Joepeg’s NFT Marketplace and Trader Joe DEX Expand to BNB Chain
Quick take:
- Users can also trade tokens on the Trader Joe DEX using the Liquidity Book.
- There are currently 34,000 users on Joepegs.
- The NFT marketplace has facilitated more than $9.5 million in secondary sales.
Avalanche-based Joepegs NFT marketplace and DeFi trading platform Trader Joe will expand to BNB Chain by the end of March, The Block reported.
After the chain expansion, BNB Chain users will be able to launch NFT collections on Joepeg’s marketplace. Joepegs is the largest NFT marketplace on Avalance. According to a company release, the marketplace has 34,000 users and has facilitated more than $9.5 million in secondary sales.
In November, Joepegs announced a $5 million round led by the Avalanche Foundation and now-defunct FTX Ventures. JoePegs founders who go by the pseudonyms, Cryptofish and 0xMurloc said: “Funding from FTX Ventures was completed in June and has since been transferred from FTX prior to recent bankruptcy events.”
The founders have also developed a separate production unit, Joe Studios, and an NFT launch pad, which already has 50 projects.
BNB Chain users will also be able to trade tokens on Trader Joe’s using Liquidity Book, the decentralized exchange’s redesigned automated market maker (AMM) launched in August.
“We believe the efficiency and security of BNB Chain, combined with the user-friendly offerings of Trader Joe’s DEX and Joepeg’s NFT Marketplace, will drive growth and success for the broader NFT and DeFi ecosystem,” Alvin Kan, director of growth and ops. at BNB Chain, said in a statement.
Liquidity providers using Liquidity Book can earn more fees while putting less capital at risk. Traders also benefit indirectly from efficiency improvements by getting better prices and lower slippage on their trades.
Since launching in July 2021, the exchange has a trading volume of more than $75 million on Avalanche as of January 2. Trader Joe’s also claims to have facilitated trading volume of more than $88 billion for thousands of active users daily.
Trader Joe’s has been working on the extension from Avalanche to capture more users. Last month, the platform deployed on Ethereum-based scaling solution, Arbitrum, its first extension from Avalanche.
The company said it will continue to prioritize innovation and growth at Avalanche as it launches more chains as part of its global expansion efforts.
Trader Joe’s and Joepegs join Uniswap, Aave and OpenSea to expand to BNB Chain. According to Cryptoslam, BNB ranks 8th on the top blockchains by NFT sales volume, four places ahead of Avalance.
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