Quick take:
- Users can also trade tokens on Trader Joe’s DEX using the liquidity book.
- Joepegs currently has 34,000 users.
- The NFT Marketplace has facilitated over $9.5 million in secondary sales.
The Block reported that Trader Joe, the Avalanche-based Joepegs NFT marketplace and DeFi trading platform, will expand to the BNB chain by the end of March.
After chain expansion, BNB chain users will be able to launch NFTs A collection from the Joepegs Marketplace. Jaw pegs are Largest NFT Marketplace on AvalanceThe marketplace has 34,000 users and drives more than $9.5 million in secondary sales, according to a company release.
November, Jaw Peg announced $5 million in a round co-led by the Avalanche Foundation and the now-defunct FTX Ventures. JoePegs founder his Cryptofish and his 0xMurloc said:
The founders also developed an in-house production unit, Joe Studios, and the NFT Launchpad, which already boasts 50 projects.
BNB Chain users can also trade tokens on Trader Joe’s using the Liquidity Book, a newly designed automated market maker (AMM) on the decentralized exchange that launched in August.
“We believe the efficiency and security of the BNB chain, combined with the user-friendly offerings of Trader Joe DEX and Joepegs NFT Marketplace, will drive the growth and success of the broader NFT and DeFi ecosystem,” said Growth and Alvin Kan, director of operations at BNB Chain, said in a statement.
Liquidity providers using the Liquidity Book can earn more commissions while reducing capital at risk. Traders also indirectly benefit from efficiency improvements by getting better prices and reducing trading slippage.
Since its launch in July 2021, the exchange has traded over $75 million in Avalanche as of January 2nd. Trader Joe too Claim Facilitates over $88 billion in trading volume for thousands of daily active users
Trader Joe’s has been working on expanding from Avalanche to get more users. Last month, the platform rolled out to Arbitrum, the first expansion from Avalanche, an Ethereum-based scaling solution.
The company said it will continue to prioritize innovation and growth for Avalanche as it launches more chains as part of its global expansion efforts.
Trader Joe and Joepegs join Uniswap, Aave and OpenSea to expand into BNB chains. According to Cryptoslam, BNB ranks his eighth among the top blockchains in terms of NFT sales volume, beating Avlance by four.
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