Trader Joe is still relatively new in the crypto space only launching in June 2021. In that short time, they have amassed a large fanbase primarily from the speedy transaction times and the new features that are being released regularly on their platform.
JOE initially started with just a DEX trading feature on their platform but have since grown out and now having staking, farming, lending and launch-investing options. The ultimate goal for Trader Joe is to build a cryptocurrency trading platform, that provides users with a true ‘one-stop-shop’ DeFi experience.
Trader Joe DEX
Trader Joe is well-known for their trading platform that allows you to swap AVAX tokens for low fees and fast transaction times. They are the main source of liquidity for major AVAX liquidity pairs like AVAX/USDC, JOE/USDC, WETH/AVAX, WBTC/AVAX and many others.
As at time of writing, Trader Joe is the 15th largest DEX by 24 hour volume, having traded just north of $100m. It is also the largest exchange on Avalanche with 10x the volume of Pangolin, the second largest DEX.
Yield Farming on AVAX
Users are able to participate in yield farms on Trader Joe to start earning revenue share from trading activity on the platform. Yield farming will allow you to accumulate JOE tokens as a reward for staking your tokens into Pools and Farms on the platform.
Read our comprehensive farming guide to find the best yields on AVAX.
To get started yield farming on Trader Joe, you will need to to the following:
- Decide what token pair you want to farm
- Visit the 'Pool' page and provide equal liquidity for both tokens (e.g AVAX/USDC)
- Once your liquidity is provided, visit 'Farm'
- Find the Farm with your liquidity provider tokens (e.g AVAX/USDC LP)
- Deposit your LP tokens to earn extra yield
Trader Joe Launch
This is a new feature Trader Joe has recently launched and it basically allows its investors to partake in IDOs for pre-launch tokens. Users can participate in the launch of protocols to acquire newly issued tokens. Unlock your allocation by spending rJOE Tokens and by depositing AVAX.
rJOE (Rocket Joe) is a token that is pegged to the price of JOE and when holding it, Trader Joe offers you the chance to participate in the launch of newly issued tokens. It's similar to a Launchpad but slightly different due to the innovative mechanics that underline the Launch platform. To participate in Launches you simply need to hold rJOE and AVAX.
If you would like a step-by-step guide on how to participate in Trader Joe's Launch feature, please visit their Participating In Launches page.
DeFi Lending on JOE
Trader Joe also offers a lending platform that provides a similar service to AAVE, Compound or Benqi. This is a money-market that allows investors to deposit assets and collateralise them to borrow assets at up to 35% leverage.
The Trader Joe lending platform is one of the most trusted on Avalanche, with over $1.54b in total value locked. This is approximately half of the TVL of AAVE, which is the largest on-chain lending protocol.
Trader Joe Lending offers some of the best deposit yields on AVAX. As you can see from the image above, you can deposit stablecoins to earn up to 8% APY or AVAX for 7.76% APY. This is much higher than AAVE for comparison which offers roughly 3% for stablecoins and 5% for AVAX.
Trader Joe Staking Platform
The staking feature on Trader Joe gives its investors the opportunity to stake their xJOE, rJOE, sJOE & veJOE for unique rewards.
For example, when staking sJOE, users will earn their yields in stable coins (USDC) instead of in JOE. When staking rJOE, users can participate in Launches and when staking veJOE, users can boost their farms APR.
Zap is a new feature that helps users to instantly grab LP tokens for the pool they wish to farm without having to do it manually (go through the Pool page). Although there is a high slippage tolerance when using this feature so we recommend doing it manually (it takes around the same amount of time).
Joepegs NFT Marketplace
JOE also has an NFT marketplace, Joepegs, where users can buy and sell rare digital art that is native to Avalanche (AVAX). This is a great way to diversify your portfolio into the world of digital collectibles. Joepegs allows you to showcase your creativity by creating artwork or trading it with others all in one place. The platform is powered by the JOE Token and is the #1 NFT Marketplace on Avalanche by volume.
The fees on Trader Joe are significantly lower than using a cryptocurrency exchange built on Ethereum. Because Trader Joe is built on the Avalanche network, fees tend to be around 1 - 5 cents per transaction. Making it a cost effective choice when investing in cryptocurrencies.
Trader Joe charges 0.3% in transaction fees but being that it's on the AVAX network it will still only come down to a few cents.
How to buy Trader Joe Crypto (JOE)
If you wish to invest in JOE, simply follow the below steps to get started.
- Connect your Metamask wallet to Trader Joe
- Visit the 'Trade' page and select the token you wish to trade for JOE
- Enter the amount you wish to trade and press 'Swap"
- You will see the amount reflect in your account within seconds
Trader Joe is a unique platform that offers many features and services. From lending, staking, trading, NFTs and more, Trader Joe has something for everyone. The fees are very competitive compared to other exchanges and the platform is built on the robust Avalanche network. The team is constantly innovating with new features and products coming soon, so if you're looking for a platform to invest in cryptocurrencies then Trader Joe is an excellent choice.
I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.