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Decentralized Exchange Dexalot Starts a Hybrid DeFi Subnet
Dexalot’s users will be able to deposit and withdraw assets via its app on the Avalanche C-chain, and then trade on the Dexalot subnet.
Updated Feb 1, 2023, 5:42 p.m. Published Feb 1, 2023, 4:01 p.m.
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Decentralized cryptocurrency exchange (DEX) Dexalot has launched on layer 1 protocol Avalanche as a subnet, attempting to combine the user experience of centralized exchanges (CEX) along with the transparency and decentralization of a DEX.
Dexalot’s users will be able to deposit and withdraw assets via its app on the Avalanche C-chain, and then trade on the Dexalot subnet, according to a press release.
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The communication between the mainnet and subnet will be through “generic message passing using cross-chain communication protocols,” the company said. This may reduce slippage in trade execution and will allow traders to have confidence without giving up custody of their assets, the company added. Slippage in this context refers to the difference between a trade’s expected price and the price at which the trade is executed. Slippage tends to happen when markets are volatile.
The launch comes at a time when there’s a sense of uncertainty towards centralized exchanges following the collapse of FTX in November. Users are increasingly migrating away from centralized exchanges since the fallout, with DEXs seeing a spike in trading volume in November, according to data from DeFiLlama.
Read more: Centralized Exchange (CEX) vs. Decentralized Exchange (DEX): What’s the Difference?
“By using both the host chain and the exchange chain, we have optimized Dexalot for speed and safety,” said Cengiz Dincoglu, co-founder of the DEX.
Dexalot’s dual-chain app establishes a base for expanding to other host chains to enable mass adoption of decentralized finance (DeFi), according to the press release. The Subnet implementation will build a foundation for interoperabilities within multiple ecosystems, which can be created on top of, and around Dexalot, the press release added.
Read more: Polygon Derivatives DEX Gains Network Crosses $1.5B in Trading Volume on Arbitrum
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