Avalanche-based decentralized exchange increased user count 200% in the past 30 days
Trader Joe is the most popular DeFi service on Avalanche as it boosted its user base by 37% in the past week, surpassing industry leaders like Uniswap and QuickSwap. With upwards of 43.000 unique active wallets connecting to the exchange, it ranks first in the DappRadar Exchange charts.
Trader Joe’s upward momentum has been a constant presence in the past month. The platform almost quadrupled its user base, bringing in 199% more unique active wallets in thirty days. The exchange has processed upwards of 674.000 transactions in the past week alone, generating more than $787 million in trading volume.
Following a streak of good weeks in terms of overall performance, Trader Joe now ranks at the top of DappRadar charts for exchange dapps for the past 24 hours. In the past seven days, main competitors Uniswap on Ethereum and QuickSwap on Polygon did not draw in as many users. Interestingly, in terms of volume, the Avalanche-based platform still has a long way to go to reach Uniswap. However, this is somewhat explained by the notably higher price ETH holds. Especially compared to Avalanche’s native token AVAX, or the exchange’s native token JOE.
Why Trader Joe?
While Trader Joe started as a somewhat silly, comic-style platform, it quickly became the number one DeFi service on Avalanche. Beating native competitors like Pangolin Exchange and Lydia Finance, the exchange entices users with various pooling and farming opportunities.
Additionally, the exchange has managed to gather quite the following on social media. Just several days ago, Trader Joe hit 70.000 followers on Twitter. With numerous rewards campaigns and active engagement with the community, Trader Joe has become a brand. Its reputation helps boost user activity on the platform.
Aside from the purely marketing perspective, Trader Joe offers a wide array of DeFi tools, making it one of the most diverse investment platforms on Avalanche. Including staking and lending opportunities for traders, the platform has caught the attention of DeFi enthusiasts.
As Trader Joe solidifies its position as the number one dapp on Avalanche, many wonder what the next steps for the platform are. A subtle but visible hint to the platform’s future plans resides on the front page. Community governance is coming soon.
Оfficial documentation shows that the platform’s native token JOE will soon allow users to participate in governance votes. Staking JOE will let traders decide the fate of the platform going forward.
DappRadar will continue monitoring Trader Joe as the exchange pushes forward on its way to conquering the DeFi space. To learn more about DeFi on Avalanche, check out the links below. If you want to learn the latest news about DeFi first, follow DappRadar on Twitter and Discord.