Dealer Joe, the decentralized trade (DEX) that dominates Avalanche, has surpassed PancakeSwap. It’s now the second largest DEX when it comes to charges generated up to now 24 hours.
Dealer Joe is the second largest DEX after Uniswap
In keeping with Artemis Researcher Quote Token Terminal knowledge exhibits that the DEX processed greater than $142 million in transaction quantity on its final day, with 98% of the charges coming from Avalanche-based tokens. This dominance demonstrates the significance of DEXs in high-throughput blockchains, whose on-chain exercise has been rising in current months.
Businessman Qiao Ye comfirmed The corporate has facilitated over $100 million in transaction quantity via its liquidity e book. By means of this characteristic, merchants can create tailored methods whereas having fun with low charges. Liquidity Guide is designed to considerably enhance effectivity and adaptability in comparison with different conventional automated market maker (AMM) platforms equivalent to Uniswap.
Up to now 24 hours, Dealer Joe’s processed over $216,000 in charges, larger than the $151,000 recorded by PancakeSwap, a DEX on the BNB chain ecosystem. Whereas spectacular, their mixed numbers are lower than half of these recorded by Uniswap, a decentralized trade lively on a number of platforms and blockchains, together with BNB Chain.
Throughout the identical interval, Uniswap generated greater than $1.9 million in transaction charges, most of which got here from Ethereum, which is actively utilizing DEX.
Whether or not Dealer Joe’s will solidify its place because the second most lively DEX behind Uniswap stays to be seen; nonetheless, in current months, the Avalanche ecosystem has been following Solana and different low-fee however high-throughput environments, together with Ethereum Stage 2) tendencies.
Will Avalanche’s give attention to meme cash solidify Dealer Joe’s place?
Benefitting from low charges and excessive scalability, extra memecoin tasks appear eager to deploy on the Avalanche subnet. With a purpose to encourage participation and launch memecoin tasks on the platform, the Avalanche Basis introduced a brand new initiative in late December 2023.
As a part of its cultural push, the muse revealed it should contemplate buying meme cash, drawing inspiration from Bonk’s affect on Solana. By means of their “Cultural Catalyst,” the Basis will discover and purchase highly effective memecoins deployed on Avalanche.
Given how rapidly meme cash go viral, Dealer Joe’s, the well-known DEX on Avalanche, is prone to profit from this transfer. On the time of writing, the muse has not disclosed whether or not it has bought any meme cash.
What is evident, nonetheless, is that Dealer Joe’s has been rising, judging by its complete worth locked (TVL) over the previous few weeks. In keeping with DeFiLlama, Dealer Joe’s TVL exceeds $172 million, of which over $126 million relies on Avalanche property.
Function pictures from Canva, charts from TradingView
