Trader Joe operates a decentralized exchange for cryptocurrencies. At this time, the exchange offers 377 trade pairs and 215 coins. According to reports, Trader Joe 24 hour trading volume is at $6,907,088.64, a 65.71% change in the past 24 hours.
With JOE/WAVAX being the most active trading pair with a 24 hour trade volume of $1,644,471.62, JOE is the native coin of the platform.
The Expansion Into The Ethereum Ecosystem
Trader Joe aims to further their reach into new markets and gain more traction with users by taking a major step towards multichain expansion. On December 1st, the decentralized marketplace announced on Twitter that they had officially made their move onto Ethereum’s layer-2, scaling solution Arbitrum One in order to help address declining total value locked (TVL) and user activity numbers from earlier this year.
This marks an exciting development for Trader Joe as it looks forward to building stronger relationships and providing even higher quality products across multiple ecosystems!
https://twitter.com/arbitrum/status/1598347908390289409?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1598347908390289409%7Ctwgr%5E5bbd397ec5deb75986b2ce2bec01f12912738f54%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ftrader-joe-takes-its-first-step-into-the-ethereum-ecosystem
The team has stated that they are working closely with Offchain Labs, the team behind Arbitrum One, to set up a testnet in the coming days in preparation for the official installation on the Arbitrum One mainnet in January 2023.
“Deployment to Arbitrum One is the next step in this global expansion effort and we look forward to introducing the innovative AMM built on Avalanche, and also working with new partners to benefit the collective DeFi ecosystems of Arbitrum and Avalanche.”
Avalanche, in their mission to spread the word about Trader Joe’s products and services, has stepped up its game this quarter by entering a variety of strategic partnerships with data clients, wallets such as Trust Wallet and Crypto.com, making use of valuable resources like Big Data to further entice users.
The Offchain Labs
Trader Joe claimed that the protocol’s original AMM, Joe V1, as well as the Liquidity Book AMM, which provided zero-slippage transactions and generally separated liquidity provisioning to all Arbinauts, would be migrating to Arbitrum One.
The team was impressed by Offchain Labs’ 53.4% market share in total value locked (TVL) among all Ethereum layer-2 scaling solutions, which they attribute to the company’s efforts to establish a network-wide ecosystem of decentralized finance (DeFi) protocols. It is for this reason that Trader Joe’s has placed its AMMs on Arbitrum One.
Avalanche DEX Trader Joe is deploying on Arbitrumhttps://t.co/tJ26gmNEDz
— The Block (@TheBlock__) December 1, 2022
The team went on to say that introducing the Liquidity Book into the ecosystem would be a great move. Despite announcing on Crypto Twitter that they were ready to expand internationally, the Trader Joe’s team has reiterated that they consider Avalanche to be their “real home” and their “first priority” in terms of growth.
Additionally, Trader Joe made it clear that Joe V1 AMM on Arbitrum and Liquidity Book AMM would not be joining its token, JOE, its loan platform, Banker Joe, the nonfungible token (NFT) marketplace JoePegs, or its staking platform during this initial phase.
The Market Outlook
According to statistics from CoinGecko, the statement appeared to have a good effect on the price of JOE, which rose 13.35% over the course of eight hours from $0.163 to $0.185 before settling at $0.179.
Statistics from Decentralized Finance (DeFi) aggregator DefiLlama show that Trader Joe’s is presently the highest-ranked decentralized exchange (DEX) and third-ranked DeFi protocol on Avalanche with $94.13 million in total value locked (TVL), following only Ethereum-native lending platform AAVE and Avalanche-based liquid staking provider Benqi.