Decentralized finance (DeFi) protocol Trader Joe has announced its initial expansion from Avalanche and to the Ethereum ecosystem included in its intends to access untouched markets and increase user activity.
The decentralized buying and selling platform announced its “multi-chain” expansion into Ethereum layer-2 scaling solution Arbitrum One on 12 ,. 1 and follows around per month after it mentioned its intention to grow to additional markets and ink new partnerships among falling TVL and user activity within the third quarter.
— Arbitrum (,) (@arbitrum) December 1, 2022
They mentioned that they’re working carefully with Offchain Labs — they behind Arbitrum One — to produce a testnet “within the approaching days,” before formally with it to the Arbitrum One mainnet in The month of january 2023:
“Deployment to Arbitrum One happens within this global expansion effort so we expect to presenting the innovative AMM built on Avalanche, as well as dealing with new partners to profit the collective DeFi environments of Arbitrum and Avalanche.”
The deployment may come as Trader Joe has additionally expanded its ecosystem through partnerships and integrations with wallets, data clients along with other vectors” because the second quarter as a way to spread the exposure of Avalanche and also the Trader Joe itself.
One of the most notable recent partnerships bring that of Trust Wallet and Crypto.com.
Trader Joe added the protocol’s original automated market maker (AMM) — Joe V1 AMM — would also start Arbitrum One additionally towards the Liquidity Book AMM, that will bring “zero slippage trades and discretized liquidity provisioning to any or all Arbinauts.”
For why Trader Joe made a decision to deploy its AMMs on Arbitrum One, they stated these were astounded by Offchain Labs’ efforts in building an ecosystem of DeFi protocols around the network, that is indicative of their 53.4% share of the market as a whole value-locked (TVL) across all Ethereum layer-2 scaling solutions.
“Deploying (the) Liquidity Book is a welcome addition towards the vibrant ecosystem,” they added.
Despite announcing it had become “time to visit global” on Crypto Twitter, the Trader Joe team confirmed that it is “true home” and “top priority for those growth efforts” will still be on Avalanche.
Trader Joe also clarified that it is token, JOE, additionally to lending platform Banker Joe, nonfungible token (NFT) marketplace JoePegs and it is staking platform wouldn’t join Liquidity Book AMM and Joe V1 AMM on Arbitrum “in this early on.”
The announcement seems to possess a positive effect on the cost of JOE, which elevated 13.35% from $.163 to $.185 over an eight-hour period before cool down to $.179, according to data from CoinGecko.
Trader Joe is presently the very best-rated decentralized exchange (DEX) and third-rated DeFi protocol on Avalanche with $94.13 million in TVL, trailing only Ethereum-native lending platform AAVE and Avalanche-based liquid staking provider Benqi, according to data from DeFi aggregator DefiLlama.