Trader Joe Expands Chainlink Price Feed Integration to Bring JOE to Banker Joe Lending
Trader Joe is excited to announce that the JOE/USD Chainlink Price Feed is now live on Avalanche, signaling an exciting new era of composability and accessibility of the JOE token. By integrating the JOE/USD price feed, Banker Joe users can now use JOE as collateral within on-chain loans, bringing additional utility to token holders. Additionally, developers within the Avalanche ecosystem can leverage the JOE/USD Price Feed to securely build smart contract applications around the Trader Joe ecosystem and its native token.
Developers and users can find more information on the newly launched Price Feed within the Chainlink documentation.
Building and deploying a JOE/USD Chainlink Price Feed was a top priority for the team after our initial integration of Chainlink Price Feeds earlier this year. Robust, time-tested price feeds are the lifeblood of DeFi protocols — especially decentralized lending platforms such as Banker Joe. By gaining access to high-quality financial market data on JOE, users can now securely source JOE-collateralized loans, enabling them to execute advanced trading strategies involving borrowed liquidity.
Importantly, Chainlink Price Feeds are used within Banker Joe to determine max loan issuance size and liquidation events for all assets, providing borrowers increased assurance that they are acquiring loans at fair-market rates and won’t experience false liquidations, while lenders can be confident that their funds are protected from borrower undercollateralization.
Furthermore, tokenized JOE liquidity pool shares on the Trader Joe platform can now be accessed in emerging yield farming protocols and other DeFi applications in a secure manner, unlocking composable development where developers can leverage Trader Joe’s liquidity. Through the Chainlink JOE/USD Price Feed, these liquidity pool shares can be accurately priced by enabling emerging Avalanche protocols, enabling them to build new use cases surrounding locked liquidity.
Ultimately, the creation of a robust JOE/USD Price Feed expands the utility, scope, and vision of the Trader Joe ecosystem, and we’re excited to see the emergent use cases borne from the JOE token and Chainlink Price Feeds in the future.
“The launch of the JOE/USD Chainlink Price Feed gives our community a best-in-class lending experience, and its use within Banker Joe was an obvious choice after our initial integration of Chainlink Price Feeds. This will empower Avalanche developers across the board, and we’re proud to contribute to the network’s maturity and growth in the years to come.” — 0xMurloc, Co-founder of Trader Joe.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Trader Joe
Trader Joe is a one-stop-shop decentralized trading platform native to the Avalanche blockchain. Trader Joe builds fast, securely and aims to serve the community at the frontier of DeFi. The long-term vision of the team is to make Trader Joe an R&D-focused platform for new DeFi primitives not yet seen on any blockchain.