A new decentralized exchange will soon be available on the Avalanche platform. Unlike most DEXs that run on automated market makers, Dexalot has a feature long-awaited by the Avalanche community — an on-chain central limit order book. Cryptocurrency traders have been enjoying the functionality, speed and user-friendly interface of centralized exchanges, but they have also been drawn to the security, transparency and non-custodial as well as permissionless nature of DEXs. Now with Dexalot, they will be able to have the best of both worlds.
Easy-to-use interface
Dexalot is incredibly easy to use, as easy as the classic trading systems that operate on centralized exchanges. As such, traders will find Dexalot very smooth, seamlessly integrated, and requires minimal technical knowledge. All the information a trader needs is a click or tap away, presented efficiently in a visually pleasing manner.
On Dexalot, traders can place orders for cryptocurrency pairs directly from their own portfolios without relinquishing the custody of their funds while keeping all transactional activity on-chain. Trading pairs can be combinations of Avalanche (AVAX) and ERC-20 tokens listed on Avalanche.
Dexalot provides both limit and market order capabilities for all its crypto pairs. For limit orders, cryptocurrency traders can specify both the price and the quantity of their orders. If there are any opposite side orders in the order book that match the limit price, Dexalot’s matching algorithm will traverse the order book and generate full or partial trades up to the quantity specified. Market orders work just like limit orders, but these will get filled immediately at potentially different prices with one or more opposite side orders that are already in the order book.
Fast transaction finality in a secure environment
While Dexalot enhances the user experience for trading on Avalanche through the flexible functionality of a central limit order book, it also stands out with the following features built directly into its DNA.
All transactions are irreversibly recorded on the chain. Using the ID of a transaction, one can easily access the associated blockchain record, as approved by Avalanche validators. This feature allows cryptocurrency traders to view all pertinent transaction information for ultimate transparency.
The inherent independence of a DEX means there is no centralized control over the exchange. As a decentralized exchange, Dexalot does not depend on any third-party services and the control of the wallet remains only in the hands of traders, true to its permissionless and non-custodial nature.
Avalanche’s fast consensus mechanism allows the transactions on the platform to reach finality within one to two seconds. Dexalot, benefiting from the speed of the host platform, differentiates itself from decentralized exchanges on other platforms and offers users a very smooth experience.
Testnet activation
Dexalot started its Avalanche testnet presence on Aug. 6, 2021. The project has been enthusiastically received by the community with close to 1,000 unique wallets trading on the first day. In the first 24 hours, 44,000 transactions were completed, reaching a total volume of $1.17 million. Building on this momentum, the Avalanche community has been invited to participate in incentivized events such as bug hunts to push the system to its limits. Dexalot plans to launch on the mainnet in the very near future, believing that the crypto community will come together and fuel this groundbreaking expansion in the decentralized finance space.
Please join Dexalot’s Telegram channel and follow Dexalot on Twitter to stay up to date on the project.
About Avalanche
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first smart contracts platform that processes over 4,500 transactions per second and instantly confirms transactions.
About Dexalot
Dexalot is the first decentralized exchange on Avalanche with a central limit order book. Its mission is to bring a truly inclusive and transparent decentralized trading environment that can rival centralized exchanges with its look and feel. It stands out with its security, speed, low cost and ease of use.
Learn more about Dexalot: