Trader Joe raises $ 5 million for DeFi on Avalanche

Avalanche-based decentralized finance platform (DeFi) Trader Joe is the latest to land a round of funding from venture capital giants.

In a September 2 announcement, the DeFi trading platform announced that it had raised $ 5 million through a strategic sale led by Defiance Capital, GBV Capital and Mechanism Capital. Several other venture capital firms, angel investors, and industry leaders including Three Arrows Capital, Coin98 Ventures, Delphi Digital, Avalanche Foundation, and Aave founder Stani Kulechov also contributed.

Trader Joe plans to add the cash injection to his team and further develop his trading and credit platform. The pseudonymous co-founders “Cryptofish” & “0xMurloc” declared:

“Our vision is to build fast, stay agile and serve users at the limits of DeFi. We are incredibly impressed with the support from our users and investors. The Avalanche ecosystem is only just beginning and we will do our part to drive DeFi innovation. “

DeFi on avalanche

Launched in July, Trader Joe has amassed more than $ 500 million in total and is the second largest Avalanche-based DeFi protocol according to DeFiLlama. The protocol started out as an automated market maker with yield farming capabilities and has grown in terms of volume due to its responsive user interface. It plans to next introduce decentralized borrowing and borrowing protocols as part of its one-stop trading platform.

Coin98’s Jade Vo commented:

“Trader Joe has demonstrated his enormous growth potential on Avalanche and has attracted a lot of attention from users. We look forward to supporting the team on their adventure to build a critical DeFi stack and enrich the entire Avalanche ecosystem that is thriving and has a long runway to go. “

Avalanche has grown in terms of strategic partnerships over the past few months. The DeFi and CeFi exchange aggregator OpenOcean launched on Avalanche at the end of August in order to offer its users higher speeds and cheaper transactions.

In early August, the BENQI algorithmic liquidity market protocol announced that it had attracted more than $ 1 billion in total assets to Avalanche.

As reported by BeInCrypto, the Avalanche Foundation launched a $ 180 million liquidity mining incentive program called “Avalanche Rush” in mid-August. The first phase of the Rush program offers Aave and Curve users its native AVAX token as an incentive to reduce liquidity over a period of three months.

AVAX price outlook

The bullish developments were good news for AVAX holders. The token is up 420% since hitting a local low of $ 9.61 on July 21. On September 3rd, AVAX is trading just under $ 50.

Trader Joe’s native token, JOE, pumped 41% to $ 2.04 that day. The token has hit a whopping 2,340% in the past 14 days and is only 22% away from its August 29th all-time high of $ 2.60.

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