Dealer Joe, the decentralized change (DEX) dominating Avalanche, has surpassed PancakeSwap. It’s now the second-largest DEX by charges generated prior to now 24 hours.
Dealer Joe Is The Second Largest DEX After Uniswap
In response to an Artemis Researcher citing Token Terminal information, the DEX processed over $142 million in buying and selling quantity on the final day, with 98% of charges from tokens based mostly in Avalanche. This dominance factors to how essential the DEX is within the high-throughput blockchain, whose on-chain exercise has been rising in latest months.
Dealer Joe additionally confirmed that it facilitated over $100 million in buying and selling quantity by means of its Liquidity Ebook. Via this function, merchants can create tailor-made methods whereas benefiting from low charges. The Liquidity Ebook is designed to considerably improve effectivity and adaptability versus different conventional automated market maker (AMM) platforms like Uniswap.
Up to now 24 hours, Dealer Joe processed over $216,000 in charges, above $151,000 recorded by PancakeSwap–a DEX on the BNB Chain ecosystem. Whereas spectacular, their mixed determine is lower than half that recorded by Uniswap, a DEX that’s energetic on a number of platforms and blockchains, together with BNB Chain.
Throughout the identical interval, Uniswap generated over $1.9 million in buying and selling charges, most of which got here from Ethereum, the place the DEX is actively used.
Whether or not Dealer Joe’s will cement its place because the second most energetic DEX after Uniswap stays to be seen; nevertheless, in latest months, the Avalanche ecosystem has been trending following Solana and different low-fee however high-throughput environments, together with Ethereum-layer-2s.
Will Avalanche’s Focus On Meme Cash Cement Dealer Joe’s Place?
Extra meme coin tasks seem eager to deploy on Avalanche’s sub-nets, benefiting from low charges and excessive scalability. To encourage participation and meme coin tasks to launch on the platform, Avalanche Basis introduced a brand new initiative in late December 2023.
As a part of a tradition drive, the muse revealed that it might contemplate shopping for meme cash, drawing inspiration from the affect of Bonk in Solana. Via their “Culture Catalyst,” the muse will discover and purchase potent meme cash deploying on Avalanche.
Contemplating how viral meme cash could be, it’s doubtless that Dealer Joe, a well-known DEX on Avalanche, will profit from this drive. When writing, the muse has not revealed whether or not it has purchased any meme coin.
Nonetheless, what’s clear is that Dealer Joe has been rising, its whole worth locked (TVL) prior to now few buying and selling weeks. In response to DeFiLlama, Dealer Joe’s TVL stands at over $172 million, of which greater than $126 million are Avalanche-based property.
Function picture from Canva, chart from TradingView
