Tokenomics Update: JOE Token Hits Total Supply
TLDR
The JOE token has achieved its total supply of 500 million tokens.
In line with the project's tokenomics, no further JOE tokens will be minted.
Due to an unforeseen bug, 10 million tokens earmarked for the treasury have been permanently locked, thereby reducing the maximum supply to 490 million.
Reflecting this adjustment, the maximum supply will be updated on third party platforms such as CoinGecko and CoinMarketCap.
Trader Joe enters a new phase in its platform lifecycle with sound stability, maturity, and where token holders share in the continued success of the platform.
Strategic Milestone
Trader Joe has reached a significant milestone with the JOE token now reaching its total supply of 500 million tokens. No more JOE tokens will be minted into existence, aligning with our planned tokenomics strategy viewable here. This new phase of Trader Joe is now underscored by sound stability and prepares the platform for its next evolution.
Unforseen Supply Adjustment
Due to an unforeseen bug that occured as the emissions rate of JOE was set to zero, a contract holding approximately 10 million treasury-allocated tokens have been permanently locked in a contract, effectively burning and removing them from the maximum supply. To reflect these changes, we will shortly be updating the JOE token's maximum and total supply on platforms such as CoinGecko and CoinMarketCap, ensuring accurate representation of our tokenomics. While this was unplanned, it has not affected the operational capacity or financial health of the treasury, which remains robust and well-capitalized.
Implications of Reaching Total Supply
Reaching the total supply cap is an important development for the JOE token. It reflects the completion of a key phase in our token distribution plan and provides clarity on the token's availability in the market.
With the total supply cap reached, daily emissions to V1 AMM yield farms have ceased. However, we will continue to strategically use treasury-held JOE tokens to support the ongoing growth of the Trader Joe ecosystem. This includes supporting initiatives such as the Liquidity Book Rewards Program and other potential ways to incentivize or foster growth, enhancing the overall Trader Joe ecosystem.
What Happens Now?
In short, nothing changes. Trader Joe continues to forge ahead, maintaining the same goals and ambitions since day one. We remain committed to building and focusing on design-first principles in product development. Expect more New-to-DeFi innovations as Trader Joe continues to contribute and innovation in the field of on-chain trading and liquidity provision. The JOE token will remain central to this endeavor, pivotal and crucial to the future of Trader Joe and the surrounding community.
Should you have any questions regarding tokenomics, please join the Trader Joe Discord where we can assist you further: https://discord.gg/traderjoe
About Trader Joe
Trader Joe is a leading multi-chain decentralized exchange and the inventor of Liquidity Book, the most capital efficient AMM in DeFi. Trade your favorite tokens, access one-click yield farming and shop for the latest digital collectibles at the Joepegs NFT Marketplace. DeFi has never been easier thanks to Trader Joe.