What is JOE?
The JOE token is the native token powering the Trade Joe platform. The latter is a decentralized exchange deployed on the Avalanche network.
JOE mainly serves as a governance token. To put it simply, it allows users to participate in the governance of the Trader Joe platform by voting on proposals submitted by community members.
Additionally, JOE token holders who stake their tokens receive a share of the Trader Joe DEX revenues.
There is a max cap of 500,000,000 JOE tokens. They are to be distributed over a period of 30 months which is around 2,5 years. You can see how JOE tokens are set to be distributed here:
- 50% - LPs;
- 20% - Developer Team;
- 20% - Treasury;
- 10% - Future Investors.
Since JOE is a cryptocurrency, its price tends to fluctuate. In order to make an informed purchase decision, check out our tracker above which will provide you with the JOE price history and the current JOE price.
What are the Main Features of JOE?
Trader Joe platform was built on AVAX and is secured through AVAX’s exclusive consensus algorithm.
During a strategic sale led by Defiance Capital, GBV, and Mechanism Capital, Trader Joe raised around 5,000,000 US Dollars and continues to grow in popularity.
One of the primary goals of the project is to provide a highly secure one-stop shop for all things DeFi.
As discussed in the What is JOE section, Trader Joe is primarily a decentralized exchange. However, it also offers decentralized finance features such as token swaps, yield farms, lending, and staking.
All token swaps on Trader Joe are charged with a 0.3% fee, of which 0.25% is sent to liquidity pools, while the remaining 0.05% is sent to the JOE token farm.
Banker Joe is the name of the permissionless lending protocol running on the Trader Joe platform. It’s based on the Compound protocol. Banker Joe enables users to benefit from non-custodial leveraged trading. In other words, users can borrow or lend selected tokens.
Lenders who provide tokens receive a receipt which they must provide when they come back to redeem their tokens. In addition to collecting their initial deposit, lenders also receive interest in the form of the deposited token.
When it comes to borrowing on Banker Joe, users must first deposit collateral.
Trader Joe allows users to stake their tokens using the modular staking system. This means that users can choose to stake their tokens into 1 of 3 staking pools - rJOE, sJOE, and veJOE. These staking pools provide users with different rewards.
When it comes to governance, the platform is working towards establishing a community-governed protocol like a decentralized autonomous organization (DAO), which is used by the majority of blockchain-based projects.
In the future, a multi-signature scheme will be implemented. Its holders will be selected by the community. Until this is possible, the co-founders of Trader Joe are responsible for managing the treasury.
Trader Joe has been audited by HashEx and Paladin, which are independent blockchain auditing companies. These audit reports are publicly available for anyone to review.
Who Developed JOE?
The JOE crypto project was launched in mid-2021. It was launched without an Initial Coin Offering (ICO) event.
Its co-founders introduce themselves under aliases 0xMurloc and Cryptofish. Their personal information such as full names is not publicly available. Both 0xMurloc and Cryptofish are full-stack developers and have contributed to Avalanche and Grab projects.
Its core team consists of individuals responsible for the development, research, and marketing efforts of the Trader Joe project. They have also chosen to remain anonymous.
If you're interested in the project, you can keep an eye on the JOE price and other details via the graph above.
