Decentralized exchanges play an important role in DeFi. Each of them is trying to provide the best services to their users through the network they are built on. Therefore, in each blockchain, one or two exchanges play the main role. the door Avalanche Blockchain There are also many decentralized exchanges, one of which is Trader Joe’s. In this article, we will introduce this decentralized exchange and learn about its functionality and features.
Introducing Trader Joe’s Exchange
Trader Joe’s platform is the largest decentralized Avalanche blockchain exchange that offers services such as buying and selling cryptocurrency, Yield Farming (profit cultivation) and Sticking provides
This platform is an AMM (automated market maker) that focuses on the Avalanche blockchain. However, Trader Joe’s cryptocurrency exchange also offers lending and borrowing services, liquidity pools, NFT buying and selling, staking, as well as launchpad. Overall, Trader Joe’s positions itself as one of the most comprehensive DEXs in the space Defay introduces
this DEX It was founded in 2021 by developers whose identity remains anonymous. The main purpose of this platform is to facilitate buying and selling Avax Is. Although many of Avalanche’s projects are modeled after other well-known projects in the crypto space, such as Pangolin and Zero Exchange, which are based on a decentralized exchange. Uniswap have been copied. But Trader Joe’s exchange, inspired by the best foreign digital currency exchanges, tries to innovate and integrate DeFi services, which has been successful to date.
Trader Joe’s has also launched its native JOE token, which rewards users for participating in liquidity pools with JOE.
Features and capabilities of Trader Joe’s exchange
As the largest DEX of the Avalanche ecosystem, this platform has the best service among other partner platforms in this Blockchain provides In the following, we briefly discuss the facilities and services of Trader Joe’s exchange.
Read more: The best foreign digital currency exchange
Buying and selling digital currency Trading
Offering cryptocurrency trading is the main focus of the Trader Joe’s platform. This platform has a simple user interface that even beginners can easily use this platform. The liquidity required for transactions, like other DEXs, comes from pools created by liquidity providers. These suppliers can mine JOE and earn profit in return.
All transactions have a fee of 0.3%. Of this fee amount, 0.25% is distributed to liquidity providers (participants of liquidity pools) and 0.05% is allocated to JOE token profit mining.
Liquidity pools
As mentioned, liquidity pools charge 0.25% of transaction fees. By receiving this share of fees, liquidity pools to Integrated transactions They help between two digital currencies. Incentives for users to participate in these pools include LP tokens, which are rewards for liquidity providers.
Yield farming
The yield farming process at Trader Joe’s is fairly standard. This process involves depositing Liquidity Pool tokens to earn rewards in the form of JOE tokens. To participate in Yield Farming, users can visit the Farming page on the Trader Joe’s website and select the pool they wish to participate in.
Staking Staking
Users on Trader Joe’s platform earn xJOE tokens by staking JOE tokens. As we mentioned, 0.05% of each transaction is allocated to the xJOE pool. In fact, by staking this token, JOE token holders, in addition to keeping tokens, can also participate in creating liquidity and earning profit. It should be noted that the xJOE token has a one-to-one ratio with the JOE token.
DeFi lending protocol
The Banker Joe platform is the lending protocol on the Trader Joe’s exchange. This platform is built on the Compound lending protocol. Tokens can be withdrawn at any stage, provided the outstanding debt is paid in full. The collateral value determines the borrowing limit and users can improve their borrowing limit by adding more funds.
Trader Joe’s Market NFTs
Joepegs Market is Trader Joe’s exclusive NFT marketplace, currently one of the largest NFT marketplaces in the Avalanche ecosystem.
Trader Joe’s Exchange has also released its official NFT collection called CLUB JOEPEGS.
What makes Trader Joe’s unique?
Trader Joe’s exchange is in many ways similar to other decentralized exchange platforms in the space DeFi Is. This includes features related to trading, liquidity pools, yield farming, staking and lending. However, the anonymous developers of this platform have provided some unique features.
One of the unique features developed on this platform is Rocket Joe. This feature acts as a launching platform for DeFi protocols, allowing cryptocurrency developers to launch their own token and create their own protocol-specific liquidity.
To enter Rocket Joe and use the features of this part of the Trader Joe’s exchange, developers need the rJOE token, which is obtained by staking the JOE token. Also, the rJOE token can be used to participate in platform launchpads, which allows users to participate in the pre-purchase of tokens.
Also, the developers of Trader Joe’s have gathered almost all the facilities that can be provided in the field of DeFi in one platform, so that users can use all these facilities in one platform. At the same time, based on the information provided on the Trader Joe’s website, users can currently use the second layer project in addition to working on the Avalanche blockchain. Arbitrum Arbitrum also have
Trading in Trader Joe’s Exchange
Trader Joe’s exchange is similar to other AMM-based cryptocurrency exchanges such as Uniswap Or Quickswap Works.
To make transactions, just enter the Trade page. You connect your wallet and then select the tokens you want to exchange.
Before proceeding with a trade, users see the minimum amount they will receive, the price impact this has on liquidity pools, and the liquidity provider’s fees. After the transaction is confirmed, the assets are transferred by Smart contract It is transferred to the user’s wallet.
Introduction of JOE token
Shortly after the launch of the Trader Joe’s exchange in 2021, the platform introduced its native token JOE.
The JOE token is built on the Avalanche blockchain and has a limited supply of 500 million. Of these tokens, 50% have been allocated to liquidity providers. The platform’s development team and Trader Joe’s treasury will each own 20% of the tokens, with 10% set aside for the project’s investors.
This token is used to reward contributors and the governance process (voting rights in platform decisions).
There are currently around 340 million JOE tokens in circulation, which is 74% of all tokens.
The future of Trader Joe’s exchange
Trader Joe’s exchange is competing with a number of similar services that have launched in the DeFi space. This platform is secure and decentralized, and with a convenient user interface, it is easy to use for digital currency beginners. In addition, Trader Joe’s exchange uses the powerful and fast Avalanche blockchain. Despite having a strong community supported by a skilled and responsive technical team, this platform has a growing future and has been able to become the largest decentralized exchange in the Avalanche ecosystem in a short period of time.
What is Trader Joe’s Platform? Introducing Trader Joe’s Decentralized Exchange for the first time on Wallex Blog. appeared.
