Finance
Share this article

Avalanche Foundation Provides $3M in AVAX Tokens to Dexalot

The grant is part of Avalanche’s Multiverse initiative, an incentive fund that aims to push the growth of new subnets.

By Lyllah Ledesma|Edited by Oliver Knight
Aug 17, 2023, 2:00 p.m.
Avalanche provides $3m grant to Dexalot (Pixabay)
Avalanche provides $3m grant to Dexalot (Pixabay)

The Avalanche Foundation is offering up to $3 million worth of AVAX tokens to Dexalot, a central order limit book decentralized exchange (DEX) built on an Avalanche subnet, according to a press release.

The initiative is part of Avalanche’s Multiverse, an incentive fund to push the growth of new subnets. A subnet is a sovereign network that defines its own rules for membership and tokeneomics.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.

Dexalot is a DEX that aims to replicate the centralized exchange experience through a decentralized on-chain app. It aims to allow users to place orders at precise levels through its central limit order book. Dexalot launched its subnet in February.

Starting in fall, Avalanche’s Multiverse funds will be released over 12 months via the Dexalot incentive program. The funds are contingent and will be distributed in accordance with the subnet hitting new milestones, said the press release. The company declined to comment on the details of what the milestones are.

AVAXAvalancheDEX

Higit pang Para sa Iyo

zkME Technology wins $20,000 PitchFest prize at Consensus Hong Kong

Ni Oliver Knight|Edited by Nikhilesh De
49 minuto ang nakalipas
PitchFest winner (Consensus Hong Kong 2026)

The Hong Kong-based DePin company beat out 11 other finalists with its identity verification solution aimed at bringing DeFi to the mainstream.

Ano ang dapat malaman:

  • ZkME Technology, which has 3.5 million users and is currently raising a Series A, pitches itself as the essential infrastructure for mainstream DeFi adoption.
  • Runner-up Hubble AI offers AI-powered bespoke trading strategy building through natural language prompts, emphasizing it provides infrastructure rather than strategies.
  • The judging panel included representatives from Bullish Capital Management, CMT Digital, Fabric Ventures and YZi Labs.
Basahin ang buong kwento