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Trader Joe Climbs Into Top 5 Exchanges

Posted by
Ian Kane

Avalanche rookie pulls 26k users in 7 days

The decentralized exchange Trader Joe on the Avalanche blockchain is celebrating this week as they find themselves fourth in the overall DappRadar exchange rankings. The number of active wallets interacting with the platform has swelled by almost 10% pushing the total value locked in the platform to over $1.2 billion.

Users grew 9.24% week over week as the platform attracted 26,320 unique active wallets that completed 217,690 transactions. Those wallets were responsible for generating over $792 million in volume with each transaction worth an average of $3,642. 

More importantly, perhaps the surge propelled Trader Joe into the top 5 exchange dapps alongside household names such as Uniswap, Quickswap, and JustSwap. Interestingly, each one of the 5 operates from a different blockchain. Something we never would have seen just 5 months ago. It’s safe to say that DeFi and dapps have come a long way in such a short time.  

Whilst Trader Joe’s performance is admirable, it still has far to go to be able to reach first or even second position in regards to users. Importantly, we see that in the last 7 days Trader Joe is second only to Uniswap when it comes to volume. Having surpassed both QuickSwap on Polygon and JustSwap on Tron with a volume of over $792 million. Meanwhile, on Avalanche, Trader Joe has overtaken the previous leader Pangolin Exchange and looks to be headed further north as its impressive volume and user numbers continue to grow. 

What is Trader Joe? 

Trader Joe is a self-proclaimed one-stop trading platform on the Avalanche blockchain. It launched its decentralized exchange on June 29th and has plans to offer DeFi lending and leveraged trading at a later date. The product is community-driven through its JOE governance token and allocates fees collected from liquidation and swaps back to the users via staking JOE to get xJOE rewards. Overall, the platform offers a slick and friendly user experience that appears to be attracting traders. 

What’s driving interest

In a very simplistic way, interest is driving interest, in several ways. Firstly, there has been some positive hype around Avalanche dapps as they have become more widely understood and used, since being tracked by DappRadar. As the number of unique active wallets grows it can offer a glimpse of the levels of consistency the platform, and its token may achieve. User interest drives more users fundamentally. Secondly, interest is in the form of a reward gained on a vested amount. 

Looking quickly at what’s on offer for staking and farming on the platform reveals some juicy APYs. For example, pooling in the JOE/AVAX pot can reward users up to 137% APR. 

Upon launch, the platform made several promises about future developments and features for its users. In a recent medium blog update, Trader Joe announced that its Farmers Market feature now has new pairs for BNB and BIFI. Further new farms have also been launched recently. In total, Trader Joe now offers 37 high yielding farms, with recent launches including:

  • SPELL / AVAX
  • BIFI / AVAX
  • BNB / AVAX
  • GB / AVAX
  • mYAK / AVAX
  • USDT.e / USDC.e

Another addition, Banker Joe, is set to launch on October 4th to give users added flexibility with DeFi yield farming strategies. Initially, on launch, whitelisted assets will be available for lending and borrowing, these will be: WETH, USDT, DAI, AVAX, LINK, WBTC. At a later date, this list will be expanded. Assets on Banker Joe must have a Chainlink Oracle data feed established. This is an essential requirement, as the accuracy of the data ensures efficient management of lending pool positions. We have also confirmed that part of the protocol fees from Banker Joe will be used to buy back existing JOE tokens and divert them into the xJOE holder’s pool. 

DeFi Avalanche 

The Avalanche blockchain is one of the first smart contract platforms able to offer a combination of confirming transactions in under one second while supporting the Ethereum development toolkit. Moreover, the Avalanche protocol is attempting to cherry-pick the best aspects of current distributed ledger technology and place it within a tidy frame. By implementing the innovations of Ethereum and the EVM, and respecting age-old systems while changing the core mechanics to achieve faster, lighter, and cheaper running costs. Enabling dapps like Trader Joe to flourish. 

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN

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