or makers of money.
- Takers are rewarded with instant market marches, whereas makers are listed as orders in the order book.
- Furthermore, if taker orders are not fully met, they take on the role of maker orders on the remaining liquidity, thereby doubling their effectiveness. Market orders that are not sensitive to the current price of a currency pair may also be activated for some pairs.
Mr. Nihat Gurmen, the CEO of Dexalot,
“expressed his delight at the fact that the funding effort generated interest from a wide range of investors across the Avalanche ecosystem. According to him, Dexalot’s goal is to build a transparent, community-owned cryptocurrency exchange that has capital efficiency and user experience comparable to centralized exchanges, among other things”