The launch of liquidity-boosting features at the decentralised cryptocurrency exchange Trader Joe have supported the platform’s token price over the past week, as it rebounded after falling to an all-time low at the end of January.
The utility token for Trader Joe is JOE. The coin price was $1.4031 at the time of writing on 7 February, more than double its all-time low of $0.6625 on 24 January 2022, according to cryptoassets price-tracking website CoinMarketCap.
The JOE coin value jumped following the launch on 6 February of Rocket Joe, a token launch platform providing liquidity for newly issued tokens.
Despite the increase in JOE coin prices over the past week, the token remained below its 16 January peak of $1.69. JOE coin hit an all-time high of $5.02 on 21 November 2021, less than three months after it started trading on exchanges.
Are you interested to learn more about the JOE cryptocurrency and JOE crypto future price trend forecast? Read this price analysis for the latest JOE crypto news and analysts’ JOE coin price prediction.
What is the JOE coin?
According to Trader Joe’s website, the project claims to be a “one-stop decentralised trading platform on the Avalanche network”.
Unlike other cryptocurrency exchanges, Trader Joe’s platform is decentralised, which means it operates without a central authority. Users of the exchange do not have to deposit their cryptocurrencies with Trader Joe to conduct peer-to-peer or wallet-to-wallet transactions. The exchange offers decentralised financial services such as swapping, staking and yield farming.
Avalanche, the blockchain network upon which Trader Joe is built, is an alternative to other networks such as Bitcoin, Ethereum and Polkadot. Avalanche claims the speed of transactions on its network is faster than its competitors and the costs are far lower than Ethereum’s gas fees. The utility token of the Avalanche network is AVAX.
JOE coin is used for the governance of the exchange. The project developers “envision Trader Joe to be a community governed protocol, such as a DAO (decentralised autonomous organisation)” and JOE token holders will be able to vote on community proposals.
In addition, holders of JOE coins are also rewarded with a share of the exchange revenues.
Token supply and distribution
According to Trader Joe, the supply of JOE token is capped at 500 million and “there are no pre-sales, private sales or pre-listing allocations of the JOE token”.
According to CoinMarketCap, JOE currently has a circulating supply of 165.32 million coins and a live market cap of $220.7m.
All tokens will be distributed over 30 months according to the project’s emission schedule, from 3 July 2021 until 3 January 2024. The emission schedule at varying rates is set to take place on the third of every month.
Half of the supply will be reserved for liquidity providers; the development team and treasury are each allocated 20% of the supply; while the remaining 10% is saved for potential…
Read More: capital.com