According to data from DefiLlama, the trading volume of DEX Trader Joe on Arbitrum has spiked in the past week. Trader Joe’s total value looked (TVL) on Arbitrum reached $31 million, accounting for more than 25% of $131 million TVL of this trading platform on 3 supported blockchains including Arbitrum, Avalanche and BNB Chain.
Trader Joe’s activity is bustled by its liquidity-providing user rewards program. Tokens incentivized by the project include ARB, ETH, and USDC. Accordingly, the exchange has awarded a total of 300,000 JOE rewards to Liquidity Providers. The promotion is expected to end on April 6.
The success of Trader Joe must include the extremely attractive ARB token launch event of Arbitrum. Combined with the DEX incentive program, trading activity on Arbitrum has become bustling and has far surpassed Avalanche – the first blockchain that Trader Joe landed – in recent times.
The price of JOE also surged 13% over the past 24 hours, with a gain of nearly 60% on the week. JOE is trading at $0.58 at press time.