Trader Joe Goes All-In On Auto-Pools: Game-Changer For DeFi Investors?
Trader Joe, a Decentralized Exchange (DEX) on the Binance Smart Chain, is making waves in the Decentralized Finance (DeFi) world with its new Auto-Pools feature. According to the DeFi researcher Tindorr, this innovative solution offers a set-and-forget yield farming strategy for liquidity providers (LPs), eliminating laborious position management.
Auto-Pools allows LPs to provide liquidity to multiple assets through Liquidity Books, with strategies built and hosted off-chain by the Trader Joe’s team in a “Black Box”. The scalability and adjustability of Auto-Pools make it a simple yet smart move by Trader Joe’s to outperform other emerging DEXs and ignite bullish sentiment for $ JOE.
Can Trader Joe’s Auto-Pools Ignite Bullish Sentiment?
The combination of Liquidity Book and Auto-Pools provides capital efficiency and the best user experience approach for new DeFi users, attracting more liquidity to the protocol. With the current size of Trader Joe, it has a niche to capitalize on untapped areas in the DeFi market. While competitors are entering the market, being a first mover gives Trader Joe’s an advantage, with the main challenges for new protocols being liquidity and real usage.
For LPs, the first Auto-Pool called “The General” will launch soon, automatically rebalancing and auto-compounding all associated fees and rewards. By staking $ JOE, users can get $ JOE and earn protocol revenue generated, with a significant Annual Percentage Rate (APR) of 22.7%.
The staked $ JOE increased by 2x in just one week, indicating a strong bullish sentiment towards the token.
DeFi researcher Tindorr believes that Trader Joe’s Auto-Pools have the potential to revolutionize the DeFi market. When trading within one bin, the one-click yield farming solution with zero-slippage trading could be a game-changer for DeFi investors seeking a solid product-market fit.
Furthermore, hosting the strategies off-chain gives Trader Joe’s a double-edged sword, with the ability to be highly scalable and dynamically adjustable but also requiring users’ trust in the “Black Box” execution.
Overall, Trader Joe’s Auto-Pools represents a pivotal moment for the DEX to outperform its competitors and attract more liquidity to the protocol. With its niche in untapped areas of the DeFi market, the combination of Liquidity Book and Auto-Pools offers capital efficiency and the best UX approach for new DeFi users.
The first Auto-Pool, “The General,” is set to launch soon, and with the increasing staked $ JOE and high APR, it’s worth keeping an eye on Trader Joe’s future growth.
Trader Joe And WOO Network Partner Up For A Revolutionary Omnichain Ecosystem
Trader Joe and WOO Network have announced a strategic collaboration to strengthen the liquidity of the WOO token on Arbitrum and to expedite growth towards a joint vision of a unified, omnichain future. Per the announcement, this partnership brings together both platforms’ resources and innovative capabilities to enhance market presence and drive innovation in the DeFi space.
As part of the collaboration, WOO traders and liquidity providers can now trade and earn WOO on Trader Joe’s decentralized exchange through the Liquidity Book, one of the most capital-efficient automated market makers (AMMs) in DeFi. Liquidity Book offers zero-slippage swaps and provides liquidity providers unparalleled ease and flexibility in deployment and management, making it an ideal tool to help boost WOO to new heights.
The collaboration between Trader Joe’s and WOO Network is initiated by their joint efforts on Arbitrum, with a long-term perspective focused on fostering mutually beneficial multi-chain growth. The respective communities can look forward to exciting opportunities, such as the recent launch of $ 5,000 of WOO incentives for the WOO/ETH LP on Trader Joe, rewarding quest experiences, and community calls where teams come together to share updates and news.
Featured image from iStock, chart from TradingView.com
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Single Wallet Destroys 1.2 Billion SHIB, Burn Rate Surges Over 2,000%
In a display of token destruction, a single wallet has set the Shiba Inu (SHIB) community ablaze by destroying a significant amount of SHIB tokens. According to data from the Shiba Inu burn tracker, Shibburn, the Shiba Inu burn rate is currently up by 2,372% in the past 24 hours due to the burn from one single wallet.
