Trader Joe Applies for $1.5 Million Grant from Arbitrum DAO
Trader Joe, a decentralized exchange (DEX) on the Avalanche blockchain, has requested a 1.83 million ARB grant from Arbitrum DAO. The DEX aims to enhance spot liquidity within the Arbitrum network and provide a more stable and efficient exchange experience for developers.
The proposed grant will focus on fostering deep and efficient liquidity reserves through Trader Joe’s Market Making Incentives Program and the Auto-Pool (ALM) product built on its novel AMM, Liquidity Book.
At the current price of Arbitrum’s native token ARB ($0.8169), the grant would be valued at around $1.5 million. Trader Joe has also pledged to match the grant with up to 433,000 JOE (worth approximately $105,000).
Trader Joe Aims to Attract Developers to Arbitrum
In addition to enhancing liquidity, Trader Joe plans to leverage the opportunities offered by the Arbitrum ecosystem to attract a larger pool of builders. The grant will support both existing and newly launched protocols native to Arbitrum One.
The execution strategy involves distributing 100% of the allocated grant as liquidity mining incentives over 84 days (12 weeks). These incentives will be unique to the Trader Joe platform and uphold values of efficiency, sustainability, and accessibility.
Trader Joe emphasizes its commitment to fostering growth and innovation within the Arbitrum ecosystem. The DEX has a reputation for its community-first approach and collaborative relationships in the decentralized finance (DeFi) sector.
Arbitrum Continues Growth in Q2 2023
Arbitrum, an Ethereum rollup hosting assets worth $5.77 billion, experienced strong growth in the previous quarter. Daily transactions and gas prices on Arbitrum One remained steady at an average of 800k transactions.
The quarter also saw a rise in transaction count compared to the previous quarter, indicating increased activity since the airdrop. Additionally, daily active addresses on Arbitrum remained stable at around 200k throughout the quarter.
Hot Take: Trader Joe Seeks to Enhance Liquidity and Developer Engagement on Arbitrum
Trader Joe’s application for a $1.5 million grant from Arbitrum DAO highlights its commitment to improving liquidity and attracting developers to the Arbitrum network. By leveraging its Market Making Incentives Program and Auto-Pool product, Trader Joe aims to create deep and efficient liquidity reserves.
The grant will be distributed as unique liquidity mining incentives over a period of 84 days, reinforcing Trader Joe’s values of efficiency, sustainability, and accessibility. With its community-first approach and collaborative relationships, Trader Joe continues to play a vital role in fostering growth and innovation within the decentralized finance sector.
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