There are many ways to earn yields with decentralized finance but one that has emerged recently is using veJOE. It is part of the Trader Joe decentralized exchange, the most popular on Avalanche.
The Trader Joe DEX is Avalanche’s second-largest project. It has a total value locked of $1.77 billion according to DeFi Llama. The exchange is powered by the JOE token and has recently launched several staking variants like veJOE. In this article, you will learn more about this farm option.
High Yields Farming with veJOE
One of those variants is veJOE, a new staking option on Trader Joe. veJOE is used to earn bonus interest from various select yield farms.
How to use veJOE on the Trader Joe Exchange to enable Huge APRS on Farms #AVAX #AVALANCHE #CRYPTO https://t.co/RVmVlzplxn
— AvalanchEdwin (🔺, 🔺) (@AvalanchEdwin) March 28, 2022
How to Farm veJOE
The Trader Joe platform has several variants including sJOE, rJOE, xJOE, and the one we are investigating is veJOE.
The first step is to navigate to the Trader Joe website. Once there, enter the staking section to view the four options. Therefore, to earn the veJOE tokens, you need to stake JOE tokens. However, if you unstake you will lose 100% of the veJOE gains and will need to start over.
Furthermore, you can increase the yields on certain farms with veJOE . You need to claim periodically. It will reach a limit of 100x the amount of staked JOE and accumulate at 2x the speed.
Also, in the farm section, you can provide liquidity by providing a pair of tokens equally weighted. Once done, with the“boost” option you can add veJOE tokens for additional gains.
Finally, the returns vary depending on the collateral on the farm. As an example, the JOE/AVAX farm was returning 27.5% in JOE on March 29th. The boosted returns will be more than this, but also vary depending on the stake.
I just found a new strategy to earn up to 300% on $AVAX, leveraging the power of $JOE's latest update: veJOE.
🧵: A thread on why this strategy could be the best DeFi opportunity on Avalanche right now, and how I'm personally playing it.
Let's dive in. 👇
— Miles Deutscher (@milesdeutscher) March 28, 2022
JOE Price Outlook
The price of JOE prices was down 3.2% in the last 24 hours. As a result, it was trading at $1.11 at the time of writing this article.
Also, the marketcap is $219.4 million with a 24-hour trading volume of $14 million. The current circulating and total supply is 197 and 327.9 million tokens.
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