Trader Joe locks up over $95 million worth of tokens as of Friday and is among the most popular Avalanche-based products.

Avalanche-based decentralized exchange (DEX) Trader Joe will soon deploy on Ethereum scaling solution Arbitrum as it looks to capture new user bases.

“Our aim was to always innovate on the frontiers of DeFi at a global level,” Trader Joe developers said in a statement. “Deployment to Arbitrum One is the next step in this global expansion effort.”

Trader Joe is the largest DEX and lending service on Avalanche, locking up over $95 million worth of tokens as of Friday. This is the first time Trader Joe will be deployed on a separate network.

Trader Joe will initially be deployed on the Arbitrum testnet in the coming days with the mainnet launch expected in early 2023. The DEX captured $2.5 billion in locked value at its lifetime peak and continues to attract the highest transactional volumes among all Avalanche-based products.

Trader Joe’s Liquidity Book AMM – a product that claims to make DEX trading more efficient – will be rolled out in the initial launch. The DEX’s native JOE Token or the full suite of DeFi products, such as lending and staking services, will not be available on Arbitrum.

Why Arbitrum?

As previously reported, crypto traders and investors are increasingly seeing the Arbitrum ecosystem as a likely spot for capturing returns along the lines of the 100-times-plus multiples sometimes witnessed in prior bull-market cycles.

The Ethereum-based scaling product, which allows traders to transact on the blockchain network for under a few cents in fees and transacting times of a few seconds, is among a flurry of blockchain networks that launched in the past year – each promising to be faster and cheaper than the previous one.

On-chain data shows Arbitrum is not all hype. Since August, weekly transactions on Arbitrum have skyrocketed over 550%, with the Arbitrum network now commanding more than 62% of the weekly transactions on Ethereum.

The total value locked (TVL) on Arbitrum has increased by over $300 million in the past few months, data from DeFiLlama shows, with the ecosystem now holding just under $1 billion. Popular trading tool GMX accounts for nearly 40% of all this TVL.

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The exploiter had come forward and returned most of the stolen funds a few days ago.

Mango Markets, the decentralized crypto exchange (DEX) which suffered an exploit earlier this month, will soon start returning the funds stolen during the $114 million exploit.

The DEX had earlier said that its decentralized autonomous organization (DAO), entities that are owned and governed by their members without any central leadership, would vote on how to return the funds to users.

“The program for depositors to recover funds is in audit and should be ready to go by tomorrow morning. Much thanks to all the Mango contributors working tirelessly to make this happen,” Mango Labs co-founder, Daffy Durairaj, said in a tweet.

A group of exploiters drained the marketplace of $114 million worth of crypto, by manipulating the price of the DEX’s native token MNGO.

DEXs like Mango rely on smart contracts to match trades between users. Smart contracts are wholly decentralized and are not overseen by a centralized party – which means a rogue trader can deploy enough money to exploit loopholes in any protocol without the risk of anyone stepping in to stop the attack before it takes place.

One of the apparent exploiter, Avraham Eisenberg, came forward last week and said that the group had returned $67 million to the Solana-based exchange.

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“There’s no organization within the Uniswap ecosystem focused on reducing the friction in governance, and that is one area that the foundation will be focused on,” said Devin Walsh, the community member who authored the initial proposal.

Community members of decentralized exchange Uniswap have voted to create the Uniswap Foundation, an organization aiming to support open-source development and community governance within the protocol.

The voting, which concluded Tuesday evening, overwhelmingly supported creating the foundation. The foundation aims to streamline its grants process and reduce friction in governance around the protocol’s community treasury support developers in the Uniswap ecosystem, and bolster the community.

The foundation is requesting $74 million from the DAO treasury, which currently holds over $3 billion in UNI, the protocol’s native token. $14 million of the funds will support the foundation’s team, and $60 million will be used for developer grants.

“There’s no organization within the Uniswap ecosystem focused on reducing the friction in governance, and that is one area that the foundation will be focused on and is excited to work on,” Devin Walsh, a Uniswap community member who proposed the foundation alongside Kenneth Ng, told CoinDesk. “We want to ensure that there will be a large, thriving ecosystem of organizations that are building on, integrating with, and organizing events in support of the protocol.”

Uniswap community members have been deploying projects to support developers in the ecosystem. In April, Uniswap Labs created a venture capital wing to fund early projects on the protocol. One month later, the DEX surpassed $1 trillion in total trading volume.

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