JOE is the platform token of TraderJoe, a decentralized exchange (DEX) on Avalanche. TraderJoe also offers lending and borrowing services through BankerJoe. The JOE token can be staked to receive protocol fees and vote on governance proposals.
What is Joe (JOE)?
Trader Joe is an AMM-based DEX built on the Avalanche blockchain. Most AMM projects on Avalanche, such as Pangolin and Zero Exchange modeled after Uniswap, or Olive and Lydia Finance modeled after Pancakeswap, are inspired by other famous projects on Ethereum and BSC.
Despite its recent launch, Trader Joe (JOE) surpassed Pangolin (PNG) in August to become the AMM DEX with the largest TVL in the Avalanche ecosystem, reaching $500 million in TVL.
Trader Joe’s unique feature is combining DEX with Lending & Leveraged Trading, helping increase liquidity and attracting more funds to the project.
Trader Joe is primarily a DEX responsible for providing swap and trading services. However, this project also offers other essential DeFi features like staking, yield farming, and lending. Additionally, Zap, a new feature of the project, allows users to change LP tokens with a single click.
There are two use cases for the JOE token:
- Governance: JOE token holders have a say in decision-making. Proposals are determined with JOEVOTE.
- Reward to token holders: JOE is given as a reward to stakers, farmers, and liquidity providers.
Additionally, Cryptofish and 0xmurloc are co-founders of JOE, while Hruday serves as the frontend engineer.
Overall, Trader Joe takes a long-term approach to governance. The Grow Club is Trader Joe’s first governance panel, a Community Club overseeing the selection and ongoing management of the platform’s Community Farms. This initiative helps Trader Joe operate as a fully decentralized and transparent ecosystem while solidifying the platform’s status as the number one liquidity provider on Avalanche.
Moreover, xJOE is the primary staking mechanism in the Trader Joe ecosystem. When you stake your JOE, you effectively exchange your JOE for xJOE. Over time, holding xJOE tokens will always earn you more JOE.
How to Buy JOE Coin?
JOE Coin can be quickly and securely purchased via Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy JOE Coin, you first need to register on Binance and then send fiat currency. After sending fiat currency such as dollars, you can buy JOE trading pairs by purchasing BUSD, Bitcoin (BTC), Binance Coin (BNB), or Tether (USDT).
Additionally, users can place a purchase order at a lower value on Binance, not just at the market value. To do this, use the Limit tab and enter the amount you want to buy and the price you want to buy it at.
