What is a Trader Joe Exchange? Complete training and how to work with Joe Trader
Decentralized exchanges are competing with each other for Defi’s growing innovative product offerings. The Olanch network did not have much success with the supply of Pangolins and made up for a shortfall in compensating for the shortcomings of its product: the Trader Joe exchange. This article will try to explain how to work and buy from Trader Joe Exchange by reviewing different sections.
Trader Joe Decentralized Exchange
The Avalanche protocol is a network of different blockchains that allow you to build and run decentralized applications. Also, one of these decentralized applications (Dapp) created on the Olanch platform is the decentralized Exchange Trader Joe. Trader Joe is Olanch’s largest dedicated project and the network’s best-decentralized exchange and has been able to build a supportive community.
Olanch has become a usable ecosystem since the beginning of this year, but during this time, many projects were not carried out within the chain, except for a handful. Pangolin was the first decentralized exchange launched on the Olanch platform and quickly established itself as an AWACS trading platform. But because it insisted on innovation, it did not pay much attention to the needs of users, which led to the launch of the Joe Trader Exchange by the end of June as compensation for Pangolin’s negligence.
By mid-August, Trader Joe was able to surpass Pangolin in total blocked value (TVL) and the number of active users. The exchange was upgraded with the attractive user interface of Yield Farming and, most importantly, the storytelling of Joe’s character (the famous older man in the exchange’s logo). Interestingly, memes are very important in the digital currency industry, and popular memes often can heat projects, which happened to the Trader Joe exchange.
On September 2, the platform announced that it had raised $ 5 million in strategic sales. So trader Joe investors (Defiance Capital, Delphi Digital, Three Arrows Capital), all of whom are leaders in the crypto industry, have further consolidated this decentralized exchange position in the Olanch ecosystem.
Barley Trader Exchange Performance
In early September, barley traders’ total blocked value (TVL) was $ 540 million, and the same item was announced for Pangolin as $ 330 million. In October, TVL Trader Joe reached $ 1 billion, While TVL Pangolin had dropped to $ 230 million in October! This means that Trader Joe’s trading volume has grown significantly and currently has an average daily trading volume of $ 200 million. The exchange token of this exchange is called JOE, and it is used to pay rewards to liquidity suppliers and as a management token.
Holders of this token can vote on changes to the protocol. It is also assigned to xJOE users by sticking JOE. A percentage of commissions (0.05%) is redistributed among the stickers. Stickers for a while could earn around 10-15% annual profit by sticking JOE.
The Joe Trader platform has launched another product called Banker Joe in the field of lending. Bunker Joe was under construction for a long time but finally entered the market in October. This product provides a platform for users to lend their unused tokens for profit or use them as collateral for a loan.
TVL Atmospheric Bunker is $ 600 million, bringing the TVL Atmospheric Trader to $ 1.6 billion. The introduction of lending products has added to the attractiveness of the Trader Joe exchange. In addition, the exchange team has announced that they are working on the Leveraged Yield Farming project. Also, a proportion of the profit and liquidity generated in the Atmospheric Banker is redistributed among the xJOE stickers.
Different sections of Trader Joe’s exchange
Joe Trader Exchange consists of several different sections:
- Trade Olanch: this network (BNB, JOE, and…).
- Pool: as a provider of liquidity or LP and get rewarded in return. In choosing pools, you can consider factors such as liquidity, 24-hour volume, the amount of 24-hour fees, and the annual profit return (APR).
- Farm: section, you can reward other tokens in addition to the JOE token by sticking liquidity tokens (LP Token). For example, if you choose CRA / AVAX, in addition to the JOE token, you will also receive an AVAX token.
- Lending The: lending part is related to lending. In this section, you can lend your unused tokens to others and receive interest in return or use your unused tokens as collateral to get a loan.
- Stick Stake: and use your JOE token.
- Zap gets a cash token by paying a small amount as a fee. So the zip section is designed to prevent overwork and overpayment. You need two types of tokens to provide pool liquidity, and two transactions are costly. And zip is a good solution to this problem.
How to work with Joe Trader Exchange
to use Trader Joe Exchange address. First, you must install a suitable wallet for Trader Joe, and by connecting it to an exchange, you can benefit from various exchange facilities. Joe Trader supports Metamask, Rabby, Coin98, Coinbase Wallet, and WalletConnect wallets. By visiting the site of this wallet, you can get the Chrome, Android, or IOS version of each. To get started, choose a Metamsk wallet and follow these steps:
- First wallet MetaMask here. Add Metamsk to your browser via the plugin.
- Create a wallet or enter your wallet. Note that if you want to connect your existing wallet, it must be from the Ethereum wallet. Click “Create a Wallet” to create a new wallet.
- Connect the scroll to the oolong. Click the drop-down menu and select “Custom RPC.” Add the following settings in the blanks.
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
Chanel: 0xa86a
Symbol: AVAX
Explorer: https://cchain.explorer.avax.network
After installing the Metamsk wallet and connecting it to the Olanch, you can use the AVAX token to operate and trade in the Joe Trader Exchange.
You have many options to buy AVAX tokens from foreign exchanges: Coinbase, Huobi, Kucoin, GateT Hotbit, etc. In the case of Iranian exchange offices, you can also use some Iranian exchange offices to buy AVAX.
Concluding remarks
Joe Trader was built based on the Olanch network and was able to prove itself in a short time. The total value of the blockade has reached more than $ 1 billion. His new products include Banker Joe and a new product that enables Yield Farming Lever. In this exchange, you can exchange tokens under the Olanch network, take advantage of Yield Farming’s profit, stick your token or make a profit by presenting your liquidity token. Also, one of the areas of activity of this exchange is in the field of lending.
