Trader Joe and its associated NFT Joepegs are expanding its trading on BNB chain by the end of March, this year. Trader Joe is a DeFi trading platform based on Avalanche. This comes as following the trend of decentralized protocols deploying to multiple chains.
Trader Joe has the highest total trading volume on Avalanche. The company released a statement in which it said the trading volume is decreasing drastically since the month of June, last year. The firm claimed that Joepeg has over 34,000 users and helped over 9.5 million USD transactions in secondary sales. It also noted investors will be able to trade coins using Liquidity Book. Hence, now the users on BNB chain can collect their NFTs through Joepeg’s NFT Marketplace.
Alvin Kan, the director of growth and ops, BNB chain added,
"We believe the efficiency and security of BNB Chain, combined with the user-friendly offerings of the Trader Joe DEX and Joepegs NFT Marketplace, will drive growth and success for the wider NFT and DeFi ecosystem,"
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Expansion of Trader Joe on Ethereum chain
In the month of December 2022, Trader Joe also expanded itself on Arbitrum. Arbitrum is a scaling platform for Ethereum. This was the first step from Trader Joe towards expansion since its launch in 2021. The company then said that main focus will be on development of Avalanche but it wants to expand to the global market by getting on multiple platforms.
We have seen several decentralized finance protocols expanding itself on various platforms. For example- Uniswap and Aave, who have gradually deployed on various chains.
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Launch of Liquidity Book
Last year itself, Trader Joe came up with the version 2 of Automated Market Maker, named the Liquidity Book. It improves the efficiency of liquidity suppliers by enabling them to earn trading commissions within a defined price range, whereas in a standard AMM the liquidity offered by users is divided evenly throughout price ranges from 0 to infinity.