Trader Joe, the DEX on the Avalanche blockchain, has dethroned PancakeSwap to become the second-largest DEX by fees generated in the past 24 hours.
Key Takeaways
- Trader Joe processed over $142 million in trading volume on the last day, with 98% of fees coming from Avalanche-based tokens.
- The DEX also facilitated over $100 million in trading volume through its Liquidity Book, offering tailored strategies and low fees.
- In the past 24 hours, Trader Joe processed over $216,000 in fees, surpassing PancakeSwap’s $151,000.
Avalanche’s Growing Popularity
Trader Joe’s dominance highlights the importance of the DEX in the high-throughput Avalanche blockchain, which has seen increasing on-chain activity in recent months.
Meme Coin Hype and Trader Joe’s Future
Avalanche’s focus on meme coins may further benefit Trader Joe. The Avalanche Foundation’s “Culture Catalyst” initiative aims to acquire potent meme coins deploying on the platform.
Trader Joe’s Growth
Despite its recent surge, Trader Joe’s combined figure with PancakeSwap is still less than half of Uniswap’s. However, Trader Joe’s total value locked (TVL) has been growing in recent weeks, with over $172 million currently locked, including $126 million in Avalanche-based assets.
