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JOE Tokenomics Revamp
JOE to become a multichain token
JOE will become a multichain token
sJOE will be available on Arbitrum and BNB
veJOE stakers can earn boosted rewards from the LB rewards program
rJOE staking will be deprecated
Multichain DEX, Multichain Token
JOE is a ‘multi-utility’ governance token, with a fixed supply of 500m that was launched on the Avalanche blockchain in mid-2021. Since launch, JOE has undergone an expansion of utility into a novel modular staking system that served to enrich and enhance the user experience across the Trader Joe DEX. With the recent evolution of the DEX, the changes to emissions usage and the focus of the Core Team moving forward, now is the right time to reveal the plans for JOE.
Trader Joe is now at the very forefront of the DeFi frontier, pioneering new tokenomic possibilities thanks to Liquidity Book. The DEX has evolved into a platform that can support liquidity in a self-sustaining manner, opening up new opportunities for JOE. The information presented below outlines the changes that will be implemented this quarter to realign JOE's value proposition, by providing JOE with a clear and accessible use-case that also capitalizes on the new multi-chain world that Trader Joe now operates in.
JOE Emissions currently: 14,6k per day (Schedule)
JOE is 92.8% minted and 62% in circulation (Source: Coingecko 18th January 2023)
JOE will be bridged to Arbitrum and BNB once the DEX is live
JOE is the official governance token:
1 JOE = 1 Vote
sJOE provides stakers with a share of trading fees accrued on the DEX. Fee share remains on with the V1 AMM, but is not yet turned on for the V2 AMM. Whilst other competitors turn fee share off or have yet to turn it on, Trader Joe will be deploying the V2 Fee share for sJOE stakers as part of the Liquidity Book V2.1 launch expected in February/March. sJOE will also become a multi-chain staking option, users will be able to stake JOE into sJOE on Avalanche, Arbitrum and BNB.
sJOE will remain as a fee sharing vehicle
sJOE staking will become available on Arbitrum and BNB, as well as Avalanche
sJOE fee share will be for each chain EG:
Fees accrued on Avalanche will be shared with sJOE on Avalanche
Fees accrued on Arbitrum will be shared with sJOE on Arbitrum
sJOE deposit fee will remain at 1%
veJOE was designed for emissions sharing for the v1 AMM, unlocking enhanced JOE yield for those who accrued veJOE with a total of ~11m JOE distributed exclusively to veJOE yield farmers. The attraction of veJOE has diminished over time due to a reducing emissions schedule, however veJOE is still a valued part of the JOE ecosystem that has to date seen ~15m JOE tokens locked. veJOE will be given a ‘new utility’ that will see it grow with the v2 AMM, Liquidity Book. As part of the Liquidity Book Rewards program expected in February, veJOE holders will be able to receive boosted JOE rewards, providing they meet the scoring criteria.
More information on the LB rewards program will be shared soon, but to read the high level information check this article: Link
veJOE will remain an Avalanche exclusive staking option
veJOE stakers can unlock boosted JOE rewards from the Liquidity Book Rewards Program:
EG Vault strategies deployed by partners:
Can qualify for JOE rewards
x amount of veJOE receives boosted JOE rewards
veJOE continues to receive boosted emissions on v1 farms that are currently open
Rocket Joe was a novel and innovative protocol for the DeFi space, built from ideation, to whitepaper to code and contract. Rocket Joe launched 7 Tokens, bootstrapping their liquidity pools and raising over 135,000 $AVAX in the process.
Since mid ~2022 Rocket Joe has not blasted off and this raises the question around the use-case for rJOE staking. With the 2023 direction of the Decentralized Exchange, the decision has been made to deprecate rJOE staking, this decision is live now and rJOE staking is now no longer accepting new deposits of JOE (you can only withdraw). All rJOE stakers that have accrued rJOE to this date will be given a commemorative NFT (details below).
It is also important to highlight that deprecating rJOE staking does not mean the Rocket Joe Protocol is being removed from usage forever. Rocket Joe may undergo an ‘engine change’ and return in a different form, one day.
The amount of rJOE held from today (18th January 2023) will determine the type or amount of Rocket Joe NFT(s) you will receive. The NFTs will be claimable from the Joepegs NFT marketplace and will also be tradable for users who wish to collect the different types of NFTs in the collection. The Rocket Joe NFTs will also form part of the Trader Joe ‘Community V2’ plans (news on that next week).
Rocket Joe NFTs awarded based on amount of rJOE held
The NFTs can be claimed from Joepegs NFT Marketplace and also traded on secondary
The NFTs will form part Trader Joe ‘Community V2’
Expect to hear news on Rocket Joe NFTs soon
The above changes will transition JOE into a multi-chain world that is positioned with the decentralized exchange. The refresh will improve accessibility and also clarify the proposition of JOE. The changes will start to roll out from today and you can expect to hear news on JOE’s entrance to Arbitrum within the coming week.
About Trader Joe
Trader Joe is a one-stop-shop decentralized trading platform and the creator of Liquidity Book, the most efficient AMM in DeFi. Trader Joe offers a comprehensive DeFi platform where you can Swap Tokens, Yield Farm, Supply and Borrow and shop for NFTs. Visit Trader Joe and discover DeFi today.