Avalanche-Based DEX Trader Joe to Soon Deploy on Ethereum Scaling System Arbitrum
As of Friday, Trader Joe’s tokens were worth over $95 million. Needless to say, it’s a popular product for Avalanche.
Avalanche-based decentralized exchange (DEX) Trader Joe is deploying on Ethereum scaling system Arbitrum in order to capture new user bases.
“It is our goal to always innovate on the frontiers of Decentralized Finance, so that it becomes available with cryptocurrencies such as Arbitrum One,” Trader Joe developers said in a statement. “Our next step towards global expansion is the deployment.”
The Trader Joe token and lending service is the largest DEX on Avalanche, with over $95 million worth already locked up. Traders will be able to use their tokens with the popular Trader Joe grocery stores and purchase products like frozen sweet potatoes, lemons, and pumpkin pies.
Trader Joe will be released on the Arbitrum testnet soon. And with its mainnet launch expected in early 2023, you can count on it capturing $2.5 billion in locked value at its lifetime peak. So far it’s been attracting the highest transactional volume among all Avalanche-based products.
Trader Joe’s Liquidity Book AMM, a product that claims to make DEX trading more efficient, will be rolled out in the initial launch. The DEX’s native JOE token or the full suite of DeFi products, such as lending and staking services, will not be available on Arbitrum.
As the market for cryptocurrencies continues to grow, those looking for financial gains are being drawn more and more to Arbitrum. This ecosystem is seen as a likely spot for making significant returns like the ones seen in prior bullish markets.
This year we’ve seen a lot of blockchain services launch. This one, which is Ethereum-based, allows you to trade for under a few cents in fees and transacting times of a few seconds. It’s among the first.
The Arbitrum network’s growth has been accelerating! The protocol has engaged more than 560% as many weekly transactions since August and now commands more than 62% of the weekly transactions on Ethereum.
According to DeFiLlama, who monitors the ABCC market, the total value locked on Arbitrum has grown by $300 million in the last few months. The systems now hold just under $1 billion in funds. Popular trading hub GMX accounts for nearly 40% of this TVL.