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.
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.