Trader Joe, a popular decentralized finance (DeFi) protocol on Avalanche, has announced the plan to extend its operation across multiple chains. The DeFi platform and its NFT marketplace, Joepegs, will start operating on the Binance smart chain protocol from March 2023.
Trader Joe Eyes BNB Chain
Lately, many DeFi protocols are following a trend of deploying their services on numerous chains. Following the movement is Trader Joe. The DeFi trading platform and its NFT trading marketplace plan to move its business to the BNB chain before March 2023 ends.
According to reports, Trader Joe’s holds the record for the highest total volume on Avalanche since its launch in 2021. In addition, the platform boasts of registering about 34,000 customers on its NFT platform and processes about $9.5 million in transactions.
However, in its recent official statement, the platform revealed that its transaction volume had rapidly decreased since June 2022. Hence, the protocol plans to extend its operations to the Binance chain, where users can buy NFTs under the Joepeg NFT collection.
Additionally, it pointed out that the extension would enable users to trade tokens via Liquidity Book (its automated market maker platform). Consequently, the new development aims to improve Trader Joe’s receding trading volume.
Also read:Alvin Kan, the director of operations and growth at BNB chain, expressed his optimism for the collaboration of BNB chain and Trader Joe. He stated that the security and swift interoperability of the BNB smart chain and the user-friendly operations of Trader Joe and Joepegs would improve the broader growth and development of the DeFi and NFT ecosystem.
Trader Joe Seeks To Expand Its Operations Across Multiple Chains
Meanwhile, Trader Joe recently expanded its operations to Arbitrum, an Ethereum-based scalability protocol, in December 2022. This expansion was the first action plan executed by the DeFi protocol toward expanding its horizon since its inception in 2021.
In addition, the firm revealed that while it is still focused on improving its operations on the Avalanche platform, it is equally determined to deploy its services on many other decentralized platforms. However, Trader Joe is not the only decentralized finance project that cherishes and plans to expand its operations across multiple chains.
Aave and Uniswap also have their operations rooted in numerous chains. Furthermore, Trader Joe introduced a second version of the Automated Market Maker, also called the Liquidity Book, in 2021.
The Liquidity Book enables liquidity creators to earn specific trading commissions, encouraging them to improve their efficiency.
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