Trainer Joe: Get DeFit — veJOE

Welcome to DeFit, with Trainer Joe

As the final installment of the DeFit series, this is your last chance to bulk out your DeFit knowledge and get some serious kudos amongst the community.

Those who train with Joe will be rewarded with an exclusive Discord badge of honor: ‘DeFit Champion’

Train now and get your DeFit badge of honor

🏃‍♂️Sets for the session

  1. Ve-tokenomics
  2. How veJOE boosts work


What is veJOE?

  • veJOE stands for « vesting escrowed JOE »
  • There is no lock period required in order to accumulate veJOE tokens.

By staking JOE tokens on Trader Joe platform, users receive veJOE (vesting escrowed JOE) over time and benefit from selected boosted farms on which JOE rewards are significantly increased. In the future veJOE holders will be able to vote on which farm they want JOE emission to focus on. Therefore, veJOE tokens won’t just mean « vested escrowed JOE » but also « voted escrowed JOE », as initially defined by Curve.

🏋️‍♂️ Rep 1: veJOE is another JOE staking option on TraderJoe platform which lets you benefit from selected boost farms: Stake JOE into veJOE to accrue veJOE over time

veJOE staking

🏋️‍♂️ Rep2: The more veJOE you accrue the higher your JOE Yield in selected Farms will likely be

🏋️‍♂️ Rep3: veJOE will also provide Voting Power for future platform Governance

Speeding up your veJOE Accrual

Remember, VeJOE is a non-transferable token and you will lose all your earned veJOE once you unstake a single JOE from veJOE.

🏋️‍♂️ Rep4: You can Speed up your veJOE by engaging a Speed Up accrual rate

🏋️‍♂️ Rep5: If you unstake $JOE, you will lose all accrued veJOE and all benefits

What is a DeFi Bribe?

The primary use case of veJOE is determining how many rewards are given to liquidity providers on different farms. As demonstrated by the ‘VeJOE Wars’, it is in the best interest for protocols to acquire as much veJOE as possible to help attract liquidity providers.

Protocols short on initial capital or $JOE may seek to ‘bribe’ veJOE stakers by offering them additional tokens in exchange for their veJOE voting power. When implemented, veJOE voting will give protocols the opportunity to allocate more JOE rewards to their farm to help incentivize liquidity providers.

2. How do veJOE boosts work?

You can find veJOE farms by selecting the ‘Boost’ filter on the Farm page. The list of veJOE farms will be updated periodically.

What is JOE APR and BOOST APR?

BOOST APR is directly correlated with the veJOE you have earned. The more veJOE you have, the larger the boost.

🏋️‍♂️ Rep6: Selected boost farms can be seen by clicking on the « boost button » in « farm »

veJOE boosting strategy

  • JOE Reward token that is allocated
  • Farm TVL
  • Your share of LP tokens that are actually staked

veJOE boost APR estimation

This is best done via a veJOE calculator which can help you to plan your veJOE strategy! veJOE boost calculator: Link here

If you want to understand more about this calculation, you can refer to the doc section

Let’s now have a look at the below case study which demonstrates the calculation scenario on how veJOE is affecting your boost APR:

Scenario 1

  • LP Pair: JOE / AVAX
  • LP token amount: 1
  • LP value in $ : 22
  • veJOE amount: 100

If there is no veJOE in your wallet, you only receive a base farm APR of 20.08%. However, if you have 100 veJOE, you will receive 46.34% boost APR which is almost 2.5x more JOE you will be rewarded.

Scenario 2

  • LP Pair: JOE / AVAX
  • LP token amount: 1
  • LP value in $ : 22
  • veJOE amount: 500

As per scenario 1, you will receive the same JOE APR. However, in scenario 2, the addition of 400 veJOE will boost your APR by 103.5%, almost 2x from scenario 1.

🏋️‍♂️ Rep7: The higher boost factor for the farm, the more benefits for the veJOE holder

The calculation above is just for reference and was calculated during the production of this session. For the latest APR calculation, please use a current veJOE calculator.


Congratulations — Session Complete 🥇

Take on the challenge and get DeFit.

Complete the Quiz to build your progress toward the DeFit badge of honor.

🧠 Good luck! : Quiz Link ← — — — — — — 👈


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