Trader Joe, a DeFi system that launched on the Avalanche blockchain, raised $5 million.
Investors in the round include DeFiance Capital, GBV Capital, and Mechanism Capital, according to a statement published with The Block on Thursday, which lists the companies as the round’s primary investors. The Avalanche Foundation, Delphi Digital, and Stani Kulechov are among the other investors in the project.
The Block has been informed by Trader Joe’s mysterious co-founder “0xMurloc” that the firm wants to grow its existing headcount of about 15 employees to 20 employees shortly as a result of more investment. In addition, the identity of another co-founder, “Cryptofish,” remains unknown.
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0xMurloc claimed that they wanted to stay anonymous to develop as soon as possible. In addition, they stated that there was “no reason for us to waste time forming limited liability corporations and other entities.” Our business partners have been informed of the need.
Protocol placed second
Avalanche DeFi ecosystem participant DefiLlama reports that Trader Joe has overcome Benqi Finance and is now ranked second in terms of total value locked, or TVL, in the Avalanche DeFi ecosystem.
At the present, the platform is estimated to be worth around $460M. According to CoinGecko, the JOE cryptocurrency is currently available for trade and has a market valuation of about $2, putting it in sixth place in terms of market capitalization.
It has been suggested by 0xMurloc that Trader Joe’s major competitive advantage is its excellent user experience and wide range of currencies available for trading. Trader Joe’s runs a decentralized trading platform. The 0xMurloc team has also announced that a loan platform will be released “soon.”
Three Arrows Capital, the new investor in Trader Joe’s, said that it had made an investment in the supermarket company but declined to elaborate.
DeFiance Capital Portfolio Manager Darryl Wang hailed the Trader Joe’s team as “one of the finest teams in the Avalanche ecosystem,” with the potential to become “the Avalanche’s dominating DeFi platform.” “Trader Joe’s is one of the strongest teams in the Avalanche ecosystem,” Wang said.
Beyond Ethereum, there is DeFi activity
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On the blockchain, there is an increase in DeFi activity, which includes platforms such as Solana and Avalanche. According to DeFi Pulse, DeFi protocols developed on Ethereum account for a combined total of $93B in DeFi’s virtual value, with the majority of these protocols being created on Ethereum (TVL).
The completion of Solana-related investments for $3.5B and Avalanche-related investments worth $2B is expected, according to a DefiLlama estimate.
In the opinion of Andrew Kang, cofounder of Mechanism Capital, the Avalanche ecosystem has a great deal of potential for development. The team at Trader Joe’s is overjoyed to be able to support him by providing him with outstanding financial services as well as a trading atmosphere in the center of the ecosystem.”
When questioned if Avalanche will ever support other blockchains, Cryptofish responded by saying that Trader Joe will remain focused on Avalanche for the foreseeable future.
