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“One-Stop Decentralized Trading”

Trader Joe is a multi-chain DEX, money market, bridge, and NFT marketplace�
JOE began on Avalanche, and has since launched on BNB Chain and more recently, Arbitrum

Their premier product is v2 of its DEX which they call "Liquidity Book"

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Liquidity Book (LB)

Joe’s “Liquidity Book” aggregates liquidity positions vertically into price bins, rather than horizontally as Uniswap does�
This improves UX by allowing for concentrated liquidity in specific price ranges and enables zero-slippage swaps within active price bins

Source: https://docs.traderjoexyz.com/�https://delphidigital.io/reports/

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Key Features of Liquidity Book

Zero Slippage

Traders can swap tokens with zero slippage within bins.�

Surge Pricing

Liquidity Providers earn additional dynamic fees during high market volatility.�

High Capital Efficiency

Liquidity Book can support high volume trading with low liquidity requirements.�

Flexible Liquidity

Liquidity Providers can build flexible liquidity distributions according to their strategy.

Source: https://docs.traderjoexyz.com/�https://delphidigital.io/reports/

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Protocol Statistics

$231m MC�
$334m FDV�
$117m TVL�
$54m annualized fees�
$957k annualized revenue

30 day changes:

Source: https://tokenterminal.com/

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Swap Volumes

Trader Joe saw a huge surge of volume post-ARB airdrop�
50% of all swap volume is currently happening on Arbitrum�
~21% of all time volume has come from Arbitrum in just the last 30 days

Last 30d:

All-Time:

Source: https://flipsidecrypto.xyz/

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Active Users

Source: https://tokenterminal.com/

9.6k daily active users

DAU grew 150% in the last 30 days�
269k cumulative unique users using LB (ARB & AVAX)

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Fees Earned

60% increase in fees earned in last 30 days�
Arbitrum chain is already producing ~50% of fees collected�
~16% of all on-chain $ARB trading in the first 7 days happened using LB�

More than Sushi, Camelot, and Balancer combined

Source: https://tokenterminal.com/

https://flipsidecrypto.xyz/

Total fees (Last 30d):

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Fees Earned vs. Competitors

JOE is #3 highest fee earning DEX in the last 30 days (ahead of SUSHI, BAL, 1INCH)

Source: https://tokenterminal.com/

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Relative Market Cap to Competitors

Trader Joe is still worth only ½ of BAL, and nearly ⅓ of 1INCH, despite having a better product and earning more fees.

Source: https://tokenterminal.com/

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Relative Market Cap

Comparison

JOE token would 2x if it reached the valuation of 1INCH�
2.85x to reach CAKE�
20x to reach UNI

Source: https://marketcapof.com/

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Unlocks

$JOE token is more than 96% emitted�
Only 3.3% of total supply left to distribute between now and Feb 15, 2024

Allocations

Vesting Schedule

Source: token.unlocks.app/joe

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Main Thesis

JOE is a good pick for double exposure to current ARB & AVAX narratives

Resurgence of Arbitrum ecosystem
Received 900,000 $ARB tokens - incentives may be coming
Amazon blockchain on Avalanche rumors
AVAX Summit coming up May 3-5�

More than 96% emitted is bullish for token price and yields�
Liquidity Book is basically Uniswap v4 - good tech, concentrated liquidity with zero slippage is a superior product�
Undervalued versus main competitors�
Based team rapidly innovating and expanding to new chains

Deployments on Mainnet, Optimism, and future chains ie. ZKSync could have similar effect to the surge of activity from Arbitrum�

TLDR: JOE LB product is superior to competitors and helps position JOE to capture significant market share