Open-source platform Avalanche’s near-instant transaction finality and novel consensus mechanism has made it one of the fastest-growing blockchain ecosystems. When Avalanche integrated Chainlink oracles on its mainnet over the summer, Ava Labs’ Director of Communications, Patrick Sutton, said Chainlink oracles would “supercharge” the platform’s growth by unlocking key on-chain functions – calculating collateralization ratios, minting fair market loans, setting exchange rates, pricing synthetic assets – for over 225 projects.
One such project is Trader Joe, an Avalanche-native decentralized exchange (DEX) whose aim is serving the community at the frontier of DeFi. Today, Trader Joe launched Banker Joe, a Chainlink-powered lending and borrowing platform advancing the Trader Joe team’s vision to create a one-stop trading platform combining DEX and lending services.
The Trader Joe team told Chainlink Today that the center of its product design is understanding the needs of its users – many of whom hadn’t tried DeFi lending before. “With the launch of Banker Joe, we introduced a true, one-stop-shop experience – no bolted-on integrations, just a real ‘all under one roof’ DeFi experience,” they said.
Banker Joe uses Chainlink’s market-leading oracle infrastructure to ensure that loans are issued, closed, and liquidated at fair, accurate market prices, especially as the Trader Joe ecosystem’s TVL continues to grow.
“With our tremendous growth in TVL, it is our responsibility to ensure our platform has best-in-class security and robustness. We are very excited to integrate Chainlink to secure our platform with scalable, robust, DeFi-native price feeds,” the team told Chainlink Today.
Their mission is to quickly and securely build innovative and engaging experiences for both new and advanced DeFi users, with the ultimate goal of achieving an R&D-focused platform for entirely new DeFi primitives. Since integrating Chainlink, they said they’re that much closer to their objective.
“Joining the burgeoning DeFi ecosystem powered by Chainlink will undoubtedly contribute towards achieving the vision we have in creating a truly innovative DeFi trading platform.”
To learn more about Trader Joe, visit their website, Twitter, Discord and Telegram.
Elizabeth Licorish is a writer and author whose work has appeared in HuffPost, PhillyVoice and Bustle. In 2008, she wrote and co-authored Innovation for Underdogs. In 2010, she wrote and edited Charles Manson Now. She received her MFA in creative nonfiction from Rutgers University and has ghostwritten hundreds of executive thought leadership pieces for some of the world’s leading experts across diverse industries. She has been writing and editing for influential blockchain projects since 2017, when she fell in love with decentralized finance’s potential to empower individuals in an economically just world. As the editor-in-chief of Chainlink Today, she’s passionate about telling the human stories behind some of the most promising technology in the fastest-growing blockchain ecosystem.