Trader Joe is one-stop decentralized trading, yield farming and lending platform on the Avalanche blockchain. The platform is easy to use, and they have worked to make it easy so that anyone can use their platform without having to do a lot of research.
They promote themselves as a one-stop shop that is secure, easy, and available to everyone. It aims to be innovative and constantly push the boundaries. In the eight or so months since they launched, Trader Joe has been true to its word to do just that.
What Is Trader Joe DEX?
Trader Joe, as the name suggests, is a swapping and trading service. They are on the Avalanche blockchain, and are decentralized, as are many cryptocurrencies and their platforms. Avalanche uses three different chains: X-chains, C-Chains, and P-Chains. Trader Joe works with C-Chain, which means you may need a wallet that will allow you to bridge from X-Chain to C-Chain.
On top of swapping and trading, the platform also allows for staking. For those who don’t know, staking is essentially getting interest in your cryptocurrency, kind of like a savings account. Trader Joe also allows lending and borrowing using their other platform – Banker Joe. These two platforms work together so that any program can be done easily and seamlessly.
Trader Joe also allows you to farm and leverage your coins. For farming, you take Liquidity Provider (LP) tokens, ‘farm’ them, and earn Trader Joe’s tokens in exchange.
Values
Trader Joe has certain values and goals. These are:
- DeFi freedom, for anyone
- Speed and safety while innovating
- Always push community
- Provide a single-stop for DeFi, for anyone
- Push boundaries to help the community, while staying safe
As they state, they keep safety high on their list while progressing in the industry. They are fully audited by HashEx and Paladin and are fully upfront about their risks.
They state that their two main risks are:
- Impermanent loss: This occurs when you are putting tokens into a pool
- Liquidation: This occurs when you borrow funds from Banker Joe
What Is JOE Crypto Token?
As Trader Joe states “JOE is a governance token that also rewards its holders with a share of exchange revenues”. To break it down, Trader Joe is on the Avalanche platform. Avalanche has their own cryptocurrency, which rivals Ether and Bitcoin, and is known as AVAX. JOE is used to govern the exchange.
They allow the holders to have some power, while also trading and exchanging crypto. This power comes in the form of votes on community proposals.
There is a max supply of 500,000,000 JOE and about 34% (170,000,000) of that is available. The amount of JOE released is estimated to finish in the first few days of 2024.
JOE is still relatively new crypto in comparison to crypto and blockchain newness. They were first able to be used and traded around the end of August in 2021.
Unlike bigger cryptocurrencies, like Bitcoin and Ether, JOE is not able to be purchased with traditional money, like US dollars. Generally, it is recommended you first purchase Bitcoin, or another cryptocurrency you can purchase with traditional money, and then transfer that into JOE.
Trader JOE Staking
rJOE
rJOE is an allocation token used to enter Rocket Joe Launches. Stake JOE tokens into the rJOE Staking Pool. Depositing JOE Tokens will reward users with rJOE Tokens, rJOE Tokens accrue in real-time, just like a yield Farm. rJOE is required for users who wish to access exclusive Rocket Joe Launches.
sJOE
Stake JOE into sJOE and earn ‘USDC’ stablecoin rewards. For every swap on Trader Joe, a 0.05% fee is charged and accrued by the protocol, this is converted into a Stablecoin and then distributed to the sJOE Pool every 24 hours. Users can Stake into sJOE and unstake from sJOE at any time. There is however a deposit fee mechanism to prevent over-saturation.
veJOE
xJOE
Banker Joe
How Trader Joe Works
Trader Joe combines DEX, lending, and leveraged trading. The purpose of this is to promote liquidity, which in turn will bring in more money to the overall platform. As a DEX, their main service is generally swapping and trading. Unlike other DEX platforms, Trader Joe also provides DeFi features, which are staking, farming, and lending.
Trader Joe is also working to set a limit order. The purpose of this is to help overcome some of the pricing issues that come with decentralized exchanges, which will allow for large improvements, as is their goal.
A more recent feature on Trader Joe is their ZAP feature. This allows you to quickly convert your tokens into LP tokens. On most other platforms, getting LP tokens can take a lot of time and will cost you as you pay for transaction fees. However, by using ZAP, any token can be exchanged for LP tokens and can happen instantly, and for a much smaller fee.
How To Use Trader Joe xyz
One of the first steps is to get a wallet that works with Avalanche’s C-Chain. Coin98 Mobile Wallet is recommended among many users of Trader Joe. Then, you will have to connect your wallet to your Trader Joe account.
Once that is set up, it is relatively easy to use Trader Joe. There is a lot to the website, and it can be hard to explain it all, so we won’t do that here. However, the founders of Trader Joe have worked hard to make a detailed guide about their website, which includes step-by-step guides and videos.
If you are already starting with general knowledge about cryptocurrency, this website will make it easy to understand why you should use their platform and how exactly each process works.
Their guides even discuss how to use Metamask, the platform, CEX routes, and how to stay safe while using Trader Joe.
What Makes Trader Joe Special
Trader Joe has several features that make it stand out from its competitors. One of the first is that it has a very low chance of competition due to the limited number of AMMs allowed on Avalanche.
Trader Joe also works to make sure that DeFi, cryptocurrency, and their platform are easy to use. Where many cryptocurrency platforms are confusing and can take years to learn, Trader Joe works to create a detailed guide as well as videos so that anyone can use their software. This creates a nice change of pace from other software which seems exclusive to those that already know everything about cryptocurrency and DeFi.
