![Trader Joe [JOE] rises up the ranks, gauging what’s behind the scenes](https://i.headtopics.com/images/2023/4/7/cryptoamb/trader-joe-joe-rises-up-the-ranks-gauging-what-s-b-trader-joe-joe-rises-up-the-ranks-gauging-what-s-b-1644348050356174850.webp)
Trader Joe’s DEX volume exploded 19x on a year-to-date (YTD) basis. Native token JOE retraced some of its gains made earlier as it recorded a 9% weekly fall. Trader Joe’s [JOE] trading activity surged significantly over the last month, pushing the decentralized exchange [DEX] to sixth position in the list of top DEXs by volume, […]
. At the time of writing, its volume in the last 24 hours was $58.45 million, having exploded 19x on a year-to-date basis.One of the biggest factors behind its success was a shift to a Uniswap v3-like liquidity model.Concentrated liquidity is the new buzzword in the world of DEXs. In simplest terms, it is the capacity of liquidity providers to supply liquidity in a specific region along the price curve. This way, they earn more trading fees with their capital.
Uniswap was the first to popularize this concept through the launch of its V3 two years ago. Subsequently, its competitor, launched its own V3 by copy-pasting Uniswap’s code. Forking of codebases was a common practice in DeFi world. However, as per an analysis by Messari, Trader Joe took the path less traveled by and launched a new model for users to provide liquidity, called Liquidity Book .
While there are a lot of similarities with Uniswap’s V3, LB further divides liquidity into discrete price bands called ‘bins.’ In this case, price changes happen when one asset in the pair is depleted, as opposed to every deal, resulting in zero slippage. 1/ It has been essential for DEX platforms to incorporate concentrated liquidity models to stay competitive.
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