Crypto Exchange Trader Joe Booms on Arbitrum, Spurring JOE Token Rally
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Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
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Decentralized crypto exchange (DEX) Trader Joe has had surging trader and depositor activity on its Arbitrum venue in the past seven days, with total value locked (TVL) rising by more than 300%, reaching $30 million on Wednesday.
Data from crypto stats website DefiLlama showed a spike in Trader Joe’s trading volume over the same time period. The jump in activity comes as the price of Trader Joe’s governance token, JOE, booms. It’s up 11% in the past 24 hours and 58% over the past week, per CoinGecko. At press time it was worth 57 cents.
Key metrics began booming right after Trader Joe launched a liquidity incentives program to boost deposits of popular tokens for trading, particularly Arbitrum’s newly airdropped ARB. Users who loaned ARB, ether (ETH) and USD coin (USDC) to Trader Joe’s pools got a share of 300,000 JOE tokens. The incentives program ends April 6.
Trader Joe’s recent success on Arbitrum has nearly eclipsed its trading volume on Avalanche, the DEX’s original home. Both venues have seen just under $100 million in tokens traded since March 26.
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Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
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Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
