Trader Joe ($JOE) Tutorial - How To Stake & Farm On Avalanche ($AVAX)?

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Description

Trader Joe ($JOE) is a one-stop-shop decentralized trading platform native to the Avalanche ($AVAX) blockchain. Trader Joe builds fast, securely and aims to serve the community at the frontier of DeFi...

Trader Joe ($JOE) is a one-stop-shop decentralized trading platform native to the Avalanche ($AVAX) blockchain. Trader Joe builds fast, securely and aims to serve the community at the frontier of DeFi. The long-term vision of the team is to make Trader Joe an R&D-focused platform for new DeFi primitives not yet seen on any blockchain. Trader Joe Official Site: https://traderjoexyz.com/#/home 0:00 introduction- what is Trader Joe ($JOE)? 1:01 connect to your wallet 2:18 top up 3:20 swapping 4:20 staking 5:30 provide liquidity 7:30 farming 8:00 conclusion ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● 📖 Guides, tutorials and insights: https://boxmining.com/ Recommendation List: https://www.cryptoatlas.io/Boxmining 🌼Buy & Sell Bitcoin: https://join.swissborg.com/r/michaeOQZM 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Binance Exchange : http://boxmining.co/binance ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining clips: https://www.youtube.com/channel/UCjFy3VBgOZanySOLhQu6GaQ Boxmining News Website: https://www.boxmining.com/ Telegram Group: https://t.me/BoxminingFam ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Twitter: https://twitter.com/boxmining Discord: https://discord.gg/9qCpqpZm8G Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬Disclaimer▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video.

AI Analysis

Trader Joe is a fantastic one-stop decentralized trading platform that runs natively on the Avalanche blockchain. It's essentially a decentralized exchange (DEX) that aims to be a faster and cheaper alternative to Ethereum, which is a major reason it's been getting a lot of attention lately. This tutorial walks you through all the essential steps to get started on Trader Joe, from connecting your wallet and topping up your funds to swapping tokens, staking your JOE tokens, providing liquidity, and even farming for extra rewards.

Here's a breakdown of how to navigate the Trader Joe platform and what you can do there:

* Understanding Trader Joe and Avalanche: Trader Joe is a key player in the booming Avalanche ecosystem. Avalanche itself is super important because it's EVM compatible, meaning any application that runs on Ethereum can also run on Avalanche, but with significantly lower fees and faster transaction speeds. Think of Avalanche as a more efficient version of Ethereum.
* Connecting Your Wallet: To begin, you need to connect your MetaMask wallet to the Trader Joe platform. It's crucial to make sure your MetaMask is switched from the default Ethereum mainnet to the Avalanche C-chain, as Trader Joe operates on Avalanche. The platform automatically fills in all the necessary network details for you, making the switch seamless.
* Topping Up Your Wallet: Since you'll need AVAX tokens to cover transaction fees and engage with the platform, you'll likely need to send some to your MetaMask. The easiest way to do this is by withdrawing AVAX from an exchange like Binance. When withdrawing, you absolutely must select the "AVAX C-chain" network for the transfer to succeed and reach your MetaMask wallet. The transfer is impressively fast, usually taking only about a minute.
* Swapping Tokens: Once you have AVAX, you can swap it for other tokens on Trader Joe. For instance, to participate in staking or farming, you'll want to swap some AVAX for JOE tokens. You simply select the tokens you want to swap, enter the amount, and confirm the transaction via MetaMask. Transaction fees on Avalanche are extremely low, which is a huge plus.
* Adding Custom Tokens to MetaMask: After swapping for new tokens like JOE or USDT, they might not immediately show up in your MetaMask wallet. Don't worry, your tokens are there! You can easily add them by going to CoinGecko, searching for the token, and clicking the MetaMask icon to import the token's contract address directly into your wallet. This makes your balances visible.
* Staking JOE Tokens (earning ex-JOE): Staking your JOE tokens is a cool way to earn more JOE. When you stake JOE, you effectively exchange it for "ex-JOE" tokens. The neat thing about ex-JOE is that by just holding it, you continuously earn more JOE over time. This happens because a small 0.05% fee from every trade on the Trader Joe platform is used to buy back JOE tokens, which then goes to ex-JOE holders. This means when you eventually unstake your ex-JOE for JOE, you'll end up with more JOE than you started with! It's a great incentive to hold onto your JOE.
* Providing Liquidity: You can also provide liquidity to various trading pools on Trader Joe, such as the AVAX/USDT pool. When you provide liquidity, you contribute an equal value of two different tokens to a pool. For example, if you want to provide liquidity for AVAX and USDT, you'll first need to swap some of your AVAX for USDT to have roughly equal dollar amounts of both. After approving the tokens, you supply them to the pool, and in return, you receive LP (Liquidity Provider) tokens. These LP tokens represent your share of the liquidity pool. Just like with other tokens, you might need to manually add the LP token's address to your MetaMask to see it.
* Farming with LP Tokens: Once you have LP tokens from providing liquidity, you can "farm" with them to earn additional rewards. You take your LP tokens and stake them in a specific farm on the platform. This process usually involves hitting "max" to use all your LP tokens and confirming the transaction in MetaMask. Once approved, you're officially farming and earning rewards, which is an exciting way to maximize your crypto assets.
* Overall Impressions and Avalanche's Potential: The platform feels very user-friendly, and the presenter is super excited about the Avalanche ecosystem, especially its potential as a "true Ethereum competitor." Avalanche's impressive metrics, including its speed and low fees, make it clear that it's poised to receive even more attention, especially now that AVAX is a top 10 token. It's a very hot space right now with lots of future promise for DeFi innovation.

