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Avalanche DEX sees positive movements, could it lead to AVAX rally?

Avalanche blockchain

Since April, the AVAX token of Avalanche, the blockchain company behind the decentralized cryptocurrency exchange Trader Joe, has been unable to break through its resistance level.

Nevertheless, Trader Joe’s services, such as lending, leveraging, staking, and farming, have made considerable strides in recent weeks.

According to data from Dune Analytics, the trade swap volume of Trader Joe reached its zenith in December 2022 and has been rising since then.

USDC/WETH and GMX/WETH swaps comprised the majority of the volume, and a closer examination of the protocol’s trading volume for each liquidity pool showed a large number of transactions, demonstrating abundant liquidity.

At present, the Total Value Locked (TVL) on Trader Joe is $77.43, while the TVL for the Avalanche network overall is $780.73 million.

Since Trader Joe is the fourth-largest contributor to the TVL on Avalanche, any increase in the protocol’s TVL is likely to be mirrored in the network’s total TVL.

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I am a crypto analyst. I am responsible for analyzing and predicting trends, pricing, demand, and trading volumes of any number of cryptocurrencies currently available.