Trader Joe is a comprehensive decentralized platform for crypto trading. It works on the Avalanche network. The main objective of the platform is to provide a DeFi platform for its users that is innovative and highly secure. You can swap, stake, lend, farm, borrow, and perform all such trading activities from a single interface. Users get a completely integrated and easily accessible decentralized finance platform.
Trader Joe background
This DeFi platform was launched in June 2021 by OxMurloc and Cryptofish. It was founded from the desire of its founding members to create a unique platform that is compatible with the Avalanche blockchain. Since it was launched, the platform has accumulated assets worth $1.5 billion. It has also gained support from some of the most reputed investors in the field.
Trader Joe overview
Promoted as a one-stop-shop on the Avalanche blockchain, this DeFi platform allows users to trade, farm, stake, launch, and do much more efficiently. The brand promotes innovation, speed, and safety. It ensures easy DeFI access to all users.
Pros & cons
- Works on the Avalanche blockchain
- Many earning opportunities
- No verified track record
- Very few supported wallets
Interesting features of Trader Joe
Some of the key features of the platform that makes it gain an edge over its competitors as per the vendor are:
- $JOE is the native token of the platform. Holders of the token gain rewards via a percentage of the revenue that the platform earns.
- The lending protocol of the service is called Banker Joe. Users can lend or borrow against their assets ensuring the use of flexible DeFi investment strategies on the fast and low-cost avalanche network.
- The maximum token supply is 500,000,000.
- You can use the DEX interface to swap your assets for JOE.
- The platform is fully audited by HashEx and Paladin.
- You can stake JOE into rJOE which allows you to participate in the liquidity launch platform, Rocket JOE.
- Earn stable coin rewards by staking JOE into sJOE which allows sharing of revenue generated on the platform.
- Receive a boosted yield to JOE rewards in a few select Farms and governance benefit.
What wallets does it support?
The platform supports Metamask wallet and Coinbase Wallet. Here is a brief guide on how to connect your wallet with the DEX.
- Visit the official site and click on the connect wallet feature
- A pop-up window appears asking for confirming the connection between the platform and your wallet
- Click on the confirm button and you can start using the platform for, trading, staking, farming, lending, and more
How does Trader Joe work?
To get started with the platform you need to have the native token of the Avalanche chain which is the AVAX token. This is needed to pay for gas and to purchase other tokens on the blockchain. You can choose from the Metamask or coinbase wallet for linking to the exchange. After connecting your wallet to the platform, you can perform various functions such as trading, liquidity pools, staking, lending, and more.
What can you buy with Trader Joe?
Some of the popular tokens available on the platform include:
- and more
Are there any risks with Trader Joe?
As per the vendor, the main risks with using the platform (that are not unique to the platform) are
- Impermanent loss when you supply tokens to a pool
- Liquidation when borrowing funds on Banker Joe
Trader Joe fees
When you swap your token or trade on the DEX the fees you pay are as follows
- You will pay a 0.3% trading fee of which 0.25% is paid to the liquidity pools as the trading fee for the liquidity providers
- 0.05% is sent to JOE token farm
For depositing funds, you need to have the native token of the Avalanche blockchain, AVAX or you can transfer your Ethereum asset to Avalanche by using the Avalanche Bridge.
Should you buy it?
The DEX claims to offer a comprehensive DeFi platform with various features like swap, stake, lend, borrow, and Launch. However, there is no verified proof of performance of the platform and it is a fairly new platform that is still evolving so you need to consider it carefully before you decide on using it.
Final word for Trader Joe
Trader Joe is an innovative DEX that boasts a one-stop-shop for traders who want a seamless experience. The user-friendly interface and opportunities to earn with the various features of the platform make the service a desirable option. However, the lack of a proven track record and the limited supporting wallets are shortcomings of the DEX.