Trader Joe Forges Path Into Ethereum Ecosystem For The First Time
Table of contents
Trader Joe Enters Into Ethereum Ecosystem
On December 1, Trader Joe revealed its multi-chain development into the Ethereum layer-2 scaling solution Arbitrum One. This news comes about a month after the platform expressed its intent to broaden to new markets and sign new collaborations in the face of a third-quarter decline in TVL and user behavior.
The group said they are closely collaborating with Offchain Labs, the group behind Arbitrum One, to create a testnet within the next few days before putting it live on the mainnet of Arbitrum One in January 2023.
Collaborations and Integrations For Awareness
The implementation occurs at the same time as Trader Joe's ecosystem has grown through collaborations and connections with wallets, data clients, and other dimensions since the second quarter to increase awareness of Avalanche and Trader Joe. One of the most prominent recent collaborations is between Crypto.com and Trust Wallet.
In addition to the Liquidity Book AMM, Trader Joe stated that the protocol's initial AMM, Joe V1 AMM, will also transfer to Arbitrum One and deliver zero slippage transactions and partitioned liquidity management to all Arbinauts.
Efforts of Offchain Labs
According to the team, Offchain Labs' efforts to create an ecosystem of DeFi protocols on the platform pleased them, which is evident from its 53.4% market share in total value locked (TVL) throughout all Ethereum layer-2 scaling solutions. This is the reason why Trader Joe decided to install its AMMs on Arbitrum One.