According to data aggregator DefiLlama, the foundation is the blockchain with the largest monthly and weekly perpetual trading volume growth of the 10 largest chains in Total Value Locked (TVL). This weekly jump can be attributed to the newly launched perpetual decentralized exchange (perp DEX) JOJO, which has seen nearly 75% growth in trading volume over the past seven days.
Additionally, JOJO dominated 61% of Base’s perpetual trading volume over the past 24 hours, surpassing $95 million. Jotaro Kujo, co-founder of JOJO, said there are “quite a lot of real users” trading perpetual contracts.
“I believe someone is controlling the airdrops because any project that hasn’t launched a token will somehow lead people to believe that they will give airdrops to the early users. But through our market results, they are not only wasting their trading fees but also making money. The activity of farmers consists of opening and closing positions, paying a lot of gas and trading fees to make their total trading volume large,” he explained.
Kujo adds that real users can be seen not only on the JOJO platform, but on the Base ecosystem as a whole, which is why the team chose their infrastructure to build a perpetrator DEX. Although Arbitrum and Blast have higher derivatives volume, Base offers engaged users, significant TVL and rapid growth, he adds.
“Most of the basic activity is real. People are there to use it, not just edit it. Another thing we really like, and that we think can create a loyal user base in the long run, is Coinbase itself. They have put a lot of work into making Base easy to use: they have a very strong infrastructure, including sequencers, the bridge and also oracles. They also created a lot of things to connect Coinbase to Base.”
Furthermore, JOJO is currently only available on Base, and Kujo revealed that the team has no plans to go multichain at the moment. Despite internal discussions within the team, JOJO will focus its development on Base and build a relationship within the ecosystem.
“We want to make the product useful, focus on a very limited user base and pay a lot of attention to it, and that’s impossible if we deploy it on five different layer 2 blockchains. As a new startup, we have to concentrate and avoid a lot of noise from the outside world,” concludes Kujo.
