JOE is the platform token of TraderJoe, the Decentralized Exchange (DEX) on Avalanche. TraderJoe also offers lending and borrowing services through BankerJoe. JOE token can be staked to receive protocol fees and vote on governance proposals.
What is Joe (JOE)?
Trader Joe’s is an AMM-based DEX built on the Avalanche blockchain. Most of the AMM projects on Avalanche (AVAX) are modeled after other famous projects on Ethereum and BSC, such as Pangolin and Zero Exchange, which is modeled after Uniswap, or Olive and Lydia Finance, which is modeled after Pancakeswap.
Despite just launching, Trader Joe (JOE) surpassed Pangolin (PNG) as the AMM DEX with the largest TVL in the Avalanche ecosystem when it reached $500 million in TVL in August.
The specialty of Trader Joe’s is that it combines DEX with Lending & Leveraged Trading, which helps increase liquidity and attract more money to enter the project.
Trader Joe’s is a DEX whose main responsibility is to provide a clearing and trading service. But this project also provides other essential DeFi features like staking, yield farming and lending. In addition, Zap is a new feature of the project that allows users to exchange LP tokens with one click.
The JOE token appears to have two use cases:
Management: JOR token holders have a say in the decisions to be made. Bids are agreed with JOEVOTE.
Token holders are awarded as rewards: JOE is awarded to stakers, farmers, and liquidity providers.
In addition, Cryptofish and 0xmurloc are founding partners of JOE, while Hruday is in the project as a frontend engineer.
On the other hand, in general, Trader Joe’s takes a long-term approach to governance. The Breeding Club is Trader Joe’s first management panel, a Community Club that oversees the selection and ongoing management of the platform’s Community Farms. This initiative helps solidify the platform’s status as Avalanche’s number one liquidity provider, as well as making Trader Joe’s a fully decentralized and transparently operated ecosystem.
Besides, xJOE is the main staking mechanism in the Trader Joe ecosystem. When you stake your JOE, you effectively exchange your JOE for xJOE. Over time, you can always earn more JOE by holding xJOE tokens.
JOE Coin Review
Staking platforms and DEXs have been attracting attention for a long time. Joe also seems to attract the attention of investors with his different approach.
JOE Coin, which was trading at $2.60 at the time of publication, is also trading at 0.00005302 BTC against Bitcoin, according to CoinMarketCap data. In addition, it is stated that the average 24-hour trading volume of JOE Coin, which is in the 257th place in terms of market capitalization with a trading volume of 383,506,414 USD, is 94,471,036 USD.
On the other hand, at this point, it is worth noting that the JOE token saw the lowest level with $ 0.9918 on September 8, 2021, and the highest level with $ 5 on November 21, 2021.
How to Get JOE Coins?
JOE Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
In order to buy JOE Coin, it is necessary to be a member of Binance first and then send fiat money. After sending a fiat currency such as Turkish Lira or dollar, BUSD, Bitcoin (BTC), Binance Coin (BNB) and Tether (USDT) where JOE Coin is traded can be purchased in the JOE trading pair.
In addition, by placing a purchase order at Binance, not only at the market value, but also at a lower value, users can make purchases at the price they want. For this, it will be sufficient to use the Limit tab and enter the amount you want to buy and the price you want to buy.