Is TraderJoe Scam? Or is it safe and Legit?

TraderJoe is a decentralized crypto exchange platform on the Avalanche network founded in June 2021. The platform allows to trade or exchange of various cryptocurrencies. In addition, the platform combines DEX services with DeFi lending to offer leverage trading. Moreover,, almost all of the products and the platform are community-driven, allowing them to distribute the fees collected from liquidation and swaps among users who stake joe/xjoe.

Tokenomics

JOE is the governance token of TraderJoe on the Avalanche chain. Further, the platform didn’t host any pre-sales, private sales, or even pre-allocations of the JOE token. However,  the team and treasury constitute approximately 40% of the total token distribution. Further,  10% of the total supply is held for potential strategic investors and the remaining 50% for liquidity providers. The token emissions began on 3rd July 2021 and will end on 3rd of Jan 2024.

• Present Market Price: $2.22 (At the time of writing, visit CoinCodeCap Markets to learn more)
• Maximum Supply: 500,000,000
• Total Supply: 199,010,126
• Circulating Supply: 146,373,248.00 JOE
• All time High: $5.02
• Contract: 0x6e84a6216eA6dACC71eE8E6b0a5B7322EEbC0fDd
• Decimals: 18
• Github is constantly updating
• Most of the circulating supply is in smart contracts, meaning there are fewer chances of dumbs by a single holder.

The Smart Contracts

TraderJoe’s smart contracts are completely audited by trusted auditing firms HashEx and Palatin. Further, here are the reports by both the auditing firms on their smart contract audits:

HashEx

HashEx has audited the AMM and Yield farming at TraderJoe. The auditing platform came across three high-level security issues that TraderJoe responded to, and the smart contracts were deployed on Avalanche C-Chain.

Here’s the address of the Timelock contract in Avalanche C-Chain: Timelock 0xAdaF18d79f316005542da4eCb1624B59c4e6e398

Paladin

The lending protocol called Banker Joe has been audited by Paladin. The auditing platform found a few issues, and some of them were taken care of by TraderJoe. However, here’s a screenshot of the number of issues found and resolved.

Issues Found by Paladin Summary

Personally, TraderJoe seems like a safe, decentralized exchange taking into account the audits by HashEx and Paladin. However, you should check back on the smart contracts to see if they were ever updated or something was changed after the audits. In that case, the audits are usually not valid after any changes are made. As per the number of holders and total JOE tokens on SnowTrace, the fund distribution also looks good. 

This article has only presented the facts available with proper sources and screenshots. Therefore, nothing in this article is financial advice, and you should invest your money based on your personal decisions.