{"id":167758,"date":"2022-12-02T03:27:11","date_gmt":"2022-12-02T03:27:11","guid":{"rendered":"https:\/\/precoinnews.com\/?p=167758"},"modified":"2022-12-02T03:27:11","modified_gmt":"2022-12-02T03:27:11","slug":"trader-joe-takes-its-first-step-into-the-ethereum-ecosystem","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/trader-joe-takes-its-first-step-into-the-ethereum-ecosystem\/","title":{"rendered":"Trader Joe takes its first step into the Ethereum ecosystem"},"content":{"rendered":"

Decentralized finance (DeFi) protocol Trader Joe has announced its very first expansion from Avalanche and onto the Ethereum ecosystem, as part of its plans to access new markets and drive up user activity.<\/p>\n

Thedecentralized trading platform announced its \u201cmulti-chain\u201d expansion into Ethereum layer-2 scaling solution Arbitrum One on Dec. 1 and follows around a month after it stated its intention to expand to additional markets and ink new partnerships amid falling TVL and user activity in the third quarter.<\/p>\n

The team stated that they\u2019re working closely with Offchain Labs \u2014 the team behind Arbitrum One \u2014 to launch a testnet \u201cwithin the coming days,\u201d before officially deploying it onto the Arbitrum One mainnet in January 2023:<\/p>\n

\u201cDeployment to Arbitrum One is the next step in this global expansion effort and we look forward to introducing the innovative AMM built on Avalanche, and also working with new partners to benefit the collective DeFi ecosystems of Arbitrum and Avalanche.\u201d<\/p><\/blockquote>\n

The deployment comes as Trader Joe has also expanded its ecosystem through partnerships and integrations with wallets, data clients and other vectors\u201d since the second quarter as a means to spread the exposure of Avalanche and the Trader Joe itself. <\/p>\n

Among the most notable recent partnerships include that of Trust Wallet and Crypto.com.<\/p>\n

Trader Joe added that the protocol\u2019s original AMM \u2014 Joe V1 AMM \u2014 would also move onto Arbitrum One in addition to the Liquidity Book AMM, which will bring \u201czero slippage trades and discretized liquidity provisioning to all Arbinauts.\u201d<\/p>\n

As for why Trader Joe chose to deploy its AMMs on Arbitrum One, the team said they were impressed by Offchain Labs\u2019 efforts in building an ecosystem of DeFi protocols on the network, which is indicative of its 53.4% market share in total value locked (TVL) across all Ethereum layer-2 scaling solutions.<\/p>\n

\u201cDeploying (the) Liquidity Book will be a great addition to the vibrant ecosystem,\u201d the team added.<\/p>\n

<\/p>\n

Despite announcing that it was \u201ctime to go global\u201d on Crypto Twitter, the Trader Joe team confirmed that its \u201ctrue home\u201d and \u201ctop priority for all growth efforts\u201d will continue to be on Avalanche. <\/p>\n

Trader Joe also also clarified that its token, JOE, in addition to lending platform Banker Joe, nonfungible token (NFT) marketplace JoePegs and its staking platform would not join Liquidity Book AMM and Joe V1 AMM on Arbitrum \u201cin this initial phase.\u201d<\/p>\n

Related: <\/em><\/strong>New fix for curse of impermanent loss proposed on Avalanche<\/em><\/strong><\/p>\n

The announcement appears to have a positive impact on the price of JOE, which increased 13.35% from $0.163 to $0.185 over an eight hour period before cooling off to $0.179, according to data from CoinGecko.<\/p>\n

Trader Joe is currently the top-ranked decentralized exchange (DEX) and third-ranked 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. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Decentralized finance (DeFi) protocol Trader Joe has<\/p>\n","protected":false},"author":3,"featured_media":167757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nTrader Joe takes its first step into the Ethereum ecosystem - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/trader-joe-takes-its-first-step-into-the-ethereum-ecosystem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trader Joe takes its first step into the Ethereum ecosystem - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Decentralized finance (DeFi) protocol Trader Joe has\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/trader-joe-takes-its-first-step-into-the-ethereum-ecosystem\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-02T03:27:11+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/12\/Trader-Joe-takes-its-first-step-into-the-Ethereum-ecosystem.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/trader-joe-takes-its-first-step-into-the-ethereum-ecosystem\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/trader-joe-takes-its-first-step-into-the-ethereum-ecosystem\/\",\"name\":\"Trader Joe takes its first step into the Ethereum ecosystem - 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