The announcement appears to have a positive impact on the price of JOE, which increased 13.35% from $0.163 to $0.185 over an eight-hour period before cooling off to $0.179, according to data from CoinGecko.

Trader Joe is currently the top-ranked decentralized exchange (DEX) and third-ranked DeFi protocol on Avalanche with $94.13 million in TVL, trailing only Ethereum-native lending platform AAVE and Avalanche-based liquid staking provider Benqi, according to data from DeFi aggregator DefiLlama.