Trader Joe Collaborates With LayerZero To Enable The Transfer Of Trader JOE To Multichain

Key Points:

• Trader Joe’s and LayerZero’s collaboration is anticipated to lessen or eliminate the security issues associated with existing methods of communicating across blockchains.
• LayerZero integration is regarded as a significant milestone in the quest to “transition” out of the Avalanche blockchain framework.

Trader Joe’s JOE token will be able to be readily transferred from the original blockchain Avalanche to two additional chains, Arbitrum and BNB Chain, where the DEX exchange has just entered.

Trader Joe, the Avalanche system’s largest decentralized exchange (DEX), has announced a cooperation with cross-chain infrastructure solutions platform LayerZero to make its JOE token more adaptable, particularly in terms of capabilities interaction between many chains. Trader Joe’s and LayerZero’s collaboration is anticipated to lessen or eliminate the security issues associated with existing methods of communicating across blockchains.

LayerZero is designed to be an infrastructure platform that allows interoperable blockchains while maintaining decentralization and security. LayerZero will specifically communicate information between two smart contracts on Chain A and Chain B for token migration, which is considered to be a more secure approach than “wrapping,” which involves constructing an intermediate token to shift between two chains.

LayerZero‘s initial product is Stargate Finance, which recently announced the re-issuance of all STG tokens in order to prevent the negative implications of the FTX exchange hack in November 2022.

Trader Joe is a DEX that allows users to exchange tokens and even NFT on Avalanche. It now has over 110 million USD in total locked assets (TVL). The site also provides loan and borrowing services for the assets of its customers.

LayerZero integration is regarded as a significant milestone in the quest to “transition” out of the Avalanche blockchain framework. Previously, the platform began extending to Arbitrum in December 2022, followed by BNB in January 2023. The revelation of Trader Joe’s relationship with LayerZero has increased the value of its JOE token by 13%.

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