Trader Joe – JOE

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Trader Joe – JOE

8 minutes
Contract adress: 0x6e84a6216ea6dacc71ee8e6b0a5b7322eebc0fdd

In this report we will cover Trader Joe which is known to be a Decentralized Exchange – DEX that runs on the Avalanche Blockchain. The Trader JOE application blossomed into a one-stop-shop with a Minecraft kind of theme where crypto traders can swap, stake, farm, lend and zap. Not all of these terms might sound familiar to you or it might even sound like fancy crypto slang. Allow us to explain these terms, further down in this report.

What is Trader Joe – JOE?

Trader Joe – JOE presents itself as the “One-stop-shop for decentralized trading on the Avalanche Ecosystem” offering users a crypto application as a platform for combined features such as trading in crypto, swapping, farming and more to earn rewards. 

The JOE DEX – Decentralized Exchange directly competes with popular DEX’s, such as UniSwap, PancakeSwap and SushiSwap. The native token of Trader Joe is JOE. It is a governance token, meaning users can vote on future developments and partnerships but the dedicated token can also be used to earn rewards.

Next to being a DEX where you can trade and swap between two tokens, it also offers DeFi features like:

  • Lending: Lending and borrowing crypto assets without a third-party.
  • Staking: Stake your tokens and earn interest.
  • Farming: Provide your liquidity to earn reward, no lock-up, no deposit/withdraw fee.
  • Launch: Participate in the launch of protocols to acquire newly issued tokens.
  • Zap: Convert tokens to LP tokens which represent a crypto liquidity provider’s share of a pool. The liquidity provider remains in control of the token.

What will the future bring for Trader Joe?

Trader Joe hopes to keep adding DeFi features to expand its crypto exchange and become most popular for being an all-in-one platform that offers different ways to use your tokens and make a profit or passive income. 

Because of the fact that JOE runs on the Avalanche Blockchain, you benefit from very fast transaction speeds and spend a minimum on transaction fees. In 2021, Avalanche was shown to be a fast blockchain that is capable of running decent mobile blockchain video games. 

If Trader Joe would stand the test of time, we wouldn’t be surprised to see a Trader Joe based video game. If you haven’t heard of GameFi, Play-To-Earn, P2E, well… imagine a (free) video game that is run on your mobile device but uses blockchain technology to run its course. The game would involve you, playing as a farmer’s character and by playing -for instance maintaining your digital farm- you get rewarded in tokens for expanding your land, accomplishing missions or daily quests. 

Roadmap

In Q1 of 2022 Trader Joe would implement a Launch feature, called Rocket Joe.

This would allow users to participate in the launch of protocols to acquire newly issued tokens by using rJOE tokens. To do that, you first need to deposit Avalanche’s native token, AVAX.

As stated in Trader Joe’s Roadmap, Rocket Joe might not be mistaken with an IDO Launchpad which is best described as a decentralized and permissionless crowdfunding platform. It is described as a liquidity launch platform that enables price discovery and token distribution at the secondary market list price. Rocket Joe will have a fair and equitable distribution of new launch tokens and expand the JOE Token ecosystem by providing users more utility and options for JOE tokens.

  • JOE will be revising its tokenomics because they believe the current xJOE tokenomics are not incentivizing yield farmers across the DEX and Lending protocol enough to hold JOE Tokens. Therefore, they will overhaul the existing tokenomics design by offering more staking options & benefits.
  • JOE will be introducing JOEPEGs which is just a creative way of saying NFTs, wanting to further contribute and support the  Avalanche’s Metaverse culture.

This review of Trader Joe – JOE was created for informational purposes. This article is not intended for promotion.

General info about Trader Joe – JOE

Trader Joe is not the first DEX on Avalanche, that title belongs to Pangolin Exchange. Joe is supposedly more popular but let’s make a quick comparison.

Pangolin and Trader Joe are decentralized exchanges where you can swap tokens. Both are using automated market makers – AMM smart contracts and liquidity pools. Because they’re both on Avalanche, they offer the benefits of very fast transaction times and low network transaction fees. 

