Decentralized finance (DeFi) protocol Dealer Joe has introduced its very first growth from Avalanche and onto the Ethereum ecosystem as a part of its plans to entry new markets and drive up consumer exercise.
The decentralized buying and selling platform introduced its “multi-chain” growth into Ethereum layer-2 scaling resolution Arbitrum One on Dec. 1 and follows round a month after it acknowledged its intention to develop to further markets and ink new partnerships amid falling TVL and consumer exercise within the third quarter.
— Arbitrum (,) (@arbitrum) December 1, 2022
The workforce stated that they’re working intently with Offchain Labs — the workforce behind Arbitrum One — to launch a testnet “throughout the coming days,” earlier than formally deploying it onto the Arbitrum One mainnet in January 2023:
“Deployment to Arbitrum One is the following step on this international growth effort and we look ahead to introducing the modern AMM constructed on Avalanche, and likewise working with new companions to profit the collective DeFi ecosystems of Arbitrum and Avalanche.”
The deployment comes as Dealer Joe has additionally expanded its ecosystem by way of partnerships and integrations with wallets, knowledge shoppers and different vectors” for the reason that second quarter as a method to unfold the publicity of Avalanche and the Dealer Joe itself.
Among the many most notable latest partnerships embrace that of Belief Pockets and Crypto.com.
Dealer Joe added that the protocol’s authentic automated market maker (AMM) — Joe V1 AMM — would additionally transfer onto Arbitrum One along with the Liquidity Ebook AMM, which is able to convey “zero slippage trades and discretized liquidity provisioning to all Arbinauts.”
As for why Dealer Joe selected to deploy its AMMs on Arbitrum One, the workforce stated they had been impressed by Offchain Labs’ efforts in constructing an ecosystem of DeFi protocols on the community, which is indicative of its 53.4% market share in complete value-locked (TVL) throughout all Ethereum layer-2 scaling options.
“Deploying (the) Liquidity Ebook can be an ideal addition to the colourful ecosystem,” the workforce added.
Regardless of asserting that it was “time to go international” on Crypto Twitter, the Dealer Joe workforce confirmed that its “true house” and “prime precedence for all progress efforts” will proceed to be on Avalanche.
Dealer Joe additionally clarified that its token, JOE, along with lending platform Banker Joe, nonfungible token (NFT) market JoePegs and its staking platform wouldn’t be a part of Liquidity Ebook AMM and Joe V1 AMM on Arbitrum “on this preliminary part.”
The announcement seems to have a optimistic affect on the worth of JOE, which elevated 13.35% from $0.163 to $0.185 over an eight-hour interval earlier than cooling off to $0.179, according to knowledge from CoinGecko.
Dealer Joe is at the moment the top-ranked decentralized alternate (DEX) and third-ranked DeFi protocol on Avalanche with $94.13 million in TVL, trailing solely Ethereum-native lending platform AAVE and Avalanche-based liquid staking supplier Benqi, according to knowledge from DeFi aggregator DefiLlama.