coinedition.com
Trader Joe, the largest decentralized exchange (DEX) on the Avalanche blockchain, recently submitted a short-term incentive proposal of 1.83 million ARB to Arbitrum, the decentralized autonomous organization (DAO) built on Ethereum. Earlier today, Trader Joe shared a post on X (formerly Twitter) announcing a significant commitment to the Arbitrum ecosystem.
Trader Joe has submitted its short-term incentive proposal to the Arbitrum DAO đź’™
— Trader Joe (@traderjoe_xyz) September 25, 2023
Trader Joe is committed and aims to further support native, multi-chain, and builders that have yet to deploy or launch on #Arbitrum.
The proposed grant aims to foster deep and highly efficient… pic.twitter.com/njfQilB59V
The tweet demonstrates Trader Joe’s established reputation in the DeFi space, which has been built on its “commitment to enduring, collaborative relationships and a community-first approach”. The tweet read:
This reputation is further bolstered by a product development roadmap that consistently drives DeFi product innovation, ensuring a seamless and efficient DEX experience for all traders, liquidity providers, and builders.
As per the proposal, the grant is mainly driven by Trader Joe’s intention to foster growth and innovation within the Arbitrum network. By enhancing spot liquidity, the grant could directly benefit the developers with a more stable and efficient exchange experience. Previously, Joe Trader has contributed to the enhancement of liquidity through sustainable reward distributions from its Market Maker incentive program.
Further, Trader Joe expects to avail the opportunities of the Arbitrum ecosystem to larger and more diverse builders. The platform also intends to bolster Arbitrum’s position as one of the leading Layer-2 platforms in DeFi for innovation. The DEX asserted,
The Arbitrum DAO prides itself as a neutral and open governing body, upholding the values of interoperation and open innovation. As such, Trader Joe plans to use this grant to support both long-standing and newly launched protocols native to Arbitrum One but also those who have deployed to Arbitrum One.
Meanwhile, Chinese reporter Colin Wu, on his X page Wu Blockchain, commented on Trader Joe’s ARB grant proposal submitted to Arbitrum. The proposal shed light on Trader Joe’s enthusiasm for raising awareness within the crypto community, with the ultimate aim of improving “user acquisition” for the Arbitrum Ecosystem.