AMA Recap: Avalanche Vietnam x Dexalot
On Tuesday, October 4th, 2022 at 09:00 pm (UTC+7), we hosted a live AMA with Brad McFall (Community Marketing Lead) and Cọp (Vietnam Community Manager) of Dexalot.
A revised transcript is available below:
Before we dive into the questions, please introduce briefly about yourself, your team and some key features of Dexalot.
Hi everyone
I am the community marketing lead at Dexalot. I have a background in evolutionary theory, molecular biology and computer science. I got very interested in blockchains and distributive systems after hearing lectures by Emin Gun Sirer of Avalanche. I am particularly interested in the new forms of economics that the Web 3.0 and the internet of finance is bringing to the world.
I was part of the early testnet community that Avalanche built and continued be involved mostly on Twitter and Medium. Dexalot hired me shortly after the Dexalot mainnet went live and I have been learning the ins and outs of traditional finance while working hard to build community around Dexalot so that it is well poised to help usher in mass adoption.
The Dexalot team is eclectic and fun to work with and yet thoroughly professional, dedicated and smart. I hope I can convey the sense of exhilaration and excitement today that pervades our day to day work activities and environment.
Establishing a community in Vietnam was a decision we made from the start and we were very pleased to hire Cop when we opened up our language support groups. I will let him introduce himself and tell you a bit about Dexalot. He does our Vietnamese translations and is doing them here too!
Yooo!!! Hi guys👋 , maybe some of the guys here will know me from before,I was a full time marketing guy for a supermarket before coming to Crypto, I have been in the market more than two years, Quite a lot of ups and downs, When I got to know Avalanche, I realized that this is a great ecosystem, with great people, I really wanted to spread everything I know and connect people from all over the world, then Dexalot found me, gave me a chance to do it, we’ve got a long way to go, Dexalot and I will give you a lot of interesting things 🔥🔥
Dexalot is a revolutionary decentralized exchange based on a central limit order book (CLOB). CLOB is the type of order book a user would see on centralized exchanges like Binance. Dexalot brings the capital efficiency of this type of order book to the Avalanche blockchain via an on-chain implementation with the look and feel of centralized exchanges.
Dexalot has two core products, one being the CLOB and second being Dexalot Discovery which is a novel, auction based price discovery tool for listing new assets transparently and safely (without front running, MEV and bots).
The community is the core of all that we do. It has only been a little over a year since our original testnet launch. The community has grown to 58k followers on Twitter, 24k followers on Discord, 23 k followers on Medium and 20 k on Telegram.
Here are the key differentiators:
- Transparency: All the activity is on-chain, which differentiates the exchange significantly vs. CEXs. All activity can be seen directly by participants, regulators and hobbyists without needing any additional help. Transparency is key for capital markets to mature and be adopted.
So was Dexalot !
We have other differentiators too!
- Capital Efficiency: Dexalot doesn’t require LPs, i.e. retail doesn’t need to bring capital and lock it up for trading to occur. Therefore there is no impermanent loss (which is the main drawback that hurts AMMs). Instead Dexalot works with professional market makers, who are also the market makers for traditional assets as well.
- Subnet: Dexalot is in the process of moving to a dedicated subnet (with a fairly innovative approach) to further facilitate price discovery, reduce latency, reduce fees and improve the end user experience. Our goal is to create an environment where the price quality and order book depth is comparable to CEXs vs. other DEXs
and last but not least -
- Team: Dexalot team is amazing. I literally love the dynamic we have, and this type of team play is hard to come by. We have a lot of experience in building products, providing financial services and we are in it for the long haul!
Next, could you please update some latest news or big events of Dexalot in the coming time?
Sure!
We are at the cusp of some very very exciting times. In terms of development here are some exciting things that are coming up:
- Dexalot Subnet: It’s right around the corner! Expect better finality, lower fees, more liquidity.
- UI / UX Overhaul: We’ve heard the feedback from our community and users. We’re working with a professional UI/UX service provider and are working on a brand new way to experience and use Dexalot.
