Trader Joe – The #1 DeFi App on Avalanche | Crypto Interview
What is Trader Joe?
Trader Joe is a multi-functional decentralized trading platform native to the Avalanche blockchain. We make DeFi accessible to everyone and provide users with an unparalleled user experience, here on Avalanche. Users visiting the platform will be immersed into a true ‘one-stop-shop’ DeFi experience. The platform started out as a DEX where users can Trade, Farm and Stake. We then added a Lending Protocol (Banker Joe) where users can supply and borrow assets. Then we built a liquidity launch platform (Rocket Joe) where projects can fair launch their token. Now we’re building an NFT Marketplace called JOEPEGS.
We believe that what sets Trader Joe apart from other multi-functional platforms, is that this platform is fully-integrated. What we mean by ‘fully-integrated’ is that users experience a seamless service between the different primitives built into the platform, an example being we do not have a ‘Launch App’ button and there are no external integrations or referral links on our platform. It is a whole and complete service. We also wrap everything up in a clean and consistent UI, with a friendly and playful brand.
Can you tell us about the JOE Token?
Firstly, the JOE Token is the one and only token in the JOE ecosystem. For our users that hold JOE we offer what we called ‘modular staking’. This is where users have multiple options of staking with their JOE Token. Modular Staking allows us to offer broad utility tailored to each individual part of our multi-functional trading platform.
veJOE is a staking option that rewards long-term Stakers with Boosted JOE Farm rewards, as well as providing voting power for future Governance.
Users stake JOE into veJOE and earn veJOE over time. The more veJOE they have, the higher their boosted APR will be. We’ve gamified this in a certain way as well, the rate of veJOE accrual is fixed however, you can boost this accrual rate by 2x for a 15-day period when you stake at least 5% more JOE tokens on top of your original staked amount. This encourages and incentivizes Farmers to continually stake more JOE Tokens.
sJOE is a simple staking option that provides users with a stablecoin reward, paid out once per day. A user can deposit JOE tokens and collect stablecoin rewards (currently paid out in USDC). This is a single-sided staking product with no risk of impermanent loss. sJOE also has the capability to reward more than one token at a time, we have not utilized this feature yet…Little bit of alpha there.
rJOE Staking rewards users with allocation credits to enter Rocket Joe Launches. Users can stake JOE into rJOE and earn rJOE over time. That rJOE is used to enter into a Launch event, where Rocket Joe launches a new Token.
Can you tell us about your upcoming NFT marketplace?
At the date of writing (16th April) we are approaching the launch date for our NFT Marketplace, which we are calling ‘JOEPEGS’. The JOEPEGS Marketplace will be a game-changer for existing Marketplaces on Avalanche, key features include:
- ‘LAUNCHPEG’ – The first ever Dutch Auction Launchpad for NFTs
- Mint List Support & Batch Reveal for Collections
- Permissionless Listing
- Contract Creation & Support for Artists
- Integrated to the existing look and feel of the Trader Joe platform
Our rationale for building this marketplace is to help spur the growth of NFT Culture on Avalanche. Avalanche also has a very strong narrative of being a gaming chain, we want to be able to support many of our partners not just with liquidity but also provide a marketplace for them to list their in-game digital assets.
Who are your biggest partners, and how are they helping Trader Joe succeed?
- Avalanche Foundation – they introduce us to basically everyone with their experienced BD department and are always happy to advise us on everything from tokenomics to engineering.
- Community – everyone from our own community to partner projects in Avalanche. We’re a very supportive community who always want to champion other projects and they champion ours.
- Strategic Investors – they have been key in connecting us to important folks in the wider crypto community
Why did you decide to build on Avalanche?
The key appeal from a tech perspective is that the consensus mechanism was completely different from other L1s. Avalanche’s approach to solving that trilemma of speed, security, and scalability stood out amongst all other existing options.
Emin’s personal brand was also a big influence…he was a notable figure even before crypto was big, so in a way that was a level of reassurance that Avalanche would be well represented and maintained at project level.
What comes next for Trader Joe?
After the NFT Marketplace has deployed, a key focus will be implementing governance, utilizing our veJOE Tokenomics. However, the next major project will be a new DEX model (JOE V2). We’re in a research phase currently, but we have a good fix on a new concentrated liquidity solution we want to push forward with. This will be a solution that is built to make use of the capabilities that the Avalanche blockchain provides.