Trade Joe Witnesses a Massive Surge in Trading Volume due to the Arbitrum Airdrop Incentive
The trading activity on DEX Trader Joe has been heating up thanks to a reward campaign for liquidity providers of Arbitrum (ARB). According to DefiLlama’s data, the trading volume of Trader Joe on Arbitrum has increased dramatically in the past week.
The total locked value (TVL) of Trader Joe on Arbitrum has reached 31 million USD, accounting for more than 25% of the total TVL of 131 million USD on the platform across three supported blockchains including Arbitrum, Avalanche, and BNB Chain.
The activity on Trader Joe has become more bustling due to the reward program for liquidity providers. The tokens that the project encourages include ARB, ETH, and USDC. Accordingly, the exchange has awarded a total of 300,000 JOE rewards to liquidity providers. The incentive program is expected to end on April 6th.
The success of Trader Joe should be attributed to the highly attractive ARB token launch event of Arbitrum. Combined with the incentive program of the DEX exchange, the trading activity on Arbitrum has become lively and has outperformed Avalanche – the first blockchain where Trader Joe docked – in recent times. The price of JOE has also increased sharply by 13% in the past 24 hours, with an increase of nearly 60% in a week. JOE is currently being traded at 0.58 USD at the time of writing.
The campaign has helped attract a significant number of liquidity providers to Trader Joe on Arbitrum, contributing to the overall growth of the platform. Moreover, the positive results of this program have also attracted the attention of the broader cryptocurrency community. Many traders and investors are closely monitoring the development of Trader Joe on Arbitrum, with the hope of making a profit from the increased trading activity on this exchange.
In conclusion, the reward campaign for liquidity providers has become a significant catalyst for the success of Trader Joe on Arbitrum. This campaign has helped to attract liquidity providers and traders to the platform, resulting in a surge in trading volume and the TVL of Trader Joe on Arbitrum. The success of this campaign is a positive sign for the broader cryptocurrency community and demonstrates the potential of DeFi platforms to create innovative and profitable investment opportunities.
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