Trader Joe (JOE) is a decentralized exchange (DEX) built on the Avalanche blockchain, offering fast and low-cost trading experiences. This platform not only supports token trading but also provides services such as staking, yield farming, and governance through the JOE token. To better understand “What is Trader Joe (JOE)” let’s explore its features, benefits, and how it operates in the article below from Financial Insight Daily.
What is Trader Joe?
Trader Joe is a decentralized exchange (DEX) platform using the Automated Market Maker (AMM) mechanism on the Avalanche blockchain. Developed as a fork of Uniswap, Trader Joe offers a robust platform for token trading, along with additional features such as Yield Farming, Lending, and Staking. It is one of the most popular AMMs on the Avalanche blockchain, although a strong competitor, Pangolin, is also attracting users.
Key Features of Trader Joe
Trader Joe is not just a simple AMM exchange, but also integrates several additional features like Yield Farming, Lending, and Staking. The goal of Trader Joe is to become a comprehensive platform providing all the essential decentralized financial (DeFi) services to offer the best experience for users. With Trader Joe, users can easily exchange tokens for LP tokens (Liquidity Provider tokens) with just a click, through the Zap feature.
Zap Feature
Zap is a new feature on Trader Joe’s AMM platform, allowing users to quickly and conveniently convert tokens into LP tokens without having to go through multiple complex steps. This makes it easier to participate in liquidity pools, saving time and effort.
Trader Joe’s Token Model
Unlike some projects that raise funds before launching their products, Trader Joe has chosen a different approach. They do not follow the Fair Launch model (not pre-selling tokens to investors) but instead release the JOE token through inflation. However, Trader Joe still reserves a portion of the token supply for future investors if any.
With these unique features and strategies, Trader Joe is gradually establishing itself in the DeFi market, especially within the Avalanche blockchain ecosystem.
Detailed Information about JOE Token
Trader Joe’s ecosystem utilizes not only the JOE token but also several other tokens to support various features. These include:
- veJOE: Used to boost APR (Annual Percentage Rate) in Farming, with the longer lock-up period granting larger governance rights.
- sJOE: Stake JOE to receive sJOE, which allows users to earn rewards in USDC.
- rJOE: Used to participate in Rocket Joe Launch, which is the launchpad platform on Trader Joe.
Key Metrics of JOE Token
- Token Name: Trader Joe
- Ticker: JOE
- Blockchain: Avalanche
- Token Standard: ARC-20
- Contract Address: 0x6e84a6216eA6dACC71eE8E6b0a5B7322EEbC0fDd
- Token Type: Utility, Governance
- Total Supply: 500,000,000 JOE
- Circulating Supply: 67,188,584 JOE
JOE Token Allocation
The distribution of JOE tokens is as follows:
- Liquidity Provider: 50%
- Treasury: 20%
- Dev Team: 20%
- Future Investors: 10%
JOE Token Use Case
The JOE token is utilized in the following ways:
- Governance: Token holders can participate in governance and decision-making processes for the Trader Joe ecosystem.
- Staking: Users can stake JOE to earn xJOE, and receive revenue generated from trading fees (0.05%) and from lending operations, which are distributed to xJOE holders.
How to Earn and Own JOE Token
Users can own JOE Token through the following methods:
- Liquidity Mining: Participate in providing liquidity on the Trader Joe platform to earn JOE Tokens.
- Staking JOE: Stake JOE Tokens to receive additional rewards in JOE.
- Purchase on Exchanges: You can buy JOE Tokens on exchanges like Binance, FTX, or Coin98 Exchange.
After owning JOE Tokens, you can apply various strategies to optimize your profits.
Wallet & Exchange for JOE Token
- Wallet for JOE Token: Since JOE Token is on the Avalanche network, you can store it on Coin98 Wallet by following these steps:
- Step 1: On the main interface, select Receive.
- Step 2: Type JOE in the search box.
- Step 3: Copy the JOE wallet address and send JOE Token to this address.
- Exchange for JOE Token: You can trade JOE Tokens on well-known exchanges such as Binance, FTX, or Coin98 Exchange. Additionally, you can perform direct Swap for JOE under the Swap section on the platform.
Project Team, Investors & Partners
- Project Team: The Trader Joe team includes several anonymous members, with Cryptofish being the co-founder of the project. Prior to founding Trader Joe, Cryptofish was an early contributor to prominent projects on Avalanche, including Snowball and Sherpa Cash. More recently, Cryptofish worked at Google and participated in a CEX specializing in derivative tools.
As of April 2023, Trader Joe has around 30 employees. Interestingly, all team members work anonymously, using pseudonyms in meetings and not using cameras. - Investors: Trader Joe raised $5 million in its Strategic Sale round, led by the following funds:
- Defiance Capital
- GBV Capital
- Mechanism Capital
- Three Arrows Capital
- Coin98 Ventures
- Delphi Digital
- Avalanche Foundation
- Stani Kulechov, the founder of Aave.
- Partners: Information about Trader Joe’s partners is still being updated.
Similar Projects
- Pangolin: An AMM with a similar structure to Uniswap, but built on the Avalanche blockchain.
- Uniswap: An automated market maker (AMM) protocol and decentralized exchange (DEX) built on the Ethereum blockchain, allowing users to swap any ERC-20 token.
Trader Joe (JOE) is a powerful decentralized exchange (DEX) platform built on the Avalanche blockchain, offering users a fast, low-cost trading experience and a variety of DeFi features such as staking, yield farming, and governance through the JOE token. With unique features like Zap, this platform not only simplifies token trading but also allows users to quickly and conveniently participate in liquidity pools.
Trader Joe’s unique token release model and development strategy are gradually establishing its position in the DeFi ecosystem, particularly within the Avalanche blockchain environment. The anonymous development team, along with prominent investors like Defiance Capital, Three Arrows Capital, and Coin98 Ventures, has successfully helped Trader Joe raise capital and expand its presence in the community.