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Dexalot, a new project building a decentralised order book exchange on Avalanche, on Monday said it raised $7 million in funding from Avalanche’s Blizzard Fund, with several Avalanche ecosystem players and DeFi investors participating in the round.

Dexalot is a decentralised exchange that aims to bring traditional centralised exchange look and feel to a decentralised on-chain application.

It wants to bring an inclusive and transparent environment, where Dexalot users can trade crypto securely and efficiently with no slippage or custody risk. Dexalot is built on Avalanche, the fastest smart contracts platform in the blockchain industry.

“We’re very excited to receive support from everywhere across the Avalanche ecosystem. Dexalot wants to create a truly transparent, community-owned crypto exchange, where users can trade assets at the capital efficiency of central exchanges with the same or better user experience,” said Nihat Gurmen, CEO of Dexalot.

Since August 2021, Dexalot has been operating on the test net, registering over 250,000 transactions and over 12,000 unique wallets that interacted with it. Members who use the exchange will be included in the project’s governance, ensuring a community-led spirit from day one, Dexalot said in a statement.

“Dexalot is pioneering a new generation of decentralised exchanges, enabling users to trade any asset with low fees, zero slippage, and efficient price discovery. Most chains lack the capacity and velocity to maintain an on-chain order book, forcing users to settle for poor trade execution. Dexalot capitalises on Avalanche’s speed to deliver a peerless user experience,” said Emin Gün Sirer, Director of the Avalanche Foundation.

Besides Blizzard, Avalanche ecosystem investors included Avalaunch, Colony, Benqi, AVentures, and Avascan.

Republic Capital, GSR, Muhabbit Capital, Woodstock Capital, Maven Capital, and IPC also joined the funding round.