CDS Startups Avalanche-Based DEX Trader Joe’s Will Soon Launch on the Ethereum Scaling System Arbitrum
Startups

Avalanche-Based DEX Trader Joe’s Will Soon Launch on the Ethereum Scaling System Arbitrum

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Trader Joe's Will Soon Launch on the Ethereum Scaling System Arbitrum

Avalanche-based DEX Trader Joe’s will soon take its place in Ethereum scaling technology Arbitrum to expand its user base.

What is Trader Joe’s?

The largest DEX and lending service in Avalanche is Trader Joe’s, which is locking up tokens worth more than $95 million as of Friday. The fact that Trader Joes operates on a different network is a complete first.

According to Trader Joes developers, their goal has always been to innovate around the world at the frontiers of DEX. Therefore, the next stage of this global expansion effort they are showing is to take part in Arbitrum One.

Why Arbitrum?

As mentioned earlier, crypto traders and investors see the Arbitrum ecosystem as a possible place to get returns similar to the 100 times seen from time to time in previous bull market cycles. Arbitrum, the Ethereum-based scaling product, is one of the blockchain networks launched last year, each of which promises to be faster and cheaper than the previous one. Arbitrum allows investors to make transactions on the blockchain network with fees of less than a few cents and transaction times of a few seconds.

On the other hand, according to the data on the chain, Arbitrum is not just an exaggeration. Weekly transactions on Arbitrum have increased by over 550% since August, and the network now controls more than 62%.

Arbitrum currently owns total value locked (TVL) for just under $1 billion, according to data from DEFILLAMA. This represents an increase of more than $ 300 million compared to the previous three months. GMX, a well-known trading platform, accounts for about 40% of this TVL. Given all this, there is no reason why Arbitrum should not be preferred.

References

www.coindesk.com

Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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