For ecosystems, the role of AMM DEX projects is extremely important because it is a fundamental operation in the DeFi space and has great responsibility for attracting cash flow, liquidity and users to come to the ecosystem, for examples Uniswap (UNI) on Ethereum (ETH) and Pancakeswap (CAKE) on Binance Smart Chain (BSC). Avalanche (AVAX) is an ecosystem with a lot of potential and Trader Joe (JOE) is currently an outstaning AMM DEX project on Avalanche (AVAX).
This article about Trader Joe (JOE) and JOE token will help you to cover the following topics:
- What is Trader Joe? What makes it stand out?
- Information about the JOEs tokenomics and how to get, buy, store JOE token.
- Is Trader Joe a good investment?
Let's get started!
What is Trader Joe?
Trader Joe is an AMM-based DEX built on the Avalanche blockchain. AMM projects on Avalanche (AVAX) are almost new, with most of the projects modeled after other famous projects on Ethereum and BSC, such as Pangolin and Zero Exchange modeled after Uniswap, or Olive and Lydia Finance modeled after Pancakeswap.
Although it has only recently come into operation, Trader Joe (JOE) has surpassed Pangolin (PNG) to become the AMM DEX with the largest TVL in the Avalanche ecosystem when hitting 500 million dollar in TVL in August.
What is JOE token?
JOE is the native token of Trader Joe, as well as governance token that rewards its holders with a share of the exchange revenue.
How does Trader Joe work?
The special feature of Trader Joe is that it combines DEX and Lending & Leveraged Trading, which helps to promote liquidity and attract more money to flow into the project.
In the DEX section, Trader Joe is one of the very first to plan on executing limit order, which overcomes the weakness of decentralized exchanges in price slippage. If Trader Joe can successfully achieve this target, they will be able to make a significant advantage in the DeFi market.
Trader Joe is a DEX, whose main responsibility is to provide swapping and trading service. However, this project also provides other basic DeFi features like staking, yield farming and lending. In addition, Zap is a new feature of the project which allows users to swap for LP tokens in just one click.
The project did not have a Fair Launch event, which means that they didn’t presale the tokens to raise investment, most of the JOE tokens were allocated for liquidity.
Detailed information about JOE token
JOE Price Today
Currently, you can see the price of JOE token on Coin98 Markets.
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.
JOE Token Metric
- Token Name: Trader Joe (JOE).
- Ticker: JOE.
- Blockchain: Avalanche.
- Token Standard: ARC-20.
- Contract: 0x6e84a6216eA6dACC71eE8E6b0a5B7322EEbC0fDd
- Token Type: Utility, Governance.
- Max Supply:.500,000,000 JOE.
- Total Supply: 133,413,633 JOE.
- Circulating Supply: 71,961,457 JOE.
JOE Token allocation
- Liquidity provider: 50%
- Treasury: 20%
- Dev team: 20%
- Future investor: 10%
JOE Token sales
JOE tokens will be issued through liquidity provider rewards, there wasn’t pre sales, seed investors or VC allocations.
However, Trader Joe is aware that the ambitious plan will require expenditure, therefore there are 10% allocated for potential strategic investors.
JOE Token release schedule
The amount of JOE is gradually decreasing year by year as the release schedule proceeds, starting from July 3, 2021 and ending on January 3, 2024.
According to JOE's release chart, we don't see any spike in time, which is a good sign as this means there won't be a sudden increase in supply leading to pressure on the market price. With half of the project's tokens being allocated for liquidity generation, the most important thing when the project chooses to issue tokens on a fixed schedule, is for the user demand to grow well.
JOE Token use case
JOE token will be used for 2 purposes:
Governance: Allow holders to vote on community proposals. Proposals will be decided with JOEVOTE:
- Each JOE in the JOE-AVAX pool is worth 2 JOEVOTE
- Each JOE held via xJOE tokens equal 1 JOEVOTE
- Each JOE token is worth 1 JOEVOTE
As a reward for token holders: Stakers, Farmers, Liquidity Providers.
When you stake your JOE, you effectively exchange your JOE for xJOE, for every swap on Trader Joe, a 0.05% fee is charged and sent to the xJOE pool. Over time, you’ll always earn more JOE by holding xJOE tokens
How to get JOE
Users can join Liquidity Mining or Staking JOE to receive JOE as a reward.
How to buy JOE
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Pangolin.
Step 3: Choose the trading pair:
- Search JOE.
- If the result does not come up, you can paste the contract of JOE into the search box: 0xB15cf9E2a4Cb398cb44F3288b8dcc0860a12401B
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to store JOE
JOE is a token on Avalanche, so you can store JOE on Coin98 Wallet follow these steps below:
Step 1: At the main interface, click Receive.
Step 2: Enter JOE in the search box.
Step 3: Copy JOE wallet address and send JOE token to this address.
Roadmap & Updates
7/2021: Launched DEX
- Improved UI.
- Candlestick Chart.
- 1-click Zap.
- 1-click Migrate, transfer liquidity from Pangolin to Trader Joe.
- Increase x2 farm reward.
