Decentralized trading platform Trader Joe has taken its first step into the Ethereum ecosystem, as part of a 'multi-chain' expansion.
that they’re working closely with Offchain Labs — the team behind Arbitrum One — to launch a testnet “within the coming days,” before officially deploying it onto the Arbitrum One mainnet in January 2023:
“Deployment to Arbitrum One is the next step in this global expansion effort and we look forward to introducing the innovative AMM built on Avalanche, and also working with new partners to benefit the collective DeFi ecosystems of Arbitrum and Avalanche.” The deployment comes as Trader Joe has also expanded its ecosystem through partnerships and integrations with wallets, data clients and other vectors” since the second quarter as a means to spread the exposure of Avalanche and the Trader Joe itself.Trader Joe added that the protocol’s original AMM — Joe V1 AMM — would also move onto Arbitrum One in addition to the Liquidity Book AMM, which will bring “zero slippage trades and discretized liquidity provisioning to all Arbinauts.
As for why Trader Joe chose to deploy its AMMs on Arbitrum One, the team said they were impressed by Offchain Labs’ efforts in building an ecosystem of DeFi protocols on the network, which is indicative of its“Deploying Liquidity Book will be a great addition to the vibrant ecosystem,” the team added.Despite announcing that it was “time to go global” on Crypto Twitter, the Trader Joe team confirmed that its “true home” and “top priority for all growth efforts” will continue to be on Avalanche.
Trader Joe also also clarified that its token, JOE, in addition to lending platform Banker Joe, nonfungible token marketplace JoePegs and its staking platform would not join Liquidity Book AMM and Joe V1 AMM on Arbitrum “in this initial phase.”
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