Quick take:
- Users can also trade tokens on the Trader Joe DEX using Liquidity Book.
- There are currently 34,000 users on Joepegs.
- The NFT marketplace has facilitated more than $9.5 million in secondary sales.
The Avalanche-based Joepegs NFT marketplace and DeFi trading platform Trader Joe will expand to BNB Chain by the end of March, The Block reported.
After the chain expansion, BNB Chain users will be able to launch NFT collections on the Joepegs marketplace. Joepegs is the biggest NFT marketplace on Avalance. According to a company release, the marketplace has 34,000 users and has facilitated more than $9.5 million in secondary sales.
In November, Joepegs announced a $5 million in a round co-led by Avalanche Foundation and now-defunct FTX Ventures. JoePegs founders going by pseudonyms, Cryptofish and 0xMurloc said: “The funding from FTX Ventures was completed in June, and have since been transferred out of FTX prior to recent bankruptcy events.”
The founders have also developed an in-house production unit, Joe Studios and an NFT launchpad, that already boasts 50 projects.
BNB Chain users will also be able to trade tokens on Trader Joe using Liquidity Book, the decentralised exchange’s newly designed automated market maker (AMM) launched in August.
“We believe the efficiency and security of BNB Chain, combined with the user-friendly offerings of the Trader Joe DEX and Joepegs NFT Marketplace, will drive growth and success for the wider NFT and DeFi ecosystem,” Alvin Kan, director of growth and ops at BNB Chain, said in a statement.
Liquidity providers using Liquidity Book can earn more fees while putting less capital at risk. Traders also indirectly benefit from improvements in efficiency by getting better prices and lower slippage on their trades.
Since its launch in July 2021, the exchange has a trading volume of more than $75 million on Avalanche as of January 2. Trader Joe also claims to have facilitated trading volume of more than $88 billion for thousands of active users daily
Trader Joe has been working on its expansion from Avalanche to capture more users. Last month, the platform deployed on Ethereum-based scaling solution, Arbitrum, its first expansion from Avalanche.
The company said that it will still prioritise innovation and growth on Avalanche while launching on more chains as part of its global expansion effort.
Trader Joe and Joepegs join Uniswap, Aave and OpenSea in expanding to BNB Chain. According to Cryptoslam, BNB ranks number 8 on the top blockchains by NFT sales volume, four spots ahead of Avalance.
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