Difference between revisions of "Trader Joe (JOE)"

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[[Automated Market Makers (AMM)|AMM]] [[Decentralized Exchange (DEX)|DEX]] and also platform for lending and launching new [[tokens]] on [[Avalanche (AVAX)|Avalanche]].
==Basics==
==Basics==


Line 6: Line 6:
*[[Testnet]] release:
*[[Testnet]] release:
*[[Mainnet]] release:
*[[Mainnet]] release:
*[[Automated Market Makers (AMM)|AMM]] [[Decentralized Exchange (DEX)|DEX]] and also platform for lending and launching new tokens.


==History==
==History==
* [[Fork|Forked]] some of the [[Compound (COMP)|Compound]] code ([https://www.defisafety.com/pqrs/176 11-1-2022]).
==Audits & Exploits==
==Audits & Exploits==


*[[bug bounty|Bug bounty]] program can be found [insert here].
*[[bug bounty|Bug bounty]] program can be found [https://immunefi.com/bounty/traderjoe/ here]. Joe offers $500K through [[ImmuniFi|Immunefi]] ([https://www.defisafety.com/pqrs/176 11-1-2022]).
*Scored a [https://www.defisafety.com/pqrs/176 62%] on [[DeFi Safety]] (11-1-2022):
Joe's [https://snowtrace.io/address/0x188bED1968b795d5c9022F6a0bb5931Ac4c18F00 MasterChef V3] [[contract]] is used well over 100 times a day. In-depth software documentation is [https://github.com/traderjoe-xyz/joe-core/blob/main/docs/MASTERCHEFJOEV2.md outlined]. TJ's core software documentation covers the most vital [[contracts]], and they have provided excellent traceability with the [[Compound]] software in their Lending repository. At 102% tests to code, there is some evident of robust testing. No code coverage report was found, but there's clearly good testing on this protocol. Although TJ [https://github.com/traderjoe-xyz/joe-core/blob/main/docs/MASTERCHEFJOEV2.md links] to their coverage, the [[LINK|link]] provided currently links to a private repo, and is therefore not verifiable. Trader Joe has not undergone [[Formal Verification|formal verification]].
 
[[TraderJoe]] V1 was deployed before it's single [https://docs.traderjoexyz.com/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MYTkRFOHO4K48zVLh8x-2910905616%2Fuploads%2F7X4aB5KedTI17ScZyAXh%2FTraderJoe%20report%20(3).pdf?alt=media&token=f44c272e-1721-44af-b829-f25a404eaaa7 audit]. V3 was [https://paladinsec.co/projects/trader-joe-masterchefv3/ audited] pre-release.  


===Bugs/Exploits===
===Bugs/Exploits===
* From a [https://twitter.com/shunduquar/status/1534989160381136909 thread] (10-6-2022):
''"So turns out that Trader Joe was exploited for ~$1M  and this was kept a secret. Later, the same exploit was used against [[Pangolin (PNG)|Pangolin]] to steal ~$300K of protocol [[fees]]. And the contract was audited by [[Halborn]]."''
==Governance==
==Governance==
===Admin Keys===
===Admin Keys===
* From [[DeFi Safety]] (11-1-2022):
''"There is no admin control information. Although there is a [https://docs.traderjoexyz.com/main/trader-joe/the-project/governance governance section] describing future implementation in their docs, the module is currently inactive which makes the detailed information non-quantifiable. No pause control information was found. A [[timelock]] with a specific duration and what it applies to is [https://docs.traderjoexyz.com/main/security-and-contracts/audits identified], though this applies to just V2. The audit denotes that the current V3 contract [https://paladinsec.co/assets/audits/20211004_Paladin_Trader_Joe_MasterChef_Rewarder_Final_Report.pdf does not] have a timelock. This means that the timelock documentation is no longer applicable."''
===DAO===
===DAO===
===Treasury===
===Treasury===
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===Utility===
===Utility===


* Can be staked for fee sharing and is used in governance. Has more [https://traderjoe-xyz.medium.com/the-trader-joe-roadmap-q1-2022-a4ea35ced59b in the works] (2-1-2022):
* [https://theiablockchain.substack.com/p/trader-joe?s=w Changed] its [[tokenomics]] and now has 3 staking options; sJOE, rJOE, and veJOE (5-4-2022).
*Can be [[staked]] for fee sharing and is used in [[governance]]. Has more [https://traderjoe-xyz.medium.com/the-trader-joe-roadmap-q1-2022-a4ea35ced59b in the works] (2-1-2022):


