Avalanche Foundation Provides $3M in AVAX Tokens to Dexalot
As a part of Avalanche's Multiverse initiative, an ambitious program aimed at driving the expansion of novel subnets, the Avalanche Foundation has announced its commitment to provide Dexalot with an allocation of AVAX tokens valued at up to $3 million. Dexalot is a decentralized exchange (DEX) characterized by its central order limit book framework, and it operates within an Avalanche subnet. This announcement was made through an official press release.
The Multiverse initiative, in which this grant is a significant component, serves as an incentive fund orchestrated by Avalanche. The initiative is strategically designed to propel the proliferation and advancement of emerging subnets within the broader Avalanche ecosystem. These subnets function as distinct and self-governing networks, empowered to establish their own unique regulations governing membership and tokenomics.
Dexalot, the recipient of the grant, operates as a DEX with the ambitious aspiration of emulating the user-friendly experience typically associated with centralized exchanges. This is achieved through the implementation of a decentralized on-chain application. The platform is engineered to enable users to execute orders with precision at specific price levels through its central limit order book mechanism. Dexalot took a significant step forward in its journey by introducing its subnet in the month of February.
Marking an important milestone, starting in the upcoming fall season, the Multiverse funds, earmarked for Dexalot's growth, will be progressively disbursed over a span of 12 months through the implementation of the Dexalot incentive program. These funds are contingent upon the subnet reaching various developmental milestones, as outlined in the press release. However, specific details regarding the nature of these milestones were not disclosed by the company.