News in a Glimpse:
- In order to expand into new markets and boost user activity, Trader Joe has announced that it will move from the Avalanche network to the Ethereum ecosystem.
- Despite the third-quarter declines in TVL and user activity, the decentralized trading platform announced its expansion into the Ethereum layer-2 scaling solution Arbitrum One as well as their intention to enter new markets through partnerships and deals.
- The payments company Stripe has unveiled a new project that aims to simplify fiat to cryptocurrency payments for businesses in numerous countries around the world.
A well-known decentralized financial protocol called Trader Joe has announced its expansion from the Avalanche network to the Ethereum ecosystem. According to reports, this expansion is a part of its plans to enter new markets and increase user activity.
The decentralized trading platform announced its expansion into the Ethereum layer-2 scaling solution Arbitrum One on the first day of the month. A month later, they also declared their intention to enter new markets through partnerships and deals, despite the third-quarter declines in TVL and user activity.
According to the DeFi protocol’s creators, Offchain Labs, they have been collaborating closely with the creators of Arbitrum One. The aforementioned partnership aims to launch a test net before putting it into operation on the Arbitrum One mainnet in January 2023. where the aforementioned test net will arrive within the upcoming days.
The team also asserted that the deployment to Arbitrum One brings their effort to expand globally one step closer. They have also stated that they are anticipating the release of an innovative AMM based on Avalanche. Additionally, they were collaborating with fresh collaborators to advance the combined DeFi ecosystems of Arbitrum and Avalanche.
According to reports, the aforementioned deployment coincides with Trader Joe’s reportedly expanding their respective ecosystem through alliances and integrations with wallets, data clients, and other vectors. which began in the second quarter of the year as a way to increase awareness of Trader Joe and Avalanche. In this regard, Trader Joe’s most recent and notable collaborations include those with Trust Wallet and Crypto.com.
The Deployment
Trader Joe will also incorporate Joe V1 AMM, the protocol’s original AMM, into the Arbitrum One in addition to Liquidity Book AMM. All Arbinauts would reportedly benefit from discretized liquidity provisioning and zero slippage trades as a result of the aforementioned addition.
The Trader Joe’s team reportedly made the decision to deploy the aforementioned AMMs on the Arbitrum One after being impressed by the work done by Offchain Labs to create an ecosystem of DeFi protocols on the network. Its 53.4% market share in the total value locked across all Ethereum layer-2 scaling solutions is reportedly indicative of this. They even said that introducing the aforementioned Liquidity Book would be a fantastic improvement to the thriving ecosystem.
The Trader Joe’s team reportedly made the decision to deploy the aforementioned AMMs on the Arbitrum One after being impressed by the work done by Offchain Labs to create an ecosystem of DeFi protocols on the network. Its 53.4% market share in the total value locked across all Ethereum layer-2 scaling solutions is reportedly indicative of this. They even said that introducing the aforementioned Liquidity Book would be a fantastic improvement to the thriving ecosystem.
Stripe
The payments company Stripe has unveiled a new project that aims to make it easier for businesses in numerous nations around the world to make fiat to cryptocurrency payments. It is a said offering
A modifiable widget that can be directly integrated into a decentralized app, wallet, exchange, or NFT platform. According to reports, this is made to enable users to instantly buy cryptocurrencies in Web 3 apps.
The 16 initial projects of the aforementioned company are reportedly constructed on Solana, according to the report. In which Stripe announced that they would be handling know-your-customer (KYC), payments, fraud, and compliance issues as well as providing customizable on-ramping services. The company claims in a blog post that it is creating a fiat-to-crypto onramp to reduce logistical complexity.
It is already clear that Stripe has been growing its alliances with cryptocurrency businesses over the last few years, providing additional support for crypto payouts to 67 countries and allowing businesses to send USDC payments to people and businesses all over the world.
One of its initial projects, Audious, a decentralized music discovery platform, is anticipated to make use of its new on-ramp. The aforementioned platform is adapted from Stripe’s payments solution to let customers buy its native AUDIO token with their credit cards and tip their favorite musicians.
The first change to the platform took place in July of this year, when users were given the option to tip musicians with digital currencies by using the AUDIO they had earned on the platform.
Along with Audius, Orca, a Solana-based decentralized exchange, would also be using Stripe’s on-ramp. According to this initiative, users will be able to use an on-ramp built inside Orca to make fiat purchases for tokens like USDC and SOL.
