Trader Joe (JOE) surges 147% after launch of Rocket Joe liquidity platform
Trader Joe (JOE) surges 147% after launch of Rocket Joe liquidity platform.
The market seems to be getting back on track and as the selling pressure eases it’s a good idea to see which of the fundamental holes are popping up and which projects are back in the trading range before the market collapsed three years ago. The week is getting easier.
Trader Joe’s (JOE) is one of the DeFi protocols that continues to drive new developments in the regulatory process across the market.
Data from TradingView shows that JOE price, after hitting a low of $0.658 on Jan. 24, rose 147% to an intraday high of $1.63 on Feb. 1, before entering a new merger range.
JOE/USDT price chart | Source: TradingView
The three reasons that drove the JOE price were the launch of the Rocket Joe liquidity platform, the addition of new projects and staking pools on Trader Joe, and the Total Value (TVL) locked on the platform.
Rocket Joe explodes
Trader Joe’s biggest development so far in 2022 is the launch of Rocket Joe, a liquidity launch platform designed to facilitate the launch of new tokens on Trader Joe by offering seed liquidity for the protocol.
Holders can now stake their JOE on the Rocket Joe platform to earn rJOE, which is credit used to participate in Rocket Joe Launches. Every deposit of 100 rJOE users in Rocket Joe Launch allows them to unlock 1 Avalanche (AVAX) allocation for this pool.
Committed funds will be used to set a starting price for this token and bolster its liquidity at Trader Joe. Users who choose to provide liquidity will have their funds locked in the liquidity pool for seven days. In return, users receive an allocation of newly launched tokens.
This method of token launch allows Avalanche users to get newly issued tokens without having to compete with bots in other token launches or high gas prices.
List and start projects at Trader Joe
The second factor that helps JOE price increase is the addition of many new tokens and projects on the Trader Joe platform, including the first project started by Rocket Joe, Heroes of NFT (HON).
????Registration for @HeroesofNFT is now closed and our community has popped up massively!
????XAVA clock: 15.595.114
????TVL: $113.13 million
Stay tuned for more content with the team and make sure to claim your guaranteed allotment by 1/31. take advantage of. pic.twitter.com/enEugDvOBp
— Avalanche (@AvalaunchApp) January 30, 2022
“Heroes of NFT subscription is now closed and the community has grown massively!
- Subscribers: 27,336
- XAVA staked: 15.595.114
- TVL: $113.13 million”.
New members of the Trader Joe ecosystem include Dragon Crypto Gaming and Domi Online – both play-to-earn (P2E) gaming projects, as well as integrations with Cook Finance, Open DeFi Notification Protocol, and Kattana cross-chain transaction terminals.
TVL rises again
Due to JOE’s price surge and the addition of new tokens and liquidity pools to the Trader Joe ecosystem, data from Defi Llama shows that TVL on the platform has started to recover from a market sell-off that has dragged on for many years.month.
TVL on Trader Joe | Source: Defi Llama
TVL on Trader Joe is $1.47 billion at the time of writing, up from $957 million on Jan. 28, but still well below its all-time high (ATH) of $2.59 billion la on Jan December 2021.
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