Trader Joe's native coin has advanced 58% in the past seven days, outperforming the likes of UNI, CAKE and CRV by a significant margin, reports godbole17.
JOE's modular staking allows users to price token's multiple utilities differently. Trader Joe, is leading a rally in DEX coins after the protocol announced modular staking – a system gives token owners three independent ways of staking their holding.
"The token has been drawing demand probably due to its modular staking and the new primitive they are launching," Lucas Outumoru, head of research at IntoTheBlock, told CoinDesk in a Telegram chat."The coin is relatively undervalued in terms of the revenue the DEX produces relative to its market cap."
Most DEXes supposedly bring value to their coin by giving token stakers a share of revenue or higher liquidity-provider rewards. However, according to Trader Joe investor GBV Capital, those methods do not accrue value and act only as incentives"to prevent people from dumping the token."published on Jan. 31 that value accrual happens through utility, that is by attaching as many use cases to the token as possible and, more so, by introducing modularity to the DEX token.
rJOE, a non-transferable token, is a gateway to Rocket Joe, a launchpad facilitating better liquidity acquisition and price discovery for new projects on the Avalanche blockchain. According to the
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