# ''"Stake your JOE to enter the JOE Ecosystem''
# ''"[[Stake]] your JOE to enter the JOE Ecosystem''
# ''You can then Farm Stable Joe''
# ''You can then [[Farm]] Stable Joe''
# ''Or Farm Rocket Joe''
# ''Or Farm Rocket Joe''
# ''Or do a mixture of both''
# ''Or do a mixture of both''
# ''Soft cooldowns implemented to encourage longer-term staking''
# ''Soft cooldowns implemented to encourage longer-term [[staking]]''
# ''Mechanisms in place to prevent ‘gaming’ between Staking options''
# ''Mechanisms in place to prevent ‘gaming’ between Staking [[options]]''
# ''Staking UX enhanced to improve accessibility for new DeFi users"''
# ''Staking UX enhanced to improve accessibility for new [[DeFi]] users"''


===Other Details===
===Other Details===
Line 38: Line 55:
==Technology==
==Technology==


*[[Whitepaper]] or docs can be found [insert here].
*[[Whitepaper]] or docs can be found [https://docs.traderjoexyz.com/main/welcome/master here].
*Code can be viewed [insert here].
*Code can be viewed [https://github.com/traderjoe-xyz/joe-core here]. From [[DeFi Safety]] (11-1-2022):
''"At 382 commits and 11 branches, it's clear that Joe's trading logbook goes back some way."''


===Implementations===
===Implementations===


*Built on: [[Avalanche (AVAX)|Avalanche]]
*Built on: [[Avalanche (AVAX)|Avalanche]]. Will [https://www.theblock.co/post/191582/avalanche-dex-trader-joe-is-deploying-on-arbitrum come] to [[Arbitrum]] (1-12-2022):
''"Trader Joe will deploy on Arbitrum’s [[testnet]] in the coming days, with a [[mainnet]] launch expected early next year."''
 
Got [https://twitter.com/CryptoTotem/status/1609133967898284032 launched] on Arbitrum (31-12-2022). [https://bbweekly.substack.com/p/blockbytes-weekly-week-2-2023 Next up] is BNB (11-1-2023)


===How it works===
===How it works===
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===Other Details===
===Other Details===
==Oracle Method==
==Oracle Method==
* From [[DeFi Safety]] (11-1-2022):
''"Joe uses [[Chainlink]]. It justifies this in this [https://traderjoe-xyz.medium.com/trader-joe-officially-announces-the-integration-of-chainlink-price-feeds-for-banker-joe-8794b3dfbcf6 article], but there are no software functions documented. Joe identifies it uses [[ChainLink|Chainlink]] to prevent [[Flash Loan|flashloan]] attacks."''
==Privacy Method==
==Privacy Method==
==Compliance==
==Compliance==
Line 62: Line 88:
*Can be found [https://traderjoe-xyz.medium.com/the-trader-joe-roadmap-q1-2022-a4ea35ced59b here] (2-1-2022):
*Can be found [https://traderjoe-xyz.medium.com/the-trader-joe-roadmap-q1-2022-a4ea35ced59b here] (2-1-2022):


# ''"Rocket Joe: DeFi Innovation for Decentralised Exchanges''
# ''"Rocket Joe: [[Defi|DeFi]] Innovation for [[Decentralised]] Exchanges''
# ''Tokenomics Overhaul: Reduce sell pressure, return value''
# ''[[Tokenomics]] Overhaul: Reduce sell pressure, return value''
# ''Decentralised Marketplace: Supporting [[Non Fungible Tokens (NFTs)|NFT]]/Metaverse culture on Avalanche"''
# ''Decentralised Marketplace: Supporting [[Non Fungible Tokens (NFTs)|NFT]]/Metaverse culture on Avalanche"''


Line 75: Line 101:
===Pros===
===Pros===
===Cons===
===Cons===
* [https://twitter.com/shunduquar/status/1534989160381136909 Covered up] an exploit of ~$1M (10-6-2022).
==Team, Funding and Partners==
==Team, Funding and Partners==
===Team===
===Team===


*Full team can be found [here].
*Full team can be found [here].
*No public team members could be [https://www.defisafety.com/pqrs/176 found] (11-1-2022).


