Before going live on Trader Joe, Orbs recently announced that its ORBS token is available on Avalanche.
Decentralized public blockchain platform Orbs is now available on the Avalanche-based decentralized trading platform Trader Joe.
Trader Joe is the second biggest platform on Avalanche after the decentralized lending project Aave. Currently, there is $1.87 billion of total value locked (TVL) in Trader Joe, up from roughly $982 million just a week back, according to DeFi Llama.
The one-stop decentralized trading platform that also offers leveraged trading and lending services is currently managing about $200 million in daily trading volume in 58 coins and 292 pairs. Trader Joe’s native token JOE is up 10676.9% in the past two months but down 38% from its peak hit in late September to currently trading at $$2.89.
Already Available on Avalanche via Anyswap
Before going live on Trader Joe, Orbs recently announced that its ORBS token is available on Avalanche through trustless MPC protocol AnySwap, which is a cross-chain bridge between Ethereum, BSC, and Avalanche. AnySwap currently supports more than 15 chains and has already amassed $5.17 billion.
This was followed by Orbs token addresses being whitelisted on the leading Avalanche block explorer, AvaScan. Avalanche is a fast-growing open-source layer 1 blockchain for launching decentralized finance (DeFi) applications and enterprise blockchain deployments in an interoperable, scalable ecosystem. The protocol with $6.8 billion worth of assets locked in it has expanded its ecosystem to include major layers like SushiSwap, Chainlink, Circle, and the Graph with more than 320 projects currently building on it.
Now, Avalanche users can also swap ORB tokens and add liquidity to Orbs pools on Trader Joe. The DEX already has an ORBS-AVAX pool set up.
How Will It Work?
To get started, new users will have to set up an Avalanche compatible wallet. Users can also use AnySwap bridge to access Avalanche or to even move their ORBS token to Binance Smart Chain or Ethereum.
Additionally, make sure you fund your Avalanche wallet with AVAX tokens as the native token of the network is used to pay transaction fees.
This is just the beginning, though, as Orbs designed for interoperability primarily with EVM-compatible blockchains work on tapping the potential of DeFi space by expanding to other projects and chains.
Its native token ORBS is currently trading at $0.116, up 180% from this cycle low in late June but still down 70% from its all-time high of $0.31 in mid-March.