Last month, we announced the listing of Trader Joe (JOE) onto the Midas platform. Depositors of JOE tokens can enjoy a 17.3% APY return, paid back in JOE tokens – making it one of the highest yielding tokens available on the platform. JOE was the first variable rate listing – meaning that its APY can fluctuate with market conditions, depending on the staking rate of JOE.
In this article, we’re going to take a look at the backstory, platform, and staking tokenomics! Let’s get started.
The JOE platform was founded in June 2021 by its pseudonymous creators 0xMurloc and CryptoFish. It was born out of the desire to create a unique and innovative trading platform on top of Avalanche’s superior-tech, paving the way on the cutting edge of the decentralized frontier. Its core values are to be a one stop shop DeFi experience, to build a lean and agile team, to never compromise on safety, and to always innovate. It also incorporates a community-first approach and prioritizes accessibility and freedom for all.
Trader Joe is a Decentralized Exchange, Lending Platform, and DeFi token Launchpad based on the Avalanche blockchain. As one of the first projects to launch on Avalanche, Trader Joe has cemented itself as a bluechip of the Avalanche ecosystem, and is considered one of the main exchanges on that blockchain. Let’s take a brief look at each of the use cases on the Trader Joe Platform.
Trader Joe is the main DEX on the Avalanche blockchain, boasting over $1.4 Billion in value locked in its liquidity pools. In order to incentivize investors to provide liquidity to the DEX, Trader Joe offers rewards in the form of JOE tokens. There are dozens of farming opportunities available on Trader Joe platform, with APRs ranging up into the triple digits.
Trader Joe also has a native lending platform that can be used in a number of ways. Users can lend their crypto and earn a passive income (in like tokens), or borrow against their crypto in order to take a leveraged position. However, it’s important to proceed with caution, as borrowing against your crypto carries liquidation risk.
Trader Joe has also made itself a launch point for new projects entering the Avalanche ecosystem. Users are able to invest in these projects pre-launch by providing AVAX liquidity, and receive tokens as incentives. The platform helps new projects to launch with ample liquidity.
The combination of these platforms makes Joe a mainstay on the Avalanche blockchain. It is a single platform that allows projects to launch, build liquidity, and grow through incentivized farms. A one stop shop for both retail and developers alike.
Trader Joe Tokenomics
Users of Trader Joe are able to utilize the JOE token in a number of ways. There are three versions of “staked” JOE that comprise what Trader Joe calls its “modular staking” model. These are rJOE, sJOE, and veJOE.
rJOE is “Rocket Joe”. Staking JOE tokens in the rJOE module unlocks the ability for users to participate in the Rocket Joe Liquidity Launch platform (the launch platform described above). It’s important to note that projects participating in Rocket Joe are exclusive to Trader Joe – making it impossible to bypass rJOE staking.
sJOE is a revenue share that allows stakers to earn stablecoins. Instead of staking JOE to earn more JOE, as is the case with most staking models, sJOE provides a hedging opportunity for more risk adverse traders. The stables paid to sJOE stakers are generated from trading fees on the DEX.
veJOE is the governance token of the Trader Joe platform. Though governance features have not yet been launched, veJOE will govern the platform in the future. veJOE also provides stakers with boosted farming yields. The more veJOE you accrue, the higher your JOE yield in farms will be. Locking the maximum amount of JOE can provide up to 67% higher yields (1.67x the advertised APR)!
Don’t know which to choose? That’s ok! Stake your JOE on Midas platform, earn great APR, and let us do the hard work for you.
The Trader Joe platform is indeed a one stop shop for DeFi users, packaged together with a friendly, fun, and colorful branding. Its unique tokenomic model ensures sustainability without sacrificing profitability, and it is built on the solid foundation of the Avalanche blockchain. We are very happy to have this additional offering of JOE on the Midas Platform.
- Total supply: 199,010,126 JOE
- Circulating supply: 214,608,560 JOE
- Holders: 55,160
- Network: Avalanche