Trader Joe is a DEX platform that was launched in June 2021 by two individuals known as Cryptofish and 0xMurloc. Since its launch, the platform has attracted more than $1.5 Billion in assets and has received the support of some of the most well-known investors in the industry. We don’t know where this company is based.
Trader Joe overview
Here are the key features of the platform:
- Cryptocurrencies supported
With the automated market maker (AMM) you can effortlessly trade between tokens. Some of the compatible crypto coins include AVAX, BOO, COOK, CLY, CRAFT, DAI.e, ELK, GRO, LINK.e, LUNA, THOR, USDC, etc.
- Native token
The governance token of this platform is known as JOE. Those who hold this token are rewarded with a portion of the exchange revenue. The token distribution follows a fixed supply, decaying emission model. There are no pre-sales, private sales, or pre-listing allocations of the JOE token.
- Funding methods
There must be enough coins in your wallet for conducting swaps. If this is not the case, you need to top up your wallet with the coin you wish to swap.
- Wallets supported
In order to conduct crypto-related operations, you must link your wallet to the exchange. Some of the compatible wallets include Metamask, Rabby, Coin98, Coinbase Wallet, and WalletConnect.
How does Trader Joe work?
This platform lets you perform the following actions:
- Swap tokens
This is the principal functionality of the DEX. The liquidity is generated by liquidity providers who stake their tokens in pools. There is a small trading fee you need to pay while conducting a swap. If you wish to protect your trades, you can use stop losses and limit orders through AutoSwap. It uses Autonomy Network’s decentralized automation protocol to guarantee that your trade is executed for you only with the price condition you specify, or better, all while you’re offline.
- Add liquidity
By depositing a pair of tokens in pools, users can receive LP tokens which represent their share of the pool. You can also earn a portion of the trading fees this way. You can remove liquidity from the pool whenever needed.
- Yield Farming
You can deposit your LP tokens on a farm to earn extra yield. When you deposit Tokens into a Yield Farm, you also continue to earn Trading Fees from the Liquidity pool. You can harvest farm rewards whenever you like.
- Lend tokens
This DEX has a decentralized lending protocol that lets you lend or borrow against whitelisted assets. This in turn enables the deployment of flexible DeFi investment strategies on the blazingly fast, affordable Avalanche network.
What can you buy on Trader Joe?
This decentralized exchange platform is built on the Avalanche blockchain. Some of the tradable tokens on this platform include AVAX, USDC, WETH, USDT.e, JOE, PTP, FIRE, MIM, JKL, etc.
Is Trader Joe safe?
The smart contracts of this platform have been audited by HashEx and Paladin Blockchain Security. Trader Joe also offers bug bounties through Immunefi with rewards up to $500,000.
At this moment, there are no user reviews for this decentralized exchange on third-party websites. Thus, it is evident that not many people are currently using this platform.
Trader Joe fees, compatible wallets, and transactions
This platform supports multiple wallets like Metamask, Rabby, Coin98, Coinbase Wallet, and WalletConnect. While making a swap through the exchange, you will pay a 0.3% trading fee. From this 0.25% is paid to the liquidity pools in the form of trading fees for liquidity providers, while the rest is sent to the JOE token farm.
What are the ways to trade on Trader Joe?
From the official website, you need to navigate to the trading page and connect your wallet if required. Next, you need to select the token you would like to trade. Once you’ve selected the tokens to be swapped, you need to enter the quantity and press SWAP. Some tokens have reflect elements and to trade them, you need to increase your slippage.
There is an official Help Desk on Discord you can reach out to if you face any issues. The team also has a Telegram channel and a Twitter account.
Should you trade with Trader Joe?
Trader Joe summaryTrader Joe summary
- Low trading fees
- DeFi lending protocol
- Audits performed on smart contracts
- Lack of advanced security features