Trader Joe — not to be confused with Trader Joe’s — is the hottest DeFi project on the hottest smart contract protocol Avalanche. Covered: Avalanche Continues To Climb Trader Joe: Defi On Avalanche JOE Token What’s On Trader Joe Avalanche Continues To Climb “Trader Joe is your one-stop decentralized trading platform on the Avalanche network.” […] The post Climbing the Charts: Trader Joe DEX on Avalanche Sees Major Adoption appeared first on CryptosRus.

Climbing the Charts: Trader Joe DEX on Avalanche Sees Major Adoption

Trader Joe — not to be confused with Trader Joe’s — is the hottest DeFi project on the hottest smart contract protocol Avalanche.

Covered:

  • Avalanche Continues To Climb
  • Trader Joe: Defi On Avalanche
  • JOE Token
  • What’s On Trader Joe

Avalanche Continues To Climb

“Trader Joe is your one-stop decentralized trading platform on the Avalanche network.”

Avalanche has been climbing the summit in the last few months. The toil has brought spoils. In the last month, the price of $AVAX is up nearly 110%. Avalanche bridges have a lot to do with this. 

Since the bridges were fully implemented Avalanche ported over some of the biggest DeFi plays in the space. For example, Curv Finance, Sushiswap, and Synapse all run on Avalanche. All of those protocols rank in the top 25 DeFi projects by TVL (total volume locked).

Recommended: What is Avalanche?

Trader Joe: Defi On Avalanche

However, one native DeFi project to Avalanche, Trader Joe, has quietly moved up the ranks in the DeFi space. As of press time, it is the 6th biggest DEX in terms of Total Value Locked, clocking in at a whopping $2.46 billion dollars. Trader Joe has surpassed major staples in the ETH ecosystem like Bancor, nearly doubling Bancor’s TVL.

Something to note, there is more TVL locked into Trader Joe than any Solana DEX. Raydium comes close to Trader Joe TVL-wise, but the Avalanche DeFi protocol remarkably outperforms any Solana native DEX.

In fact, in terms of a native DEX (meaning it only runs on one chain), Trader Joe is the second-largest, coming behind the behemoth PancakeSwap, which only runs on Binance Smart Chain.

It is quite obvious why Avalanche is usurping the likes of Bancor, and that is due to the outrageous gas fees associated with doing DeFi on ETH. Moreover, the layer 2 scaling solutions have clearly not had the desired impact that many hoped of, at least now.

JOE Token

Trader Joe launched in August, and the growth since that time is impressive. The JOE token hit an all-time high of $5.02 just two days ago, and while it has come down to $3.86, the coin has still performed very well since its launch.

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JOE is the governance token for the DEX and also “rewards its holders with a share of exchange revenues.” You can currently buy this token on Trader Joe of course, with a few different pairs, as well as exchanges like Gate.io, and will actually launch on MEXC Global today.

What’s On Trader Joe

Trader Joe has everything you’ve been accustomed to seeing from a DeFi protocol: trading; liquidity pools; yield farming; staking; and lending. It truly is the one-stop shop for Avalanche DeFi. They currently do almost a billion dollars of daily volume with the $AVAX token there.

You can also swap BNB, Wrapped DAI, Wrapped BTC, Wrapped ETH, Wrapped AVAX, and even Wrapped AAVE and Wrapped LINK. Staking the JOE token has an impressive current yield of 37.8% APR. There is a massive $312,091,974.61 staked in JOE as of press time.

The fees are cheap and the throughput of Avalanche makes it very appealing, so Trader Joe is likely to become more and more popular as long as gas fees stay high. As the Avalanche token gains in popularity too, they will eat market share from Binance chain, which saw a massive rise earlier this year.

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Avalanche is making a similar move to what Binance chain did in Q1. Then we saw Solana summer, and it would only make sense that we are now seeing Avalanche winter This Avalanche DeFi Protocol is a great example of the massive adoption happening, and a snowball effect is likely coming as the snow begins to fall.

More on the economic design of the biggest DeFi protocol on Avalanche can be found here.

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