- Subnet Incentives: You probably already know, our staking program ended recently. We are obviously thinking about ways to reward our early and continuing supporters. We will be launching a new incentive program that has multiple levers to improve the liquidity conditions on the exchange and our delegation program was also recently announced. Keep watching the updates on this topic!
- Education / Marketing: Our marketing team comprises of only chads. Some really really cool things are coming up. We have been adding language support in a growing number of regions around the globe. You probably also noticed, we now have multiple streams a week on twitch, we recently raced in the Red Bull Soap Box race in Iowa and believe me when I say there is more coming. Especially after our subnet launch!
1. Currently, there are many dex exchanges on the avalanche blockchain and people are used to using Joe or Pangolin. Dexalot is a new dex exchange. So how can Dexalot compete with other dex exchanges?
- As you know, Dexalot is a decentralized exchange with CLOB interface this means every transaction on Dexalot is completely transparent, our code is completely available for you to read, audit and evaluate
- Joe, Pagolin,… are familiar AMM exchanges, and in order to operate smoothly and quickly, the community must have a lot of capital in AMM, which also means that if the TVL is not high, any small trade will be subject to huge market impact, trading small amount of tokens can cause the price to fluctuate a lot! In addition, users who provide funds to AMM often suffer large amounts of “impermanent loss”, which over time degrade the quality of the capital entering the AMM.
- In comparison, CLOB does not have high capital requirements, just a single institutional market maker can provide deep liquidity and fill order books and satisfy market demand. This is where “capital efficiency” is created. Also, the lack of a lot of TVLs in the CLOB also makes it a much less hacking/exploit target. Therefore CLOB is less likely to have Problem, a lot of AMMs get hacked quite often, some even more than once!
- Another important thing is the risk of slippage, Slippage occurs because the nature of the AMM cannot really support limit orders. CLOB essentially supports limit orders and allows users to trade efficiently with 0 slippage.
- In addition, listing new assets on AMM causes network activity to skyrocket, which will damage the community, AMM cannot do fair price discoveries, otherwise CLOB can do that. In fact, the entire TradFi infrastructure depends on this mechanism to list assets or even open and close markets efficiently and fairly.
2. Recently, some DEX projects have been exploited by whales to make profits and cause great damage to the project! Is there a way for DEXALOT to prevent this in the future?
This will not happen with CLOB, With the Dexalot Discovery mechanism, price discovery will ensure fairness, transparency and “”NO BOT””
- Dexalot Discovery is a mechanism that has never been seen in DEXs before: — Dexalot Discovery will support limit orders.
- Dexalot Discovery will prevent bots from shutting down users.
- Dexalot Discovery will give users ample time to enter orders and match.
- Dexalot Discovery will create a more orderly and fairer price discovery process.
Price discovery will go through fixed steps and times to help users not lose the opportunity to own tokens with the best and most favorable price. You can learn more here: https://medium.com/dexalot/dexalot-discovery-bc2a9a8a479e
3. Dexalot will have subnet or not? If yes, could you tell me the benefit of subnet for user and retailer. If have the subnet, how much trading fees for one trading action?
Currently Dexalot is in Beta Subnet stage, Now everyone can join and experience the first Defi Subnet on Avalanche : https://app.dexalot-test.com/trade New Dexalot is a dual-chain application available on both Avalanche C-Chain (Mainnet) and Dexalot Subnet (Subnet).
This will help users minimize transaction fees by using $ALOT tokens on the Subnet and bring transaction speed many times faster. If you haven’t joined yet and don’t know how to use it, we have a pretty complete analysis here: https://medium.com/dexalot/the-dexalot-subnet-adc92678edc7
One more thing, To celebrate Dexalot Subnet coming soon, we have Dexalot incentive program, rewards up to 4.8 Million $ALOT and lasts up to 2 years, details can be seen at: https://medium.com/dexalot/the-dexalot-incentive-program-1d55c869a6c0
4. What is the roadmap of Dexalot in the near future? Which milestone is Dexalot currently at?
Here is our roadmap in the near future:
2022 :
Subnet production deployment
User incentive program
Yield bearing orders
New UI/UX
2023 :
PERPETUALS
MULTI-CHAIN
MOBILE APP
We are currently on the process of finalizing the Dexalot subnet, this is one of the major milestones of this year, Feel free to join our Beta testing Dexalot Subnet, and if there is any problem, You can tell us on Discord, or send an email to: support@dexalot.com, your help will help us have the most perfect version of Dexalot in the near future.
