Key metrics of TraderJoe and comparison to other platforms on Avalanche blockchain.
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Trader Joe:
Trader Joe is a decentralized exchange (DEX) built on the Avalanche blockchain, utilizing an Automated Market Maker (AMM) model. Launched in June 2021, it is relatively new compared to other projects on the Avalanche network. The platform is community-driven and operates on its native governance token, JOE. Users can stake JOE tokens to earn xJOE rewards, which are distributed from fees collected during liquidations.
Trader Joe serves as an exchange platform for swapping AVAX and other cryptocurrencies within the Avalanche network. To ensure liquidity, the platform allows users to become liquidity providers by depositing tokens and an equivalent value of JOE. In return, they receive more JOE tokens as rewards. The more users participate in transactions and provide liquidity, the higher the rewards for liquidity providers.
Though the reward for liquidity provision might decrease with increased supply, users can still earn a passive income by staking their JOE tokens. Despite its recent launch, Trader Joe has surpassed other AMM DEX platforms on Avalanche, becoming the one with the highest Total Value Locked (TVL), representing the assets staked within the protocol.