JOE: To Know More About This Crypto Read Our Article

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JOE: In this article, we cover a detailed review of JOE. How does JOE work & Are important features?

About JOE

JOE (JOE) is the native token of Trader Joe, a decentralized exchange (DEX) on the Avalanche (AVAX) blockchain that offers DeFi services, including swapping, staking and yield farming. The exchange has been growing rapidly, attracting over $4 billion in total value locked (TVL) since it was launched in June 2021. Trader Joe claims to take a community-first approach, and to prioritize innovation, speed and safety.

It aims to provide a one-stop-shop DeFi experience and to integrate new products without compromising on security. To achieve this, Trader Joe has outlined an ambitious roadmap that focuses on token-holder growth. It plans to have improved staking, non-fungible-token (NFT) exchange listings, the collateralization of the JOE token, and leveraged trading –– all during 2021.

JOE Point Table

Coin BasicInformation
Coin NameJOE
Short NameJOE
Circulating Supply336,436,965 JOE
Total Supply464,573,155
Support24/7
Official Project WebsiteClick Here To Visit Project Website

JOE Price Live Data

Who Are the Founders of JOE?

Trader Joe was founded by Cryptofish and 0xMurloc, two pseudonymous developers. Cryptofish is self-described as a full-stack and smart contract engineer, who was an early contributor to several Avalanche projects, such as Snowball and Sherpa Cash. S/he worked at Google and holds a Master’s in Computer Science from a U.S. university. 0xMurloc is a full-stack developer with experience starting several startups. S/he 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.

Features

Utility Token (JOE)

JOE is the native utility token for the Trader Joe decentralized exchange (DEX) on Avalanche blockchain, giving holders access to various functions within its ecosystem such as swapping, staking and yield farming.

Governance Rights

JOE token holders on the Trader Joe platform enjoy governance rights that allow them to participate in important decision-making processes and influence its development. Users are empowered with voting on proposals, protocol upgrades, fee structures and other aspects that impact its growth.

Liquidity Mining

Trader Joe provides liquidity mining opportunities, giving JOE holders an incentive to provide liquidity to specific trading pairs and help increase exchange liquidity overall. Participants who contribute can earn additional tokens as rewards from providing liquidity can help increase trading experience and exchange liquidity on this exchange platform.

Staking Rewards

By staking JOE tokens, users can earn staking rewards which incentivize long-term token holding and contribute to network security and stability.

Yield Farming

JOE holders can participate in yield farming programs by locking up their tokens with DeFi projects in order to earn additional rewards such as other tokens or a portion of transaction fees.

Rapid Transactions on Avalanche

Trader Joe operates on the Avalanche blockchain, known for its fast throughput and low latency rates – providing users with fast and efficient transactions when using JOE for swaps, staking or yield farming activities.

Innovation and Safety

At Trader Joe, innovation and safety are of utmost importance, always looking for ways to enhance its features and services while simultaneously protecting user funds and data.

Total Value Locked (TVL)

Since its debut in June 2021, Trader Joe has secured over $4 billion of assets held within its platform – reflecting an immense level of trust from DeFi community members.

Community-First Approach

At Trader Joe, community is of the utmost importance, from encouraging user feedback to actively including it in decision making processes. This creates a collaborative and user-centric atmosphere where JOE represents its user base’s interests.

Interoperability within Avalanche Ecosystem

As JOE is native token for DeFi platforms on Avalanche blockchain, its interoperability should allow users to utilize tokens across different projects and protocols on this blockchain ecosystem. This offers greater opportunities for JOE users to utilize their tokens.

What Makes JOE Unique?

Trader Joe provides all the functionality of a modern DEX and offers a convenient user interface, combined with speedy and cheap transactions. Users can provide liquidity by participating in one of its yield farms and earn JOE (JOE) as a reward token, which can later be staked and used to vote in governance proposals. Its lending protocol Banker Joe, based on the Compound (COMP) protocol, allows users to borrow and lend funds in a non-custodial manner. Moreover, users can also open leveraged positions on their provided or borrowed funds.

To increase the utility and adoption of the JOE token, Trader Joe is working on introducing several new options, which are aimed at transforming the project into the main DeFi platform within the Avalanche ecosystem. First of all, users will be able to use JOE as collateral to borrow against. Moreover, Trader Joe also plans to facilitate limit orders, options and futures trading on its platform. Thanks to the speed of its innovation and strong comic book-like branding, Trader Joe has attracted strong backers from within the DeFi community, including from AAVE (AAVE) founder Stani Kulechov and Darren Lau.

How Many JOE (JOE) Coins Are There in Circulation?

The total supply of JOE (JOE) is 500 million. The token was launched without a pre-sale, private sale, or pre-listing allocations. The distribution of JOE is as follows:

  • 50% – liquidity providers
  • 20% – treasury
  • 20% – team (three-month cliff)
  • 10% – future investors (three-month cliff)

JOE is being emitted over a 30-month period and JOE stakers earn 0.05% of all trades. JOE also pays a share of fees from lending interest and liquidations into the staking pool. The emission rates of JOE steadily decrease over time and will come to an end at the beginning of January 2024.

How Is the JOE Network Secured?

Trader Joe is built upon Avalanche (AVAX), a blockchain with its own proprietary consensus mechanism, in which all nodes process and validate transactions by employing a directed acyclic graph (DAG) protocol.

The treasury is currently entrusted to its developers Cryptofish and 0xMurloc, although the Trader Joe community plans to establish a multi-signature governance mechanism in future. For now, token holders can vote on the development of the protocol via Snapshot.

Conclusion

At Trader Joe, JOE (JOE) token serves as a central part of its ecosystem and provides users with numerous advantages and functionalities. Trader Joe’s success can be measured by its rapid expansion; since June 2021 it has attracted over $4 billion of Total Value Locked (TVL). This shows the trust and respect held for it within the DeFi community as evidence of its place as an integral player within this sector of finance.

JOE (JOE) token on Trader Joe’s decentralized exchange is an integral component of DeFi, providing users with numerous opportunities and embodying its community-driven and innovative ethos. As it evolves, it remains committed to providing secure and efficient environments where DeFi communities can flourish.

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