Trader Joe's Fee Capture, Revenue Hit Second-Highest Marks: Avalanche's DEX Becomes DeFi Powerhouse

Trader Joe, a leading decentralized exchange (DEX) on the Avalanche (CRYPTO: AVAX) blockchain, achieved a significant milestone on Dec. 11, with its fee capture reaching $1.23 million and revenue hitting $145,000.

These figures represented the second-highest levels recorded for the platform within the year, which marked a notable achievement in the decentralized finance (DeFi) space, according to data from Defillama.

Surge in AVAX and JOE Prices: The notable performance of Trader Joe coincided with a substantial increase in the value of Avalanche's native token, AVAX.

Over the past 24 hours, Avalanche has seen a surge of more than 7%, nearing the $40 mark.

This price rally propelled the token into the top 10 cryptocurrencies by market capitalization and marked its highest value since May 2022.

Also Read: VanEck's Predictions Include Bitcoin ETF Boom, Binance Losing Top Spot, Stablecoins Surging To $200B

Concurrently, JOE (CRYPTO: JOE), the native token of Trader Joe, also witnessed a significant rise, increasing by about 30% over the last week.

Trader Joe's Growing Influence In DeFi: Trader Joe's recent financial achievements underscored its growing influence and success in the DeFi sector.

The platform's ability to generate substantial fee capture and revenue highlighted its efficiency and popularity among users within the Avalanche ecosystem.

The increase in trading activities and the corresponding rise in fees and revenue are indicative of the platform's robust trading environment and user trust.

Read Next: Do You Own $1M In Bitcoin? If Yes, You Can Permanently Move To Crypto Haven El Salvador

Photos: X, Shutterstock