Trader Joe is building a Liquidity Hub for an omnichain future, starting with #Avalanche, #Arbitrum and #BNB.
It all begins with omnichain fungible tokens (OFTs), a new standard developed by @LayerZero_Labs. OFTs solve 3 main issues associated with cross-chain token transfers...
🌊 Liquidity
Liquidity is the lifeblood of ecosystems. Thanks to OFTs, protocols to easily establish liquidity on new chains while being able to effortlessly handle even large transfers.
🧮 UI/UX
OFTs make it easy to move from one chain to another, even for inexperienced users. In the future OFTs could even allow for seamless omni-chain dapps...Intrigue.
🔐 Security
OFTs are not wrapped assets, meaning the risk of token depegging on one of the chains is eliminated.
One $JOE is one $JOE, on any and all chains.
Trader Joe was one of the first DeFi protocols to adopt the OFT standard for its token.
Users can effortlessly move their $JOE between three supported chains with minimum fees using the Stargate bridge.
Another token that uses the OFT standard is $BTC.b - Avalanche-bridged Bitcoin.
Thanks to LayerZero, BTC.b can travel to other EVM chains from Avalanche, such as #Arbitrum and #BNBChain, offering a decentralised alternative to WBTC.
One of Trader Joe's newest partners, @Level__Finance, is also utilizing an OFT standard for the $LVL token on #Arbitrum and #BNB.
Other DeFi protocols are already taking advantage of LayerZero's tech to kick-start and fuel their multi-chain expansion.
With the support for more than 14 L1s and L2s, OFTs are here to define the omni-chain future. And thanks to the industry-leading efficiency of the Liqudity Book AMM, users can easily trade $BTC.b, $JOE, $LVL, $STEAK, $RDNT and soon more OFTs.
Still not sure about OFTs or have yet to experience the feel of an omnichain adventure?
Fret no more, Trader Joe has teamed up with @layer3xyz to offer a thrilling multi-chain OFT adventure...Coming this week.
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V2.2 introduces a hook capability for Liquidity Book. The first implementation, Concentrated Incentives, is also live today with $ARB rewards activating ~tomorrow.
More details below (no links in post)
🔒 Firstly
As part of the V2.2 Launch there is a new router on Arbitrum and Avalanche that will need to be approved for the first time.
By utilizing a discretized architecture, Liquidity Providers gain full autonomy and flexibility over the liquidity range they deploy, how that liquidity is shaped, and how they manage it moving forward.
• 9.8k ($350k) $AVAX will be distributed
• Total TVL ($) Staked accounts for 95%
• % of Staked Supply accounts for 5%
When will rewards be distributed?
Rewards have been received for this current week, following a brief off-chain calculation process they will be distributed. A further announcement will be made when this happens. Rewards can be claimed directly from staking pool(s).
Over 20 new pairs for onchain limit orders have been added, including many popular #DeFi tokens and community coins on #Avalanche.
Place your orders and trade with automated ease, on your terms and at no cost.
What are onchain limit orders?
By leveraging the discretized architecture of Liquidity Book, swap are executed onchain using Liquidity Pools.
This approach ensures decentralization, no reliance on external oracles and no fees to pay when trading.
There are two types of limit orders 👇
🪝 Place Orders
Accessible from the Trade page by selecting 'Place Order', this limit order feature allows you to execute swaps at your chosen price point.
When you set up an order, your tokens are deposited into a liquidity pool. If the market reaches your specified price, your position automatically converts into the desired tokens, which are then held for you to claim at your convenience.
The Avalanche Foundation have announced a $1m memecoin rush program. Trader Joe will play an integral role, offering users the ability to stake memecoins and earn $AVAX.
Get ready to prove your diamond hands 💎👐
The rush is about to start ...
Memecoins on #Avalanche 🔺
@AvalancheFDN are committed to nurturing culture and creativity. 'Memecoins' are embraced for their strong brand proposition & loyal community following. They can add depth and diversity to any ecosystem. Trader Joe is aligned in support.
...Soon ™
The TLDR 📝
Expected to launch next week:
• Single-sided meme coin staking program
• Points system based on staking activity
• Multipliers to increase points accrual
• Weekly epochs with $AVAX airdrops
• Diamond Hands: Collaborative Goal