Trader Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launch
The market appears to be finding its feet and as the smoke clears, its easier to see which projects are fundamentally flawed and which are returning to their previous trading range where they were before the recent three-week downturn.
Trader Joe is one of the decentralized finance (DeFi) protocols that continued to push out new developments during the market-wide correction..
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on Jan. 24, the price of JOE rebounded 147% to a daily high of $1.63 on Feb. 1 before entering a new consolidation range.
Three reasons for the turnaround seen in the price of JOE include the launch of the Rocket Joe liquidity platform, the addition of new projects and staking pools on Trader Joe and a climbing total value locked (TVL) on the platform.
The biggest development to come out of Trader Joe thus far in 2022 has been the launch of Rocket Joe, a liquidity launch platform designed to facilitate the launch of a new tokens on Trader Joe by providing seed liquidity for the protocol.
JOE token holders are now able to stake their JOE on the Rocket Joe platform to earn rJOE, which is a credit used to enter Rocket Joe Launches. Every 100 rJOE that a user deposits into a Rocket Joe Launch will enable them to unlock a 1 Avalanche (AVAX) allocation towards that pool.
The committed funds are used to help determine the starting price for that token and bootstrap its liquidity on Trader Joe. Users who opt to provide liquidity will have their funds locked in the liquidity pools for seven days. In exchange for helping to provide liquidity, users receive an allocation of the newly launched token
This method of token launch allows Avalanche users to acquire newly issued
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