The cryptocurrencies that are available for trade on Trader Joe also stand out. They allow trades between:
- AVAX
- ELK
- YAK
- PMG
- RELAY
- JOE
- IME
- FTOMB
- XAVA
- Stablecoins: USDC, USDC.e, USDT, USDT.e, UST, DAI.e, MAI
- And so many more
Finally, Trader Joe is a one-stop shop that allows you to handle almost any form of yield farming imaginable in one decentralized place. This makes it easy to handle everything in one place instead of having to use several blockchains and platforms.
Pros Of Trader Joe
One-Stop-Shop
Trader Joe is a place where any user can borrow, trade, lend, stake, launch, farm, or pool, all in one easy, convenient place. This makes it easy for users to move money around as needed.
Easy to Use
Trader Joe is easy to use, due to the simple platform. Most trades and transfers can happen in just a few clicks, and with features like ZAP, sometimes they can be quick and cheap as well.
Even working on various ways to move money around at once is easy. Due to the easy homepage, all of their features are easy to understand and to move from one place to another. For example, you can click on the ‘lend’ button to lend your tokens, and then quickly switch over to farming by simply clicking the ‘farm’ button.
Secure
Trader Joe works hard to be as safe as any cryptocurrency and platform can be. They are fully audited by HashEx and Paladin, and try to keep as upfront about any risks with using their platform.
They are fully audited by HashEx and Paladin and are fully upfront about their risks. Safety is their top priority and they show that they mean what they say.
Innovative
In a short time, they have made huge leaps, and are already pushing the boundaries on current DeFi systems. They aim to constantly lead the charge on adding new DeFi products. Thanks to the superiority of Avalanche compared to other blockchains, they can grow and change the game with cryptocurrency and decentralized programs.
Cheap
Most other platforms charge high gas fees, which can cost you a lot of your cryptocurrency. Trader Joe has very low gas charges in comparison. Their ZAP process also allows you to quickly get LP tokens, and only pay one small transaction fee, instead of several larger fees, allowing you to save money.
Cons Of Trader Joe
Hard for Beginners
It can be a process to get onto Trader Joe, as you first have to purchase other cryptocurrencies and then trade that for JOE tokens. This can make it hard for beginners to use and be fairly confusing.
Also, while the platform of Trader Joe is easy to use, there is some confusion on how the trading system works. If you look on their Reddit page, it is full of questions on why certain trades didn’t work, where people’s money went after they tried to trade. Unfortunately, though it tries to make its platform simple, with a lot of trades happening in just a click or two, it makes it hard to understand exactly how the process works, or where the tokens go.
Risks
As with all DEX services, there are risks involved. Though Trader Joe works to maximize safety, some issues are just inherent when using any cryptocurrency.
New
All cryptocurrency, DeFi, and blockchains are new, being only 3 or so years old. However, in comparison, Trader Joe is still a very new platform and cryptocurrency. The platform started in June 2021, with JOE tokens starting at the end of August 2021.
Team, Investors, and Partners
Trader Joe was created by two individuals, who only offer pseudonyms for their names. They are known as 0xMurloc and Cryptofish. They have decided to stay anonymous to build fast without any need to waste time incorporating LLCs. Not much is known about the two creators, as they are focused on innovating and not basking in the glory of what they have created.
What We Know About Cryptofish
They are a full-stack and smart contract engineer. They are known to have worked for Google and a CEX that specializes in derivatives. They also have a Masters in Computer Science, though where from is not known. Cryptofish is mostly focused on the contracts and cultural parts of Trader Joe.
What We Know About 0xMurloc
0xMurloc is also a full-stack developer, focused on product management. Their focus in Trader Joe is on products and programs. They have also started several start-ups and worked recently at Grab as a Senior ProductLead. 0xMurloc has a Bachelors in Electrical Engineering, with the university name also withheld.
Investors
Trader Joe launched thanks to a large range of investors. These include:
- Defiance Capital
- GBV Capital
- Mechanism Capital
- Coin98 Ventures
- Not3Lau Capital
- Three Arrows Capital
- Delphi Digital
- Avalanche Foundation
- Standi Kulechov
- Avalaunch
- Yield Yak
Partners
Trader Joe is still a new platform and is still working to create partnerships with other companies and people.
As of the 10th of February, 2022, they created a platform with FiefGuild as part of their Launch program. Deposits for the program opened up on the 14th of the same month.
Conclusion
Trader Joe, although new, holds high hopes for those in the DeFi world. Not only does this platform offer cheap, safe ways to transfer money, but it also offers pooling, launching, lending, borrowing, farming, and staking all on one platform. All of which are easy to access with just a few clicks.
They even recently started a new program, named ZAP. ZAP allows users to quickly turn tokens into LP tokens without having to make multiple transactions and pay several large fees. It happens with just the click of a button and only costs one low fee. They even offer low gas costs.
There is a lot to the Trader Joe platform and though it is easy to use on the surface, it can be very complex underneath. For this reason, Trader Joe offers many guides and videos on how to use their platform, so anyone that wants to learn can.
Trader Joe Social Platforms
- Discord: https://discord.gg/TraderJoe
- YouTube: https://www.youtube.com/c/TraderJoeXYZ
- Reddit: https://www.reddit.com/r/traderjoe_xyz/
- Instagram: https://www.instagram.com/traderjoe_xyz/
- Facebook: https://www.facebook.com/Trader-Joe
- Twitter: https://twitter.com/traderjoe_xyz
- Telegram
- Announcements: https://t.me/traderjoe_xyz_ann
- Primary General Chat: https://t.me/traderjoe_xyz
- Trading Discussion: https://t.me/traderjoe_xyz_trade
John S. Logan has been working with cryptocurrency for nearly as long as it has been available on the market. With a professional background in the finance industry, he believes that blockchain technology, cryptocurrency, and decentralized finance play an important role in the future of the world.
