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Trader Joe Integrates With LayerZero to Launch Omnichain JOE Token

by BSCN

February 7, 2023

Trader Joe and LayerZero have partnered to make $JOE an 'omnichain fungible token' that can be bridged seamlessly across Avalanche, Arbitrum and BNB Chain.

Trader Joe on a Multichain Quest

Trader Joe announced an integration with LayerZero Labs to launch $JOE as an Omnichain Fungible Token (OFT) that can be bridged across multiple blockchains without the need for “wrapping.”

Trader Joe 🤝 LayerZero$JOE will be launched as an omnichain fungible token (OFT). This evolution of $JOE will unlock seamless connectivity for the $JOE token across all chains supported by the Trader Joe DEX.

Read more: https://t.co/ZVL1szBPLe pic.twitter.com/VzT1YWad6v
— Trader Joe🔺💙 | Live on Arbitrum 🌊📘 (@traderjoe_xyz) February 6, 2023

The top-ranked Decentralized Exchange (DEX) on Avalanche recently branched out to Arbitrum and is set to expand to BNB Chain by the end of March. As an OFT, $JOE can be moved seamlessly at a 1:1 ratio across all the chains where the Trader Joe DEX operates.

“The LayerZero integration is expected to be completed today and on completion, JOE will be bridgeable to Arbitrum and also BNB,” according to a Feb. 6 announcement from Trader Joe on SubStack. So, prepare your JOE tokens for intergalactic blockchain travel, a further announcement will shortly be shared once bridging is live.

Since the announcement of Trader Joe’s expansion to BNB Chain at the beginning of the year, the value of $JOE has increased by about 100%, from $0.1341 to $0.2718, according to CoinMarketCap.

What is Trader Joe:

Trader Joe is the most popular trading platform on Avalanche. It focuses on DeFi, with trading and lending being key areas for the company. The ultimate goal of Trader Joe is to become a ‘one-stop shop’ for DeFi.