Trader Joe raises $ 5 million for DeFi at Avalanche

Avalanche-based decentralized financing (DeFi) platform Trader Joe has become the latest to secure a round of financing from venture capital giants.

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

Trader Joe plans to expand his cash injection team and continue to develop his trading and lending platform. co-founders alias “Cryptofish” and “0xMurloc” stated:

“Our vision is to build fast, stay agile and serve users at the frontiers of DeFi. We are incredibly honored with the support of our users and investors. Avalanche ecosystem is just getting started and we will do our part to drive DeFi innovation. ”

DeFi in avalanche

Trader Joe launched in July and has already accumulated more than $ 500 million in total locked value, ranking it as the second largest avalanche-based DeFi protocol. DeFiLama. protocol started out as an automated market maker with performance enhancement functionality and has grown in volume thanks to its attractive user interface. Subsequently, it plans to implement decentralized lending and lending protocols as part of its single trading platform.

Coin98’s Jade Vo commented:

“Trader Joe has demonstrated his enormous growth potential at Avalanche, drawing a lot of attention from users. We are delighted to join the team on their adventure to build a critical DeFi stack and enrich the entire Avalanche ecosystem, which has flourished and has a long way to go.

Avalanche has grown in terms of strategic partnerships in recent months. DeFi and CeFi exchange aggregator OpenOcean launched on Avalanche in late August to offer faster speeds and lower cost transactions for its users.

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

As reported by BeInCrypto, the Avalanche Foundation unveiled a $ 180 million cash withdrawal incentive program called “Avalanche Rush” in mid-August. first phase of the Rush program provides its native AVAX token as a cash withdrawal incentive for Aave and Curve users for a period of three months.

AVAX Price Outlook

bullish developments have been good news for AVAX holders. token is up 420% since hitting a local low of $ 9.61 on July 21. On September 3, AVAX is trading slightly below $ 50.

Trader Joe’s native token JOE was up 41% on the day to hit $ 2.04. token has gained a whopping 2,340% over the past fortnight and is only 22% off its August 29 all-time high of $ 2.60.

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