Trader Joe (JOE)

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

• Forked some of the Compound code (11-1-2022).

Audits & Exploits

• Bug bounty program can be found here. Joe offers $500K through Immunefi (11-1-2022).
• Scored a 62% on DeFi Safety (11-1-2022):

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

• From a 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 to steal ~$300K of protocol fees. And the contract was audited by Halborn."

Governance

Admin Keys

• From DeFi Safety (11-1-2022):

"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 This means that the timelock documentation is no longer applicable."

Token

Utility

• 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 in the works (2-1-2022):

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"

Technology

• Whitepaper or docs can be found here.
• Code can be viewed 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

• Built on: Avalanche. Will 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 launched on Arbitrum (31-12-2022). Next up is BNB (11-1-2023)

Oracle Method

• From DeFi Safety (11-1-2022):

"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."

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"

Competition

• Other AMMs on Avalanche or different blockchains.

Pros and Cons

Cons

• Covered up an exploit of ~$1M (10-6-2022).

Team, Funding and Partners

Team

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

Funding

• Mechanism Capital lists them in their portfolio as of 15-5-2023.
• From a 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."

(:

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