Trader Joe takes its first step into the Ethereum ecosystem

Decentralized concern (DeFi) protocol Trader Joe has announced its precise archetypal enlargement from Avalanche and onto the Ethereum ecosystem, arsenic portion of its plans to entree caller markets and thrust up idiosyncratic activity.

The decentralized trading level announced its “multi-chain” enlargement into Ethereum layer-2 scaling solution Arbitrum One connected Dec. 1 and follows astir a period aft it stated its volition to grow to further markets and ink caller partnerships amid falling TVL and idiosyncratic enactment successful the 3rd quarter.

We're highly excited to denote that @traderjoe_xyz has expanded into the Ethereum ecosystem with Arbitrum One arsenic its destination! ‍ https://t.co/pjnoirxkVi

— Arbitrum (,) (@arbitrum) December 1, 2022

The squad stated that they’re moving intimately with Offchain Labs — the squad down Arbitrum One — to motorboat a testnet “within the coming days,” earlier officially deploying it onto the Arbitrum One mainnet successful January 2023:

“Deployment to Arbitrum One is the adjacent measurement successful this planetary enlargement effort and we look guardant to introducing the innovative AMM built connected Avalanche, and besides moving with caller partners to payment the corporate DeFi ecosystems of Arbitrum and Avalanche.”

The deployment comes arsenic Trader Joe has besides expanded its ecosystem done partnerships and integrations with wallets, information clients and different vectors” since the 2nd 4th arsenic a means to dispersed the vulnerability of Avalanche and the Trader Joe itself.

Among the astir notable caller partnerships see that of Trust Wallet and Crypto.com.

Trader Joe added that the protocol’s archetypal AMM — Joe V1 AMM — would besides determination onto Arbitrum One successful summation to the Liquidity Book AMM, which volition bring “zero slippage trades and discretized liquidity provisioning to each Arbinauts.”

As for wherefore Trader Joe chose to deploy its AMMs connected Arbitrum One, the squad said they were impressed by Offchain Labs’ efforts successful gathering an ecosystem of DeFi protocols connected the network, which is indicative of its 53.4% marketplace stock successful full worth locked (TVL) crossed each Ethereum layer-2 scaling solutions.

“Deploying (the) Liquidity Book volition beryllium a large summation to the vibrant ecosystem,” the squad added.

Image shared by Trader Joe regarding its caller Arbitrum expansion. Source: Joe Content.

Despite announcing that it was “time to spell global” connected Crypto Twitter, the Trader Joe squad confirmed that its “true home” and “top precedence for each maturation efforts” volition proceed to beryllium connected Avalanche.

Trader Joe besides also clarified that its token, JOE, successful summation to lending level Banker Joe, nonfungible token (NFT) marketplace JoePegs and its staking level would not articulation Liquidity Book AMM and Joe V1 AMM connected Arbitrum “in this archetypal phase.”

Related: New hole for curse of impermanent nonaccomplishment projected connected Avalanche

The announcement appears to person a affirmative interaction connected the terms of JOE, which accrued 13.35% from $0.163 to $0.185 implicit an 8 hr play earlier cooling disconnected to $0.179, according to information from CoinGecko.

Trader Joe is presently the top-ranked decentralized speech (DEX) and third-ranked DeFi protocol connected Avalanche with $94.13 cardinal successful TVL, trailing lone Ethereum-native lending level AAVE and Avalanche-based liquid staking supplier Benqi, according to information from DeFi aggregator DefiLlama.