Pangolin

Fork of UniSwap with a familiar interface
Over $250 million in total value locked from around 5,000 daily users
Collaborations with with lending protocol Benqi Finance and liquidity aggregator OpenOcean
Token swaps incur a standard fee of 0.3%
Allows users to onboard straight to AVAX tokens from fiat using Apple Pay/credit card

Trader Joe

aims to be the one-stop trading platform on Avalanche with multiple DeFi features
$20 million in total value locked within two weeks after launch. Currently over $2 billion in total value locked
token swaps incur a standard fee of 0.3%
likely to offer less slippage, at least in the larger and more liquid pools

 

Founders

Not much is known about the founders of Trader Joe but according to CoinMarketCap, Trader Joe was founded by two pseudonymous developers who go by the names of Cryptofish and 0xMurloc, all very mysterious indeed.

Crypto Fish is -as he describes himself- as a smart contract engineer, and an early contributor to several Avalanche projects, such as Snowball and Sherpa Cash. He/She worked at Google and holds a Master’s in Computer Science from a U.S. university. 

0xMurloc is supposedly a developer with experience in starting several startups. He/She was also a Senior Product Lead at Grab. The team is complemented by over a dozen other pseudonymous users working on software, marketing and community.

Use case of Trader Joe – JOE

How to yield farm and earn on Trader Joe?

Yield Farming is a general term used in decentralized Finance – DeFi, that simply means earning a return on invested cryptocurrency. Users -also known as farmers- will earn a revenue or yield by allocating their crypto to certain DeFi protocols. 

Follow these steps to deposit your Liquidity Pool tokens into a farm to earn yield:

  1. Go to the Trader Joe Pool website and select the pair that you wish to provide liquidity for. Let’s use the ‘JOE-AVAX’ pair. This will direct you to the Manage Pool page where you fill in the amount of JOE you wish to provide in the ‘Add’ tab.
  2. You will be asked to approve this with your Metamask wallet. After approval, click ‘Supply’ and you will be able to find your supplied tokens in ‘Your pool tokens’.
  3. Click on ‘Farm’ on top of the Trader Joe website and scroll down the list to find the token pair you provided liquidity for and select it.
  4. Fill in the amount of tokens you wish to earn rewards for in the ‘Stake’ tab. Click ‘Stake’ and confirm with your Metamask wallet.

 

You did it! You are now earning JOE rewards and you can call yourself a Yield Farmer! No fee is charged when you deposit or withdraw your provided tokens. No lock-up term where tokens are temporarily unavailable. Be free to harvest, withdraw or unstake your provided liquidity at any chosen time.

Token Distribution

Trader Joe puts its community first, meaning 50% of the JOE token supply was allocated to liquidity providers.
10% was allocated to potential investors
20% was allocated to the team
20% was allocated to the Treasury (a community controlled and decentralized collaborative decision-making mechanism for sustainable funding of the underlying blockchain development and maintenance.)

For more information, please refer to JOE’s Tokenomics Page.

 

Tokenomics

  • Circulating Supply: 219.616.280
  • Total Supply: 345.042.852
  • Max Supply:  500.000.000

What do we think about Trader Joe – JOE?

We think that the Trader JOE application might solve user-friendly inconveniences that crypto traders or newbies in the space might experience by offering an exchange that combines multiple features. Make your JOE tokens work for you and get rewarded in JOE or your prefered listed token.

The most well-known Decentralized Exchanges – DEXs are UniSwap and PancakeSwap but nowadays we have plenty of DEXs to choose from, all allowing you to swap tokens. It might be a tough battle to become the most popular one, unless it really stood out from the other ones. Will Trader JOE become the number one DEX, once it is mass used for being a handy crypto app? Or will the current leading ones follow the path of becoming an all-in-one shop for crypto in the form of a DeFi application? 

So… is JOE a good investment in 2022? Currently in May 2022, JOE’s value is hovering around $1 due to a global market crash while in the end of September and November its value reached all-time-highs of around $4.5

According to Capital.com’s forecast, the JOE token price is to rise to $2.08 in 2022, with an uptrend to continue, reaching $3.05 in 2023 and $4.42 in 2024. We shall see…

Trader Joe – JOE conclusion

An all-in-one application for crypto traders is what Trader Joe hopes to become. Its handy and pretty user-friendly platform already allows traders to swap, stake, lend and farm tokens. Trader Joe uses the Avalanche Blockchain for making transactions which gained quite a lot of interest in 2021 for being an extremely fast blockchain with a negligible transaction cost.

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Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.