===Funding===
===Funding===
* [[Mechanism Capital]] [https://www.mechanism.capital/investments/ lists] them in their portfolio as of 15-5-2023.
*From a [https://twitter.com/CroissantEth/status/1583279221853794304 thread] on the past of [[Alameda]] (21-10-2022):
''"As part of their usual tactics, Alameda mercilessly farmed and dumped JOE in a series of swift trades. The dump of ~$2M resulted in huge red candles for the relatively illiquid token."''
===Partners===
===Partners===
==(:==
==(:==
Line 87: Line 123:
Making these free wiki pages is fun but takes a lot of effort and time.
Making these free wiki pages is fun but takes a lot of effort and time.


If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.
If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information.


AVAX tip [[Address|addresses]]:
[[AVAX]] tip [[Address|addresses]]:


X-avax1e0jz44g0af89eyd27g4507su2xwv7wt2pa32kj
X-avax1e0jz44g0af89eyd27g4507su2xwv7wt2pa32kj

Latest revision as of 14:41, 15 May 2023

AMM DEX and also platform for lending and launching new tokens on Avalanche.

Basics

  • Based in:
  • Started in / Announced on:
  • Testnet release:
  • Mainnet release:

History

Audits & Exploits

Joe's MasterChef V3 contract is used well over 100 times a day. In-depth software documentation is outlined. TJ's core software documentation covers the most vital contracts, and they have provided excellent traceability with the Compound software in their Lending repository. At 102% tests to code, there is some evident of robust testing. No code coverage report was found, but there's clearly good testing on this protocol. Although TJ links to their coverage, the link provided currently links to a private repo, and is therefore not verifiable. Trader Joe has not undergone formal verification.

TraderJoe V1 was deployed before it's single audit. V3 was audited pre-release.

Bugs/Exploits

"So turns out that Trader Joe was exploited for ~$1M and this was kept a secret. Later, the same exploit was used against Pangolin to steal ~$300K of protocol fees. And the contract was audited by Halborn."

Governance

Admin Keys

"There is no admin control information. Although there is a governance section describing future implementation in their docs, the module is currently inactive which makes the detailed information non-quantifiable. No pause control information was found. A timelock with a specific duration and what it applies to is identified, though this applies to just V2. The audit denotes that the current V3 contract does not have a timelock. This means that the timelock documentation is no longer applicable."

DAO

Treasury

Token

Launch

Token Allocation

Utility

  1. "Stake your JOE to enter the JOE Ecosystem
  2. You can then Farm Stable Joe
  3. Or Farm Rocket Joe
  4. Or do a mixture of both
  5. Soft cooldowns implemented to encourage longer-term staking
  6. Mechanisms in place to prevent ‘gaming’ between Staking options
  7. Staking UX enhanced to improve accessibility for new DeFi users"

Other Details

Stablecoin

Coin Distribution

Technology

"At 382 commits and 11 branches, it's clear that Joe's trading logbook goes back some way."

Implementations

"Trader Joe will deploy on Arbitrum’s testnet in the coming days, with a mainnet launch expected early next year."

Got launched on Arbitrum (31-12-2022). Next up is BNB (11-1-2023)

How it works

Fees

Upgrades

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

"Joe uses Chainlink. It justifies this in this article, but there are no software functions documented. Joe identifies it uses Chainlink to prevent flashloan attacks."

Privacy Method

Compliance

Their Other Projects

Roadmap

  • Can be found here (2-1-2022):
  1. "Rocket Joe: DeFi Innovation for Decentralised Exchanges
  2. Tokenomics Overhaul: Reduce sell pressure, return value
  3. Decentralised Marketplace: Supporting NFT/Metaverse culture on Avalanche"

Usage

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

Team, Funding and Partners

Team

  • Full team can be found [here].
  • No public team members could be found (11-1-2022).

Funding

"As part of their usual tactics, Alameda mercilessly farmed and dumped JOE in a series of swift trades. The dump of ~$2M resulted in huge red candles for the relatively illiquid token."

Partners

(:

Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

AVAX tip addresses:

X-avax1e0jz44g0af89eyd27g4507su2xwv7wt2pa32kj

P-avax1e0jz44g0af89eyd27g4507su2xwv7wt2pa32kj

C-chain: 0x6211f7633a67c9e81316d0b93a86b3ef511f12d4

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