Transcript

Hello guys, welcome back to Box Mining. My name is Jemmy and I hope you're doing well. Today I'm going to bring you another tutorial video and this is Trader Joe. Trader Joe has been getting a lot of traction lately due to the recent pump of AVAX or AVAX token, the boom of Avalanche ecosystem. Avalanche is EVM compatible, meaning any application that runs on Ethereum can also run on Avalanche but for a fraction of the fees. So in one simple sentence, Avalanche is a cheaper and faster version of...

Hello guys, welcome back to Box Mining. My name is Jemmy and I hope you're doing well. Today I'm going to bring you another tutorial video and this is Trader Joe. Trader Joe has been getting a lot of traction lately due to the recent pump of AVAX or AVAX token, the boom of Avalanche ecosystem. Avalanche is EVM compatible, meaning any application that runs on Ethereum can also run on Avalanche but for a fraction of the fees. So in one simple sentence, Avalanche is a cheaper and faster version of Ethereum. For Trader Joe, it's one of the major players in the Avalanche ecosystem. Trader Joe is a one-stop trading platform on Avalanche, it's a DAX on Avalanche ecosystem. So in this tutorial I'll be showing you how to swap to Joe tokens, how to stick your Joe, provide liquidity and also farming on the platform as well. So with that further ado, let's get right into tutorial. So right now I'm on CoinGecko. What I want to do is to search the Joe token to use the site they provided there. So I'm going to use this website. In this way you can know that the website you're using is legit, it's not a phishing site. Obviously you can also find the link in the description box below. Once you're here on the Trader Joe platform, you can go ahead and hit connect to your MetaMask. However, if you don't know how to create MetaMask, pause the video now and there's a link on the top right corner. Click the link, it will lead you to a tutorial by Michael and teach you step by step how to create MetaMask. So let me go ahead and click MetaMask and click next. So right here what you notice is that it's on Ethereum mainnet by default. What you want to do is to switch to the Avalanche chain because Trader Joe is on Avalanche. So let me just go ahead and click switch to Avalanche. Well as you can see it's automatically filling all the network name, network URL and ID. Once you're happy you can just click approve. Switch network and voila, you can see that you're officially on the Avalanche mainnet C chain. Well obviously I just created the MetaMask so I don't have any AVAX token on my wallet. What I want to do is to go to Binance now and send some of my AVAX token to my MetaMask. If you don't already have a Binance account and you would like to create one, there's an affiliate link down in the description box below and it also helps support the channel. So right now I'm on Binance. I'm trying to withdraw some of my AVAX token. What you would like to do is to click the dot on the right side and click account details. So in this way I can just scan the QR code on MetaMask. Well as you can see there are different networks Avalanche, AVAX, C chain and BEEP20 for transferring your AVAX token from Binance to MetaMask. You'll be utilizing Avalanche C chain. So let me just go ahead and click AVAX C chain and confirm. So once you're happy with everything and you have double checked your wallet address, click withdraw. So I've just got my AVAX token. I waited like a minute which is pretty fast. I've got my 0.59 AVAX. So right now what I want to do is to swap some of my AVAX token to Trader Joe tokens. So what you want to do is to search Joe. Well I won't be swapping all of my AVAX token into Joe so I'm just going to put 0.1. Well as you can see this is your rate and once you're happy with everything go ahead and click swap. Confirm swap. Confirm again on