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What is Dexalot? Dexalot is the first decentralized exchange with a central limit order book on the Avalanche blockchain platform.
The Avalanche community has started testing the application in early August and it will be available on mainnet in the third quarter of 2021.
With functionality and interface features that rival centralized exchanges, it is fast and easy to use.
Dexalot runs on an on-chain central limit order book reaping the inherent benefits of blockchain technology’s non-custodial, decentralized, and permissionless nature.
Key characteristics of Dexalot
Central limit order book
Dexalot’s on-chain central limit order book allows traders to specify both the price and the number 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.
The user interface has a similar feel to what cryptocurrency traders have been used to in centralized exchanges. They can easily place orders, view transaction history, and use candlestick charts to track activity.
With the 1-2 second finality of the Avalanche consensus mechanism, transactions on Dexalot can be completed very fast.
The built-in independence of a decentralized exchange means there is no centralized control over the operation. As a decentralized exchange, Dexalot does not depend on any third-party services for its basic operations.
Every centralized exchange is custodial. In this context, the word ‘custodial’ means the centralized institution holds traders’ funds. With Dexalot, only the traders have control over their own funds.
In a permissionless blockchain, a user can create a personal address and then interact with the network by using crypto-wallets. Dexalot uses the MetaMask wallet for this purpose.
Developments in Avalanche set the stage for prime time
Avalanche, Dexalot’s host platform, has been adding significant features recently. One of the critical developments was the launch of the Avalanche Bridge (AB).
AB allows cryptocurrency traders to transfer ERC-20 tokens between ETH and Avalanche’s C-Chain quickly, securely, and low-costly.
Compared to the earlier solutions, AB has dramatically simplified the transfer process, allowing Dexalot users to access their cryptocurrency assets on ETH and the Avalanche.
Phase 3 of the Apricot upgrade (AP3) which has taken effect on mainnet on Tuesday, August 24, 2021 is yet another pivotal development for the Avalanche platform.
This update has brought dynamic fees to Avalanche’s C-Chain that could dramatically lower the gas price for transactions based on network activity.
Having scrutinized its compatibility with AP3 on the testnet, Dexalot is ready to take full advantage of the dynamic fees upon mainnet activation planned for Q3 2021.
Dexalot testing and community involvement
Dexalot started its presence on the Avalanche Fuji testnet on August 6, 2021. In the first 24 hours, it garnered more than 44,000 transactions from almost 1,000 unique wallet addresses. The total transaction volume reached $1.2 million.
Dexalot has been working with cryptocurrency enthusiasts from day one to deliver a smooth trading experience on the mainnet.
For this purpose, Dexalot conducted a one-hour event named “Hour of Horror” on Friday, August 13, 2021, incentivized with NFT giveaways.
During this one-hour event, Dexalot received requests from 341 unique wallet addresses completing 11,433 transactions and reaching a volume of $5 million. This event was an important stress test to fine-tune the infrastructure to be resilient on the mainnet.
Dexalot developers have implemented numerous improvements based on valuable feedback provided by “Bug Hunt” and “Hour of Horror” event participants and continue tweaking the system.
These improvements will be released to the testnet in the very near term offering a better experience for cryptocurrency traders.
The testnet will remain active until the transition to the mainnet is fully achieved. During this transitional period, Dexalot will continue to host various events with giveaways of gift tokens and NFTs.
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