What Is Joe (JOE)?
Joe (JOE) is a native token of Trader Joe platform, a one-stop decentralized trading solution on the Avalanche (AVAX) network. The platform provides DEX (decentralized exchange) services combined with Defilending and leveraged trading that help users increase liquidity and attract more rewards as well. Joe aims to provide users with a one-stop-shop DeFi experience and serve the community by innovating and building at the frontier of DeFi with speed without compromising safety.
According to the web portal docs, The core features of Joe are -
Trading: Users can do trading between tokens through an automated market maker (AMM) exchange
Farm Yielding: By staking LP (liquidity pool) tokens into farms, users can earn JOE in return as a reward
Staking: Users can stake JOE tokens to earn more JOE tokens by sharing protocol revenue generated
Borrowing & Lending: Users can lend and borrow tokens from Banker Joe, a decentralized lending protocol built onto the Trader Joe platform.
Trader Joe provides a user-friendly interface with a modern DEX's functionality for fast and low-cost transactions. For instance, Zap is a new project feature available on the platform that allows users to exchange LP (liquidity pool) tokens with one click. The Cultivation Club, a governance panel that oversees the selection and ongoing management of the platform's community farms, results in a fully decentralized and transparently operated ecosystem. Based on the compound protocol, Banker Joe's lending protocol allows users to borrow and lend funds in a non-custodial manner. Users can use JOE as collateral to increase the borrowing limit on Banker Joe. Moreover, users can do leveraged positions on their provided or borrowed funds.
Thus JOE, a native token of Trader Joe, serves utility function by staking, yield farming, trading, lending, borrowing that rewards holders with a share of exchange revenues. Joe as a governing function by voting for community proposals that reward its holders with a share of exchange revenues. Thus, users can earn JOE as a reward token through yield farming, staking, and voting in governance proposals.
In a nutshell, Joe plans to become a hub for DeFi innovation and an ambassador for NFT & Metaverse culture on the Avalanche Blockchain through improved staking, non-fungible-token (NFT) exchange listings collateralization of the JOE token, and leveraged trading.
History of Joe (JOE)
The whitepaper on Joe was released in August 2021. The team of Joe involves two co-founders as Cryptofish and 0xMurloc. The token has a total supply of 500,000,000 JOEs.
