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Trader Joe Surpasses PancakeSwap to Become the Second-Largest DEX, Following Uniswap

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PancakeSwap has been overtaken by Trader Joe, the decentralized exchange (DEX) that rules Avalanche. In terms of fees earned over the last 24 hours, it is currently the second-largest DEX.

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PancakeSwap has been overtaken by Trader Joe, the decentralized exchange (DEX) which eclipses Avalanche. In terms of fees earned over the last 24 hours, it is currently the second-largest DEX.

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After Uniswap, Trader Joe is the second-largest DEX

A researcher for Artemis, using data from the Token Terminal, claims that on the most recent day, the DEX handled over $142 million in trade volume, with tokens based in Avalanche accounting for 98% of the costs. The dominance of the DEX in the high-throughput blockchain, whose on-chain activity has been increasing recently, indicates the importance of this platform.

Trader Joe flips PancakeSwap | Source: Emperor Osmo via X

Additionally, Trader Joe verified that its Liquidity Book enabled trade volume exceeding $100 million. With this tool, traders can design customized strategies and take advantage of discounted rates. Compared to other conventional automated market maker (AMM) platforms like Uniswap, the Liquidity Book is intended to greatly increase efficiency and flexibility.

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Over $216,000 in fees were collected by Trader Joe in the last day, exceeding the $151,000 recorded by PancakeSwap, a DEX on the BNB Chain ecosystem. Though still amazing, their total is less than half of what Uniswap, a DEX operating on several platforms and blockchains, including BNB Chain, reported.

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Over $1.9 million in trading fees were made by Uniswap in the same period, with Ethereum accounting for the majority of these costs due to the DEX’s active usage.

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

Though it’s unclear if Trader Joe’s will can solidify a position to Uniswap as the second-most active DEX, the Avalanche ecosystem has been trending recently, emulating Solana and other low-cost but high-throughput environments, such as Ethereum-layer-2s.

Will Trader Joe’s Position Be Cemented by Avalanche’s Focus on Meme Coins?

Avalanche’s sub-nets seem to be the preferred choice for more meme coin initiatives because to their excellent scalability and low fees. In late December 2023, the Avalanche Foundation announced a new campaign aimed at encouraging participation and meme coin projects to be launched on the platform.

Inspired by Bonk’s influence in Solana, the foundation announced as part of a culture drive that it would think about purchasing meme coins. The foundation will investigate and obtain powerful meme currencies deploying on Avalanche using its “Culture Catalyst.”

Trader Joe, a well-known DEX on Avalanche, will probably gain from this effort given how widespread meme currencies can get. The foundation did not say at the time of writing if it had purchased any meme coins.

Trader Joe’s TVL rising | Source: DeFiLlama

Looking at its total value locked (TVL) during the last several trading weeks, it is evident that Trader Joe has been expanding. DeFiLlama reports that Trader Joe’s TVL is more than $172 million, with over $126 million coming from assets based on avalanches.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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