Big Development in DeFi Market: Trader Joe Announces A Massive New Partnership

Diana Ember
Diana Ember Crypto
3 Min Read

After Trader Joe and Amazon‘s joint announcement at the beginning of the year, DeFi altcoin quickly skyrocketed by a whopping 50%. And pump it did—this gain continues to grow. Further good news is due this evening: more exchanges will soon offer access to everyone’s favorite altcoin!

Trader Joe’s Announces DeFi Partnership With LayerZero After Amazon

In January, Avalanche announced its partnership with Amazon which could be credited to the success of Trader JOE (JOE). Before their collaboration, the cost per token was only $0.13. However, it quickly rocketed to a record high at $0.2! Though this ambitious DeFi project launched later than anticipated on the Avalanche network, its bold collaborations have granted them profound achievements within their space and allowed it to become an esteemed presence in the crypto-ecosystem.

To deliver an effortless experience to its users, decentralized exchange Trader Joe has joined forces with the interoperability protocol LayerZero. This link-up enables JOE token holders to easily switch their native tokens from Avalanche onto two other networks operated by the platform – Arbitrum and BNB Chain. Thanks to this multi-chain transformation, transfers between blockchains are now much simpler for everyone connected to the network.

big development in defi market: trader joe announces a massive new partnership

What Can LayerZero Bring to Trader Joe’s?

LayerZero‘s revolutionary “omni-chain” communication protocol makes transferring assets across multiple blockchains simpler than ever. Powered by token burning and printing, LayerZero users can quickly move tokens from one mainnet to another. According to the Trader Joe team in a blog post, their approach is unrivaled regarding security compared to other “wrapped” techniques. Thanks to this collaboration with JOE Token, LayerZero will become available on many networks, thus increasing its use case potentiality and likely driving up its value over time!

Since its launch, Trader Joe has seen an impressive $110 million Total Value Locked (TVL), which gives a robust foundation for long-term success. Should more investors move to Bitcoin and the markets recover from their recent pullback, one could anticipate this DeFi platform briefly testing prices between $0.28 and $0.39 – may be higher if promising news or collaborations are released! However, hitting last April’s peak of around $1.5 will require a renewed influx of committed crypto enthusiasts into the space!

You might check: The Basics of Cosmos Coin: What You Need to Know

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The thesis I wrote in my last year of university was on future currencies, but it was a very new field for me as the blockchain and crypto world were not that mature yet. Today, I find myself writing on these topics in various news channels, and I can say that I have fulfilled my dreams of university.
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