MetaMask and you can go ahead and close it and wait for your confirmation. Oh there you go it's right here. So well at the moment your Joe tokens are not popping up on your MetaMask. Don't worry we can go to Coin Gekko and click the MetaMask icon on the right side to add the address to your MetaMask. So right now you can see your Joe token on your wallet. I've got 4.844 Joe tokens. So right now what you want to do is to stake your Joe token to receive more ex-Joe tokens. What you can do is go to the stake sector. I want to stake all of my Joe tokens so I'm gonna go ahead and click max. Of course you have to confirm on MetaMask again. As you can see the transaction fee is extremely low. So my transaction just got confirmed and officially staking my Joe token. Here you can see my balance in ex-Joe token. Ex-Joe is the main staking mechanism on the trader Joe ecosystem. When you stake your Joe token you effectively exchange your Joe for ex-Joe. Over time you'll always earn more Joe token by holding your ex-Joe tokens. The incentive to stick is that for each trade on the platform a 0.05% fee is taken and used to buy Joe tokens. So when you exchange your ex-Joe for Joe you eventually get more Joe than you started with it. So right now I'll also be showing you how to provide liquidity on the trader Joe platform. I'm interested in providing liquidity for this pool which is AVAX and USDT. What I want to do is to swap for some USDT token. So I'm gonna go ahead and click trade and swap some USDT. Since you have to provide an equal value for AVAX and USDT, I'm gonna put 0.0.23. Once you're happy you can click swap, confirm swap. So my transaction just got confirmed as you can see on the activity tab. Well my USDT is not showing on my MetaMask. So once again I'm gonna go to CoinGecko and search USDT. What you want to do is to click add to MetaMask. And voila I see my USDT on my MetaMask. I'm gonna go ahead and click pull to provide my liquidity. AVAX and USDT. So what I want to do is to click max on my USDT holding. And when you're happy with everything click approve. And confirm on your MetaMask. And again wait for your confirmation on the top right corner. So just got my confirmation and you can go ahead and hit supply. Confirm supply to officially provide liquidity on the platform. And you have to wait for your confirmation again. So there you go guys we have officially provide our AVAX and USDT to the liquidity pool. Well once again it's not showing on your MetaMask. But don't worry you can just click this link under the AVAX slash USDT. And you can just copy this wallet address to import it on your MetaMask. Click import and paste it on. And add custom token. This is your LP token and you can see on your MetaMask. So don't worry your money is there. It's just not showing on your MetaMask. So once I've got my LP token and I can go ahead and click farm to officially start my farming process. What I want to do is to search AVAX and go to USDT the parent that I was interested. When you're here on this page you can click max and hit approve. Once again you have to confirm on your MetaMask. So congratulations you're officially farming on the Trader Joe platform. So there you go guys. A very short tutorial on the Trader Joe platform. Obviously I'm super excited to dive deeper into the Avalanche ecosystem. And Avalanche is certainly super hot right now. It has impressive metrics. It's clear that expectations are starting to build for Avalanche as a true Ethereum competitor. Now that AVAX is a top 10 token, it's also likely that Avalanche will receive more attention moving forward. In the meanwhile, don't forget to have a wonderful day and smash up the like button for the YouTube algorithm. If you want to see more regular updates from me, follow me on Instagram, Twitter and the CryptoGems YouTube channel. And I'll see you guys very soon.