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Avalanche’s Blizzard Fund Leads $7M Funding Round for Dexalot -Breaking

by Mike Robinson

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Avalanche’s Blizzard Fund Leads $7M Funding Round for Dexalot
  • Dexalot raises $7 million in funding led by Avalanche’s Blizzard Fund.
  • The ecosystem also attracted investors.
  • Since August 2021, the project is on testnet and has seen over 250,000 transactions. It also has more than 12,000 wallets.

Avalanche’s Blizzard Fund has led a $7 million funding round for Dexalot, a decentralized exchange (DEX) startup. There were several DeFi investors and other players in the Avalanche ecosystem who participated in this fundraising. The project aims to create a decentralized orderbook exchange on Avalanche that allows traders to trade all assets with minimal fees and zero slippage. It also facilitates price discovery.

The Avalanche ecosystem investors – aside from Blizzard – included Colony, AVentures, Avalaunch, Avascan, and Benqi. Maven Capital joined along with GSR, Muhabbit Capital (Republic Capital), Woodstock Capital, IPC, and IPC.

Nihat Gurman (Dexalot CEO) expressed excitement at all the support he received from the Avalanche network.

Dexalot aims to build a transparent and community-owned cryptocurrency exchange that allows users to trade assets at the same capital efficiency as central exchanges while offering a better or equal 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, a Central Limit Order Book exchange (CLOB), runs on an EVM-compatible Avalanche C-Chain. The goal of this exchange is to fill the gap in Avalanche DEXs, which have so far been AMM-based.

Since August 2021, the project is currently running on testnet. Dexalot has recorded more than 250,000 transactions. There are also over 12,000 distinct wallets which interact with the testnet. In addition, the community members using the exchange will be included in the project’s governance. This will ensure that the project is community-led from its inception.

Avalanche Foundation Director Emin Gün Sirer says that Dexalot is pioneering a new generation of decentralized exchanges. Users can trade all assets with minimum fees and zero slippage. The platform also allows for efficient price discovery.

Sirer says that many chains don’t have the capability to keep on-chain order lists, which leaves users with poor executions of trades. Dexalot capitalizes on Avalanche’s speed to deliver a peerless user experience.

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