The Two Week Report

It’s now been exactly two weeks since Trader Joe was launched, and wow what a crazy two weeks it’s been!

First, let’s talk about the highlights:

  • We are almost at $20M total value locked.

In this report, we’ll start with a little prelude about our launch, what we’ve implemented since then and then dig deeper into the metrics before finishing with what’s next for Trader Joe.

The days leading up to our launch was received with a mix of skepticism as well as excitement. We made big promises that we were going to build fast, be different and put the Avalanche community first. Understandably, some were also worried that our promises would fall flat and we’d be yet another DEX fork.

Come launch day, the reception was largely positive with a few cautions:

  • We had $8M total value locked quickly placing us as the 4th project by TVL.

We heard the community’s concerns about the 3x multiplier on JOE/WAVAX and rectified the situation by first increasing it to 10x, and then soon after, to 25x. The token price reacted well to these changes:

So what was the reason behind our unorthodox strategy of starting with a small multiplier for JOE/WAVAX? After all, the conventional strategy seems to reward your own token’s farm with the highest multiplier.

Here’s our take:

  • Because JOE is emitted over time, liquidity for it will be low in the beginning.

What we did not expect was the psychological aspect of 3x vs 50x multiplier, so we pivoted on our original plan.

How it started vs How it’s going

In addition to managing the farms, users started giving us lots of feedback on things we needed to improve on:

  • Mobile: Truth be told, we didn’t expect so many of our users to be using Trader Joe on mobile, so our initial plan was to roll out a mobile version later on. But our analytics show that a staggering 40% use Trader Joe on their phones! So we quickly made the website mobile-responsive and compatible with Metamask mobile.

Now onto the features!

  • Farmer’s Market: This was an idea inspired by one of our community members on telegram, Arsenal Unicorn! The idea is that we boost a community farm to 20x for 48 hours and the goal is to 1) boost trading volume and 2) attract new liquidity with the goal of sticking after Farmer’s Market ends. Our first Farmer’s Market was VSO/WAVAX was a massive success. Before Farmer’s Market, the farm was sitting at $240k liquidity and after it ended, it’s now at $400k liquidity.
Coin98 integration
Track your farm ROI and profit/loss on analytics.traderjoexyz.com

We’ve already highlighted the main points:

  • Just under $20M total value locked.

What’s important to take into account when considering these trends is the current market conditions. Our TVL, volume and token price have all been increasing despite being in a bear market. Compare this to the #1 DEX on Avalanche currently, Pangolin, who’s metrics have been on a downtrend since our launch on July 3rd.

What’s also important is that our daily volume represents 7.8% of our TVL; in comparison, Pangolin hovers around 5%. Pancakeswap does 10.6%, which is the target we’re setting for ourselves.

Furthermore, the JOE token represents 6.9% of TVL. This is a very healthy metric. For comparison:

  • PNG represents 21% TVL of Pangolin.

In general, all of our current metrics paint a fantastic start for Trader Joe.

Our core focus is now on lending, which we plan to roll out by the end of August.

Aside from that, here are some other things that we plan to refine over the next weeks:

  • xJOE: There’s lots of confusion as to how this works. It works differently to other x tokens, like xSNOB and xPEFI. We’re currently working on revamping the UI as well as the docs for this page so users have a better understanding how it works.

All in all, we’re extremely pleased with the fantastic start Trader Joe has gotten off to, despite launching in a bear market.

However, we’re keeping our feet on the ground and staying laser focused as there’s still lots more to come.

Thank you for your continuing to support us ❤️

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