coindesk.com
JOE, the native token of Avalanche-based decentralized exchange (DEX) Trader Joe, is leading a rally in DEX coins after the protocol announced modular staking – a system gives token owners three independent ways of staking their holding.
Messari data show the JOE token has advanced 58% in the past seven days, outperforming DEX giants like UNI, CAKE and CRV by a significant margin. The cryptocurrency was changing hands near $1.4 at press time, representing a 2% drop on a 24-hour basis.
"The token has been drawing demand probably due to its modular staking and the new primitive they are launching," Lucas Outumoru, head of research at IntoTheBlock, told CoinDesk in a Telegram chat. "The coin is relatively undervalued in terms of the revenue the DEX produces relative to its market cap."
Trader Joe has raked in a revenue of $4.2million in seven days, just behind SushiSwap's tally of $6.1 million.