Crypto Exchange Trader Joe Booms on Arbitrum, Spurring JOE Token Rally

Key metrics began booming right after Trader Joe launched a liquidity incentives program to boost deposits.

AccessTimeIconMar 29, 2023 at 8:17 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC

Decentralized crypto exchange (DEX) Trader Joe has had surging trader and depositor activity on its Arbitrum venue in the past seven days, with total value locked (TVL) rising by more than 300%, reaching $30 million on Wednesday.

Data from crypto stats website DefiLlama showed a spike in Trader Joe’s trading volume over the same time period. The jump in activity comes as the price of Trader Joe’s governance token, JOE, booms. It’s up 11% in the past 24 hours and 58% over the past week, per CoinGecko. At press time it was worth 57 cents.

Key metrics began booming right after Trader Joe launched a liquidity incentives program to boost deposits of popular tokens for trading, particularly Arbitrum’s newly airdropped ARB. Users who loaned ARB, ether (ETH) and USD coin (USDC) to Trader Joe’s pools got a share of 300,000 JOE tokens. The incentives program ends April 6.

Trader Joe’s recent success on Arbitrum has nearly eclipsed its trading volume on Avalanche, the DEX’s original home. Both venues have seen just under $100 million in tokens traded since March 26.

Edited by Danny Nelson.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.