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Trader Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launch

Trader Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launch

The market appears to be finding its feet and as the smoke clears, its easier to see which projects are fundamentally flawed and which are returning to their previous tring range where they were before the recent three-week downturn.

Trer Joe is one of the decentralized finance (DeFi) protocols that continued to push out new developments during the market-wide correction..

Data from Cointelegraph Markets Pro and TringView shows that after hitting a low of $0.658 on Jan. 24, the price of JOE rebounded 147% to a daily high of $1.63 on Feb. 1 before entering a new consolidation range.

JOE/USDT 4-hour chart. Source: TringView

Three reasons for the turnaround seen in the price of JOE are the launch of the Rocket Joe liquidity platform, the dition of new projects and staking pools on Trer Joe and a climbing total value locked (TVL) on the platform.

Rocket Joe blasts off

The biggest development to come out of Trer Joe thus far in 2022 has been the launch of Rocket Joe, a liquidity launch platform designed to facilitate the launch of a new tokens on Trer Joe by providing seed liquidity for the protocol.

JOE token holders are now able to stake their JOE on the Rocket Joe platform to earn rJOE, which is a credit used to enter Rocket Joe Launches. Every 100 rJOE that a user deposits into a Rocket Joe Launch will enable them to unlock a 1 Avalanche (AVAX) allocation towards that pool.

The committed funds are used to help determine the starting price for that token and bootstrap its liquidity on Trer Joe. Users who opt to provide liquidity will have their funds locked in the liquidity pools for seven days. In exchange for helping to provide liquidity, users receive an allocation of the newly launched token

This method of token launch allows Avalanche users to acquire newly issued tokens without needing to compete with bots during other token launches or high gas prices.

New listing and project launches at Trer Joe

A second factor helping boost the value of JOE has been the dition of multiple new tokens and projects on the Trer Joe platform, including the first project to launch out of Rocket Joe, Heroes of NFT (HON).

Registration for @HeroesofNFT is now closed and our community showed up massively!

Registrants: 27,336
XAVA Staked: 15,595,114
TVL: $113.13M

Stay tuned for more content with the team and make sure to claim your guaranteed allocation starting on 1/31. pic.twitter.com/enEugDvOBp

— Avalaunch (@AvalaunchApp) January 30, 2022

Some other new arrivals to the Trer Joe ecosystem include Dragon Crypto Gaming and Domi Online, a pair of play-to-earn gaming projects, as well as integrations with Cook Finance, the Open DeFi Notification Protocol and the cross-chain tring terminal Kattana.

Related: Avalanche correction risk rises after AVAX price soars 80% from January lows

TVL is rising again

As a result of the increase in the price of JOE and the dition of new tokens and liquidity pools to the Trer Joe ecosystem, data from Defi Llama shows that the total value locked on the platform has begun to recover following the recent multi-month market sell-off. 

Total value locked on Trer Joe. Source: Defi Llama.

The TVL on Trer Joe is $1.43 billion at the time of writing, up from $957 million on Jan. 28 but still well below its all-time high of $2.59 billion on Dec. 1, 2021.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and tring move involves risk, you should conduct your own research when making a decision.

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ARTICLE: Trer Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launch
PUBLISHED: 2022-02-09 20:30:00 
SOURCE: https://cointelegraph.com/news/trer-joe-joe-makes-a-110-v-shaped-recovery-after-rocket-joe-launch
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