Avalanche, the blockchain company behind the decentralized cryptocurrency exchange Trader Joe, has seen its native token, AVAX, struggle to rally past its resistance level since April.
However, Trader Joe, which offers services including lending, leveraging, staking, and farming, has experienced significant progress in recent weeks.
According to data from Dune Analytics, Trader Joe saw its trade swap volume peak in December 2022 and continue to grow into January.
The GMX/WETH and USDC/WETH swaps dominated the volume statistics, and a review of the protocol’s trading volume per liquidity pool revealed a high number of transactions, indicating robust liquidity.
The Total Value Locked (TVL) on Trader Joe was $77.43 at the time of writing, while the TVL for the Avalanche network as a whole was $780.73 million.
As Trader Joe is the fourth-largest contributor to the TVL on Avalanche, any growth in TVL seen by the protocol would be reflected in the overall TVL of the ecosystem.