5. Can you explant about the Dexalot incentive program ? When is the Dexalot incentive program live?
One of Dexalot’s 2-year reward distribution path for our users up to 4.8 million $ALOT, total monthly reward up to 200,000 $ALOT and that’s DIP
Users will be scored and ranked based on three factors:
Executed Volume: The total US$ value of all trades executed by you in the month.
Orderbook Contribution: You will be scored on the “quality” of your orders based on the size (US$ value) of your orders, the duration your orders remain on the order book, and the distance your orders are from the mid-price.
$ALOT Tokens Deposited: The total number of $ALOT tokens transferred into your Dexalot portfolio in the month.
Your monthly $ALOT award is the proportion of your score to the total score for all users multiplied by the total monthly token reward of 200,000 $ALOT.
The more trades you execute, the larger the number of your orders, the longer you have an order on the books, the closer your order is to the average price and the more $ALOT you deposit, the monthly score of the taller you are.
Dexalot Incentive Program will be launched in Q4, get ready
All information is available here : https://medium.com/dexalot/ch%C6%B0%C6%A1ng-tr%C3%ACnh-khuy%E1%BA%BFn-kh%C3%ADch-dexalot-1458e76540b5
6. Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?
For sure we are always listening for feedback — The best way is to join our Discord and let us know in our #feedback channel. We have community admins that are responding there around the clock. discord.gg/dexalot
7. Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
We have a very well balanced team and growing team and are always looking for new people. You can submit your qualification to careers@dexalot.com. if you are interested. Here is a little background on our executive team. Dexalot team comprises of people from all walks of life, and our big differentiators are that we have deep institutional expertise in financial services, capital markets and technology.
We have two co-founders, Nihat CEO & Cengiz CTO.
Nihat spent a few decades in the Oil & Gas sector managing and marketing technology products and services.
Cengiz spent a few decades on Wall-Street and Dexalot is actually the 5th full-fledged trading system that he is working on.
Our COO Tim Shan also spent a few decades on Wall-Street and prior to joining Dexalot, he was the COO of a global macro hedge fund with a 1B+ AUM. He is also a mean tennis player and was my primary doubles partner :)
Our CMO Jonathan Ackerman spent 10+ years at Red Bull, ran a 50K+ member music festival in the US mid-west and is the brain behind all marketing that you see for Dexalot.
8. Can you share your social media links so we can keep ourselves updated?
Aw, this is an important part, sure, you can follow us here
Website
Dexalot TestNet
Dexalot Mainnet
Dexalot Subnet
Dexalot Discord
Twitter
Medium
Dexalot Youtube Channel
Dexalot Reddit
Dexalot Twitch Channel
And don’t forget to join our community 😚
Dexalot Global Community https://t.me/dexalot
Dexalot — Tiếng Việt https://t.me/dexalot_vn
9. Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
oh yeah do please subscribe to our You Tube
https://www.youtube.com/c/Dexalot
Check these out too!
Introduction to #Dexalot Subnet with Ethan Tutorial
https://youtu.be/vRvaswPuMNg
Connect your Core wallet to Dexalot
https://youtu.be/v4cyudKkVRw
10. PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
Partners are essential and they have been with us from the very begining — Firestorm — of Firestorm capital recently had this to say on Twitter — it is really a great overview of Dexalot and shows where we came from and where we are going . Some great insights from our partner Firestorm Capital.
https://twitter.com/FireStormCap/status/1577011580188782592
Ok, if CLOBs are great, why didn’t they dominate #DeFi yet?
The initial base layer(s) for #DeFi (#ETH) simply didn’t provide the appropriate capacity (ability to process many transactions at once), speed (finalization of a trade) and low costs (fees were too high).
