The Avalanche Foundation Grants $3 Million Worth of AVAX Tokens to Dexalot DEX
The Avalanche Foundation has announced a grant of up to $3 million worth of AVAX tokens to Dexalot, a decentralized exchange (DEX) built on an Avalanche subnet. This grant is part of Avalanche’s Multiverse initiative, which aims to stimulate the growth of new subnets within the Avalanche ecosystem.
Key Points:
– Dexalot is a central order limit book DEX that replicates the centralized exchange experience on-chain.
– Users can place orders at precise levels through Dexalot’s central limit order book.
– The Dexalot subnet was launched in February, and it aims to provide a decentralized alternative to traditional exchanges.
– The Multiverse funds will be released to Dexalot over a period of 12 months, starting in the fall.
– The funds will be distributed based on the achievement of specific milestones by the Dexalot subnet.
The details of these milestones have not been disclosed by the company.
Hot Take:
The grant from the Avalanche Foundation to Dexalot demonstrates the commitment of Avalanche to foster innovation and growth within its ecosystem. By supporting projects like Dexalot, Avalanche aims to provide users with decentralized alternatives to traditional exchanges, and ultimately, drive the wider adoption of cryptocurrencies. This initiative further strengthens the position of Avalanche as a leading blockchain platform in the crypto industry.
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