AMA Summary from June 30
Unfortunately we didn’t record the AMA on June 30th, so instead we’ve listed out the five best questions and their answers. These winners also win $50 worth of JOE — congratulations!
“I see that the JOE token would be distributed to liquidity providers. Would there be staking options for it as well or anything else apart from eventual “governance power” to bring more value?” — @levskarcheto96
There is a staking mechanism which is our xJOE feature. By staking your JOE into xJOE, you’re able to receive 0.05% of all trades as a fee.
But this is really just the start for the JOE token! When lending is out, xJOE holders will also get a % of earned interest and closed liquidations. And we’re also looking to make xJOE be used as collateral too.
The important thing to note is that we will always make the JOE token have value by finding use-cases for it for every new product we release.
“What are your current plans to onboard new clients and what market are you targeting?” — @shisuigwapo
Our marketing plan is two-fold:
- First we target users already on Avalanche since they’re aware of the current projects within the ecosystem and are familiar with how to use Avalanche (e.g. X-chain, C-chain, etc). For this first part, we’re also doubling down on communities that have a big presence in Avalanche: the Turkish, Vietnamese and French communities.
- Then we target users outside Avalanche. This requires more time and money since we will need to partner with influencers and there will be an educational process involved to get people familiar with the Avalanche ecosystem. A big reason why we allocated a big proportion of our distribution to the treasury is because we know that a big expense will be marketing to get users outside of Avalanche onto Trader Joe.
“DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can JOE share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is JOE ‘s approach to the DeFi sector?” — luckydraw66#9487
I remember back in 2017, there was “blockchain” for anything — blockchain for healthcare, blockchain for food, etc. Out of all those possible use cases, it turns out DeFi was the only product market fit and the past 12 months has proved that. Is it disruptive? Absolutely! It’s changed the way we completely thing about finance and crypto in general. Back then DEXes we’re not taken seriously; our only options were EtherDelta which was not great. Fast forward four years and it’s amazing to see how much we’ve progressed.
We’re still very early however, which is exciting for us because there are still many problems to solve! Which is why we’ve made it clear that Trader Joe will be solely focused on DeFi; we won’t get distracted by doing other things like NFTs, bridges, etc. We are very different to other DEXes in this area because our vision and roadmap is very focused.
“All of the tokens of projects launched on the avalanche have lost a lot of value. This has now become the culture of avalanche. How do you plan to reduce the selling pressure for the JOE token?” — Vespron#6469
This is a very tough problem to solve. We believe the only long-lasting way to do this is to provide value to the JOE token and that is through building out more products and use-cases for the token. Which is why our main goal after launch will be lending.
“My only concern is that you came up with a lot of promises, or speaking big talks… aren’t you afraid of the expectations you aroused across the community? You set the bar high before even having the platform released, how are you going to keep the pace? Will the recruitment follow?” — @aminorix
We set the bar high because we’re confident in our abilities to execute. We believe the community is craving for something ambitious; yes the expectations are high, but we wouldn’t set out on this plan if we weren’t sure of ourselves.
Recruitment is definitely important here and our goal with that is to have a strong core group of highly talented individuals where we give them the support they need so they can execute their tasks at the best level.
The recruitment strategy is two fold:
- Hire active community members — the success of Trader Joe will come down to the community and our goal is to make it as vibrant as ever. We will identify active community members, hire them and give them important roles in helping grow our community and having a say in how governance is run and how treasury funds are used.
- Hire talent outside of Avalanche — the Avalanche ecosystem is still really small at the end of the day. We’re already looking for talent on other chains such as Ethereum and BSC.