Introduction

    This analysis focuses on TraderJoe, a native decentralized exchange on the Avalanche blockchain. According to data from https://defillama.com/chain/Avalanche, TraderJoe has a total value locked (TVL) of 103M US dollars and is currently ranked third after AAVE and Benqi. In this analysis, I will delve into the following aspects of TraderJoe:

    Trading activities on the platform

    Top pairs being traded on the platform

    User breakdown on the platform

    Comparison of TraderJoe on Avalanche and Arbitrum

    Interactions with other platforms

    User activities outside of TraderJoe.

    What is Trader Joe?

    The DeFi platform Trader Joe operates on the Avalanche blockchain and offers a range of features, such as automated token swapping through an AMM, yield farming, staking of the native utility token, borrowing and lending on the integrated money market, and an NFT marketplace. In 2021, the platform experienced significant growth and has become a prominent DEX in the Avalanche ecosystem.

    Trader Joe is distinguished by its user-friendly interface and quick and inexpensive transaction processing. Users can also earn rewards by providing liquidity and staking the native token in one of the yield farms, which can also be used for governance. Banker Joe, the platform's lending protocol, is a money market protocol that enables users to borrow and lend funds while retaining custody of them.

    Method

    I made several swaps on Trader Joe and examined my transaction hashes to find the contract 0xe3ffc583dc176575eea7fd9df2a7c65f7e23f4c3, that Trader Joe uses to swap tokens. I used the transfer table to search for transactions that passed through this contract and then separated the from and to tokens.

    However, the swap data I obtained was not in US dollars. Unfortunately, there is no price table for Avalanche on Flipside, so I converted all daily swaps to the USDC token. Using the formula (sum(to_amounts)/sum(from_amounts)) as avg_price, I was able to extract the daily token prices from my custom swap table.

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