Trader Joe is a decentralized exchange and an AMM on the Avalanche (AVAX) blockchain, attracting over $4 billion in total value locked (TVL) since it was launched in June 2021.
Trader Joe aims to build a cryptocurrency trading platform that provides users with a true ‘one-stop-shop’ DeFi experience. It offers DeFi services like swapping, staking, liquidity pools, leverage trading, yield farming, NFTs, lending, launch-investing, etc.
JOE is the native token of Trader Joe DEX.
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What Is Trader JOE
Trader Joe is a decentralized exchange (DEX) and an AMM on the Avalanche (AVAX) blockchain that offers DeFi services, like swapping, staking, yield farming, etc. As AVAX continues to grow in popularity, the Trader Joe decentralized exchange will likely become a serious competitor to such DEXs as Uniswap and PancakeSwap, built on the Ethereum and Binance Smart Chain blockchains.
JOE was founded in June 2021, which makes it one of the newest decentralized exchanges in the crypto ecosystem. However, even in such a short time, Trader Joe has achieved considerable success thanks to the rapidly growing stock market, with its total value locked (TVL) exceeding $4 billion.
Trader Joe provides all the functionality of a modern DEX, offering a user-friendly interface combined with fast and cheap transactions. Liquidity providers contributing to liquidity pools are rewarded with the JOE token that can later be staked and used to vote on governance proposals. Based on the Compound (COMP) protocol, the Banker Joe lending protocol allows users to borrow and lend funds in a non-custodial manner. In addition, users can also open leveraged positions on their provided or borrowed funds.
Trader Joe claims to take a community-driven approach. It prioritizes innovation, speed, and security, aiming to provide a one-stop DeFi experience and integrate new products without sacrificing security.
JOE (JOE) is the native token of the Trader Joe protocol. To increase the JOE token's utility and adoption, Trader Joe is working on implementing several new features and services aimed at turning the project into the leading DeFi platform within the Avalanche ecosystem. Users will be able to use JOE as collateral to borrow funds. Moreover, Trader Joe plans to facilitate limit orders, options, and futures trading on its platform.
Trader Joe is supported by AAVE (AAVE) founder Stani Kulechov and Darren Lau.
Trader JOE Founders
Trader Joe was founded in June 2021 by two pseudonymous developers, 0xMurloc and Cryptofish.
Cryptofish is a full stack, smart contract engineer and early contributor to several Avalanche projects such as Snowball and Sherpa Cash. S/he has a Master’s degree in Computer Science and has worked at Google.
0xMurloc holds a Bachelor’s degree in Electrical Engineering and is also a full-stack developer specializing in product management. S/he has built several start-ups and was a senior product lead at mobility service provider Grab.
The founders' vision is: "To serve the community at the DeFi frontiers by innovating, building fast and, most importantly, building securely. The ultimate goal is to create a trading platform that provides users with a true ‘one-stop-shop’ DeFi experience."
Over a dozen other pseudonymous team members contribute to the project's software, marketing, and community development.
How Does Trader JOE Work
Trader Joe is a Layer 1 protocol, faster and cheaper than Ethereum. The protocol is an automated market maker (AMM) similar to Uniswap or PancakeSwap. As an AMM, Trader Joe facilitates token swaps by allowing traders to exchange huge pools of reserves provided by other users. Liquidity pools automatically rebalance tokens' prices to accommodate the ever-changing token weight in the pool. The protocol rewards liquidity providers with JOE tokens.
Trader Joe allows you to swap AVAX tokens for low fees and fast transaction times.
Trader Joe also offers yield farms which reward users for staking their JOE tokens in the exchange. Users staking their JOE tokens get xJOE, the main reward for staking on the exchange, redeemed periodically by the exchange. The buyback is funded by 0.05% of each trading fee.
The Joepegs Marketplace is one of the largest NFT marketplaces in the Avalanche ecosystem, built to support the Trader Joe NFTs.
How Is the JOE Network Secured
Trader Joe is built on Avalanche (AVAX), which uses the Directed Acyclic Graph (DAG) protocol, with nodes processing and validating transactions.
The treasury is currently entrusted to Trader Joe developers. However, the community plans to create a multi-signature governance mechanism in the future. Token holders can vote on protocol development via Snapshot.
Where to Buy JOE Coin
The total supply of JOE (JOE) is 500 million. The token was launched without a pre-sale, private sale, or pre-listing.
The JOE token has been listed on several cryptocurrency exchanges, like TraderJoe, Binance, FTX, Pangolin, OKEX, Bitget, AAX, and Gate.io.
Unlike other major cryptocurrencies, JOE cannot be directly purchased with fiat money. However, you can still easily buy this coin by first buying Bitcoin or another major cryptocurrency from a fiat-to-crypto exchange and then transferring to the exchange that supports JOE tokens.
