Avalanche, in collaboration with Circle, has introduced THE FX Chain, a revolutionary platform that allows users to trade Euro Coin ($EUROC) on the AVAX network. This latest development provides users with increased stablecoin options in the world of decentralized finance (DeFi), expanding beyond the traditional USD. Let’s take a closer look at the key highlights and how things have been progressing since its launch.
Since its inception, the AVAX network has witnessed a surge in Euro Coin activity:-
- Presently, there is an impressive $1.88 million worth of EUROC tokens available on AVAX.
- The 24-hour swap volume has reached an astounding $1.3 million EUROC, resulting in a cumulative volume of $28 million.
- More than 50% of the EUROC tokens are currently concentrated in the EUROC-WAVAX liquidity book pair on Trader Joe, highlighting significant interest among participants.
Among the prominent users, a single individual played a pivotal role in bridging the majority of the $1.8 million EUROC tokens. In fact, this user bridged a total of $2.7 million, gradually bridging out the remaining 900k on separate occasions.
Notably, three traders have achieved cumulative trade volumes surpassing $1 million since May, encompassing both buying and selling activities. The top trader alone has conducted trades amounting to close to $3.3 million, showcasing a balanced split between buying and selling.
Observing trading trends, it appears that most large trades occur either within the same day or with a 1-2 day interval. Interestingly, the two prominent EUROC whales exhibit different trading patterns, with one tending to buy and sell on the same day, while the other prefers to wait for favorable conditions.
For those eager to utilize their $EUROC tokens on AVAX, several exciting deployment options are available. Users can maximize their Annual Percentage Rate (APR) returns through concentrated liquidity on Trader Joe’s Liquidity Book or explore leveraged FX trades offered by DeltaPrimeDefi. Additionally, platforms such as Dexalotcom and CablesFinance enable seamless EUROC trading.
In related news, the DeltaPrimeDefi team has made significant updates to their dashboard, integrating support for $EUROC from Circle, $JOE from Trader Joe, and $GMX from GMX_IO. These additions reflect their commitment to delivering comprehensive services to their users.
Euro Coin’s arrival on Avalanche made possible through the collaboration with Circle, marks an important milestone. Adding to the value of Euro Coin, developers have the opportunity to integrate Euro Coin into their own decentralized applications (dApps), further expanding the range of services available to Euro Coin users.
With the launch of THE FX Chain, Avalanche continues to strengthen its position as a leading platform for innovative and diverse DeFi offerings. The introduction of Euro Coin opens up new possibilities for users, fostering a vibrant and dynamic ecosystem within AVAX.