8/2021: Launched Lending and Leverage Yield Farming
Lending combined with trading, Trader Joe (JOE) allows users to leverage trading to increase the experience. This phase is about delivering products that are still new to Avalanche.
9/2021: Focus on R&D and develop Limit Orders, Options and Futures
Up to now, the roadmap on the project's homepage has not mentioned the intentions of the next steps. They are currently in the stage of in-depth research on DeFi products such as the development of more features such as the ability to place Limit, Option and Future orders.
The project has provided basic DeFi features such as swapping, staking, yield farming, lending, so it makes sense for the project to focus on researching for long-term objectives. The DeFi world changes constantly, therefore, if you only follow the current trend, there is a big risk of becoming obsolete in the near future.
Project team, investors & partners
- Cryptofish (Co-Founder): is an original contributor to several Avalanche projects such as Snowball, Pandaswap, and Sherpa Cash. Most recently, he worked at Google and a CEX specializing in derivatives.
- 0xmurloc (Co-Founder): is mainly in charge of products and programs at Trader Joe (JOE). He has founded several startups and was recently a Senior Product Manager at Grab.
- Hruday(Frontend Engineer): Hruday is a frontend engineer with more than 5 years of experience and has worked on several crypto projects through the DAO developer collective, RaidGuild.
Trader Joe (JOE) has recently raised 5 million dollars of investment with the lead investors being DeFiance Capital, GBV Capital, and Mechanism Capital. Other backers include Three Arrows Capital, the Avalanche Foundation, Delphi Digital, Coin98 Ventures, Not3Lau Capital, and Aave founder Stani Kulechov.
Trader Joe's two lead investors, Defiance and Mechanism Capital, are two funds that have major interest and investments in Defi, both involved in supporting and consulting projects they invest in to build space. Defi is more effective. There is currently no information about Trader Joe (JOE) receiving support from these investors, but being selected by two funds with very deep insight in the Defi segment shows that this project is very promising.
Another point to note is the appearance of a famous fund Three Arrows Capital. As mentioned above, Defiance Capital is a lead investor with a strong focus on the potential of Defi. One special thing is that Defiance Capital also received investment from Three Arrows Capital, so why did Three Arrows Capital still invest in Trader Joe (JOE)? Three Arrows Capital is a hedge fund, so they will be more interested in stability and long-term, this means that Trader Joe (JOE) has the potential development opportunities, which Defiance Capital’s highly interested in. The project is also a highly secure investment option which suits the investment style of Three Arrows Capital.
- DEX on Avalanche: Pangolin (PNG).
- DEX on other blockchains: Uniswap (UNI), Sushiswap (SUSHI), Pancakeswap (PAN).
AMM DEX is the pioneer for the development of ecosystems, AMM projects on Avalanche are rather new, with Pangolin being the most popular. Trader Joe (JOE) recently surpassed Pangolin (PNG) to become the AMM DEX with the largest TVL in the Avalanche ecosystem in August.
As of early September, Trader Joe has surpassed Pangolin in both market capitalization ($105 million USD vs $81 million USD) and trading volume ($9 million vs $3 million). It is now Trader Joe (JOE) who is holding the leading position among AMM DEXs in the Avalanche (AVAX) ecosystem.
It can be seen that successful AMM DEXs like Uniswap (UNI) or PancakeSwap (PAN) are all leading projects in their ecosystem. Therefore, with the current positions of Trader Joe (JOE) and Pangolin (PNG) in the Avalanche ecosystem, we can expect the development potential of these two projects.
Is Trader Joe (JOE) a good investment?
Trader Joe (JOE) has a lot of advantages such as the product integration of utilities for users, the Lending and Leverage mechanism, and Limit order that will definitely make the project stand out in the market. It also has a great project team, new investors, and there is a huge opportunity coming for the Avalanche (AVAX) ecosystem when the Ethereum Defi space still hasn't solved the problems with gas fee and transaction speed.
Trader Joe (JOE) is the leading DEX in the Avalanche ecosystem, which has great potential for growth and Trader Joe (JOE) will play an important role in the development of the ecosystem. If Avalanche can grow and become a major player in the market, we can expect Trader Joe (JOE) to achieve the same position as pioneering AMM DEXs like Uniswap (UNI) or Sushiswap (SUSHI) did in the Ethereum ecosystem.
On the riskier side, Trader Joe (JOE)’s token release according to the fixed schedule within the next 2 years, so the biggest concern of the project lies in attracting users and keeping the customer base. With the strong development of Defi, the competition between projects is increasing, so the pressure on Trader Joe (JOE) is to maintain product quality and continue to expand features and utilities to attract customers.
In conclusion, Trader Joe (JOE) is currently an outstaning AMM DEX project on Avalanche (AVAX), the role of AMM DEX projects is extremely important because it is a fundamental operation in the DeFi space. With the strengths in the model, investors and users, the potential of Trader Joe will be able to reach even further.
You’ve been through an article about Trader Joe (JOE) and the JOE token. I hope it has helped you in gaining more valuable insights into this project and understanding its potential. This article is not financial advice and You should Do Your Own Research before conducting any investment.
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