Recently, it has been difficult to ignore the hype around Trader Joe [JOE], a decentralized exchange (DEX) on Avalanche [AVAX] and numerous other chains. However, as the project’s native token prepares for its impending unlock, all eyes will soon be on it.
Token Unlocks reported that Trader Joe was getting ready to unlock the last of the previously locked tokens. Only 3% of the entire token, according to their statistics, was still locked. At the time this article was written, there were around 16.68 million locked tokens, worth $10.42 million.
The eagerly awaited Trader Joe’s token unlock event will happen around 3 May in just over 16 days. The unlock will be linear, which is interesting since it means that a certain number of tokens will be unlocked at each interval rather than all at once.
There will be a daily unlock of 54,000 JOE, which is more over $33,000. Over 483 million JOE tokens worth more than $301 million were in use as of the time of writing. The automated market maker utilized for trading, Liquidity Book, has undergone substantial improvements at Trader Joe. As part of the update, auto-pools were included, which automatically manage depositors’ open positions in high-yield liquidity pools in order to lower risk.
A new rewards program was also introduced by the exchange, rewarding participants in Trader Joe’s focused liquidity with tokens. Impressive results have come from the recent launch of Trader Joe v2, with considerable increases in key indicators. The Total Value Locked (TVL) on Joe v2 has been increasing since March, according to DefiLlama.
Despite a brief decline in April, the TVL’s increasing trend was shortly restored. It was at an astounding $57.3 million as of this writing, with the majority coming from the Avalanche chain.
In addition, following the March jump, the platform has seen an increase in trading volume. The transaction volume has topped $66 million as of right now, which reflects the platform’s rising popularity and rising user engagement.
Additionally, the stats for active users showed some respectable results. However, it lacked the same degree of increase that was evident in its volume and TVL.
When examined more closely over a daily timeframe, JOE revealed a declining tendency. JOE was down less than 1% as of the time of writing, trading at about $0.62. The general trend for JOE remained still optimistic despite this decline.
The Relative Strength Index (RSI) was remained over 65, indicating that the latest movement may be a price correction as opposed to a substantial shift in the trend. Overall, it is crucial to keep track on JOE’s price changes in the following days.
The imminent unlock might not have a negative effect on JOE’s pricing given the amount of activity on Trader Joe’s platform. The JOE price may experience frequent activity in May, according to the linear model used in the unlock process, which might help the token’s value stabilize.
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