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Trader Joe Avalanche

Trader Joe Flips PancakeSwap To Become Second-Largest DEX After Uniswap

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in DeFi
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Trader Joe, the decentralized exchange (DEX) dominating Avalanche, has surpassed PancakeSwap. It is now the second-largest DEX by fees generated in the past 24 hours. 

Trader Joe Is The Second Largest DEX After Uniswap

According to an Artemis Researcher citing Token Terminal data, the DEX processed over $142 million in trading volume on the last day, with 98% of fees from tokens based in Avalanche. This dominance points to how crucial the DEX is in the high-throughput blockchain, whose on-chain activity has been rising in recent months.

Trader Joe flips PancakeSwap | Source: Emperor Osmo via X
Trader Joe flips PancakeSwap | Source: Emperor Osmo via X

Trader Joe also confirmed that it facilitated over $100 million in trading volume through its Liquidity Book. Through this feature, traders can create tailored strategies while benefiting from low fees. The Liquidity Book is designed to significantly enhance efficiency and flexibility versus other traditional automated market maker (AMM) platforms like Uniswap. 

Related Reading: Next Bitcoin Crash? Insight On Genesis’ $1.5 Billion GBTC Sale

In the past 24 hours, Trader Joe processed over $216,000 in fees, above $151,000 recorded by PancakeSwap–a DEX on the BNB Chain ecosystem. While impressive, their combined figure is less than half that recorded by Uniswap, a DEX that’s active on multiple platforms and blockchains, including BNB Chain.

During the same period, Uniswap generated over $1.9 million in trading fees, most of which came from Ethereum, where the DEX is actively used.

Avalanche price trending upward on the daily chart | Source: AVAXUSDT on Binance, TradingView
Avalanche price trending upward on the daily chart | Source: AVAXUSDT on Binance, TradingView

Whether Trader Joe’s will cement its position as the second most active DEX after Uniswap remains to be seen; however, in recent months, the Avalanche ecosystem has been trending following Solana and other low-fee but high-throughput environments, including Ethereum-layer-2s. 

Will Avalanche’s Focus On Meme Coins Cement Trader Joe’s Position?

More meme coin projects appear keen to deploy on Avalanche’s sub-nets, benefiting from low fees and high scalability. To encourage participation and meme coin projects to launch on the platform, Avalanche Foundation announced a new initiative in late December 2023.

As part of a culture drive, the foundation revealed that it would consider buying meme coins, drawing inspiration from the impact of Bonk in Solana. Through their “Culture Catalyst,” the foundation will explore and acquire potent meme coins deploying on Avalanche.

Related Reading: 128 Crypto Wallets Drained by New Attack, Is Your Money Safe?

Considering how viral meme coins can be, it is likely that Trader Joe, a famous DEX on Avalanche, will benefit from this drive. When writing, the foundation has not revealed whether it has bought any meme coin.

Trader Joe's TVL rising | Source: DeFiLlama
Trader Joe’s TVL rising | Source: DeFiLlama

However, what’s clear is that Trader Joe has been growing, looking at its total value locked (TVL) in the past few trading weeks. According to DeFiLlama, Trader Joe’s TVL stands at over $172 million, of which more than $126 million are Avalanche-based assets.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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