Trader Joe is presently one of the most in-demand Avalanche-based protocols. The cryptocurrency exchange is behind the ongoing Joe Wars, which has piqued the interest of some of the biggest DeFi platforms on Avalanche.
Avalanche itself shows no signs of relenting in its recent progress. Since the crypto boom of 2021, Avalanche has remained one of the standout performers in the crypto space. Several top DeFi projects prefer to launch on the Avalanche Network to take advantage of its scalability features.
We’ve got several stories covering the Avalanche blockchain. However, this article will focus on how to increase your yield while farming on Avalanche. Yield farming is still one of the most popular ways to make money in cryptocurrency. As an investor, your first priority is to figure out how to make your money work for you. And despite the so-called “crypto winter,” many are still raking in profits.
A recent tweet shared by Steakhut Finance should provide some lucrative boosted yields on several DeFi projects. These platforms include Beefy Finance, Steakhut, Yield Yak, and Vector Finance. There’s only one reason why these platforms currently enjoy boosted yields – veJOE.
(┛ಠ_ಠ)┛ Are you in the #JOEWars?
Come enjoy veJOE boosted @traderjoe_xyz farming yields, so your yields can look JUICY like these… pic.twitter.com/bC0OWcG4Cx
— SteakHut Finance 🔺 (@steakhut_fi) June 16, 2022
veJOE Is the Difference Maker on Avalanche
veJOE is currently the bait that attracts many users to Avalanche. By now, you must have been familiar with the Joe Wars. In a nutshell, Joe Wars refers to the battle between these Avalanche protocols for more veJOE tokens. Most people lock their veJOE tokens for a longer time to get higher yields. The veJOE token also guarantees protocol governance and aids in boosting APR in farming pools. You can get up to 2.5x boosts on them on your farm. Here’s how veJOE works. You can stake $JOE to get veJOE, which can then be applied to boost certain farms. In essence, accruing veJOE means boosted yields.
Trader Joe has different variants of its token. They include the sJOE, rJOE, xJOE, and veJOE tokens. However, veJOE is currently of significant interest to many investors. So, in essence, getting veJOE tokens is one way Avalanche protocols boost their farm yields.
Miles Deutscher, a popular crypto enthusiast, best explains the process in a tweet. Here’s how it works:
- Stake $JOE to get veJOE.
- Claim your veJOE to apply the boost to a selected farm.
- The boost will apply to all farms in the “Boost” section of the Farm Page.
- The boost will increase your JOE APR relative to the normal/non-boosted farm.
- The more veJOE you have, the higher your JOE yield will likely be.
- Therefore, if you stake JOE into veJOE, you can earn more JOE rewards.
It is important to note that you will lose your veJOE and your boost if you unstake your $JOE. This gives you enough motivation to keep your $JOE staked.
Staking the veJOE Token
This thread by Murloc, Trader Joe’s co-founder, shares a deep insight on how to stake your veJOE.
How to yield farm 100% – 300% with veJOE? Guide for retail small stack. (YMMV / NFA)
1) Stake into veJOE.
2) Early on, click claim every day. You don't get boost APR until veJOE is in your wallet.
3) After a week can just claim every few days. pic.twitter.com/07BgOp0302— Murloc | Hiring many roles (@0xmurloc) March 27, 2022
Here’s a breakdown of the steps.
- First and foremost, stake your $JOE on veJOE.You’ll get more veJOE the longer you lock. Also, ensure you frequently claim your rewards to accrue veJOE.
- To get started, click “boost” under “farms.” These pools can all receive boosts from veJOE holders. You can boost more by getting more veJOE through staking JOE.
How much of a boost you’ll get will depend on the pool and the percentage of veJOE you possess versus the total pool.
Yield farm in Boosted Farms — you can find them in the "Boost Tab". veJOE Balance is applied to ALL boost farms.
1) Farm pages will show Avg Boost APR
2) The bigger your veJOE balance relative to your LP balance, the bigger your Boost APR pic.twitter.com/h6cJZ4doeJ— Murloc | Hiring many roles (@0xmurloc) March 27, 2022
As of this writing, $JOE trades at $0.228915. It has a 24-hour trading volume of $2,964,423.
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