The market appears to be back on its feet, and as the smoke fades, it’s easy to tell which projects are fundamentally wrong and which ones are back in the former trading district, where they were before the last three weeks of fall.
Trader Joe’s is a decentralized finance (DeFi) protocol that has continued to drive new developments during the general market correction.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on January 24, JOE price surged 147% to a daily high of $1.63 on February 1 before entering a new consolidation area.
JOE/USDT 4-hour chart. Source: Trading View
The three reasons for the change in JOE’s price are the launch of the Rocket Joe liquidity platform, the addition of new projects and staking pools on Trader Joe’s, and the increase in total locked value (TVL) on the platform.
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Trader Joe’s biggest achievement in 2022 was the launch of Rocket Joe, a liquidity launch platform designed to facilitate the launch of new tokens on Trader Joe by providing initial liquidity for the protocol.
JOE token holders can now share their JOE tokens on the Rocket Joe platform to earn rJOE, which is the credit used to participate in the Rocket Joe launch. Every 100 rJOE a user contributes to Rocket Joe Launch will allow them to unlock one Avalanche (AVAX) customization in that pool.
The allocated funds are used to determine the initial price of this token and provide liquidity to Trader Joe’s. Users who choose to add liquidity will be locked into the liquidity pool for seven days. In exchange for helping increase liquidity, users receive a portion of the new token.
The token launch method allows avalanche users to receive newly issued tokens without having to compete with bots during other token launches or gas prices hikes.
New listing and project launch in Trader Joe
Another factor driving the value of JOE is the addition of several new tokens and projects to the Trader Joe’s platform, including the first project launched by Rocket Joe, Heroes of NFT (HON).
Some of the other new additions to the Trader Joe’s ecosystem include Dragon Crypto Gaming and Domi Online, a couple of gaming projects to make money, as well as integration with Cook Finance, Open DeFi Notification Protocol, and the Kattana Chain trading terminal.
Related: The risk of an avalanche correction increases after AVAX price surged 80% from its January low.
TVL is growing again
As a result of the JOE price rally and the addition of new tokens and liquidity pools to the Trader Joe’s ecosystem, Defi Llama data shows that the total value locked on the platform has begun to recover from the recent multi-month sale. -Outside.