The burn has not only surged the SHIB burn rate but can also be attributed to the current spike in Shiba Inu which is up by more than 2% in the last 24 hours.
Shiba Inu Burn Rate Surges
According to data from Shibburn, over the past 24 hours, the Shiba Inu community has transferred roughly 1.24 billion SHIB to a designated “dead wallet,” forever removing these tokens from circulation. A single wallet burned approximately 1.23 billion SHIB tokens in the past 24 hours.
Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow?
Notably, the identity behind the wallet which burned this huge amount of tokens has been revealed to be the Blaze token team. Out of all the SHIB tokens burned in the last 24 hours, Blaze Token burned a total of 1.23 billion tokens.
Executed approximately 12 hours ago, this colossal burn event has now propelled Blaze Token’s number of burned SHIB to about 7.9 billion in total.
While the recent burn event might have triggered a portion of excitement in the SHIB community, it is worth noting that more is still to come especially with the launch of the Shibarium.
Shibarium is an underlying blockchain technology that plays a crucial role in facilitating the burn mechanism of Shiba Inu. According to the blockchain developers in a recent series of tweets, each transaction on the Shibarium network would result in a burn of the Shiba Inu (SHIB) token.
SHIB Records Upward Momentum
Following the significant burn, the SHIB token price has picked up an upward momentum in the past 24 hours. Over this period, SHIB has surged by more than 2%. The meme coin currently trades at $ 0.00000905 up from a low of $ 0.00000885 on Monday.
SHIB’s market capitalization has also recorded a slight surge. Over the past 24 hours, more than $ 100 million has been added to SHIB’s market cap bringing the token total cap to roughly $ 5.3 billion while still ranking 16th among the largest cryptocurrency by market cap.
Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens
Interestingly, SHIB trading volume has plunged. The meme coin’s 24-hour trading volume currently stands at $ 156 million, a drop from the volume high of $ 186 million seen earlier this morning.
The price uptick from SHIB suggests that the market has responded favorably to the reduction in circulating supply. As supply decreases, the scarcity of SHIB tokens may contribute to increased demand and potential price appreciation in the long run.
Featured image from Shutterstock, Chart from TradingView
Shiba Inu (SHIB) Burn Continues As Community Destroys 3 Billion Tokens In One Week
The Shiba Inu community remains passionate about controlling its price action by eliminating excess tokens in circulation through burn events as the community has continued to burn SHIB tokens.
Recent data from Shibburn.com reveals that 3.05 billion SHIB got burnt in eight separate burn transactions in the past seven days. The latest statistics represent a 75% increase in the total burn rates compared to the 1.75 billion SHIB burned the previous week.
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Shiba Inu Token Burn Continues
Blaze token has become the top-ranked SHIB burner in the ecosystem since its launch. The project destroyed over 3 billion SHIB in a single transaction executed on May 16, 2023.
In the last 7 days, there have been a total of 3,054,599,199 $ SHIB tokens burned and 8 transactions. #shib
— Shibburn (@shibburn) May 21, 2023
Also, a mysterious wallet burnt 18.23 million SHIB tokens on 16th May, making it a record-breaking date in the ecosystem.
The Shiba Inu community has burnt over 410.6 billion SHIB, with over 574.30 trillion still in circulation. A Twitter user, SHIB INFORMER, notably posted a snapshot of a proposed token burn mechanism on Shibarium.
According to SHIB INFORMER, the Shibarium burns will focus on transactions and regulating the excess supply of tokens in the community through a burning mechanism to boost the value of SHIB tokens.
The Shibarium upgrade is a layer-2 (L2) solution built on the Ethereum network for Shiba Inu. It seeks to transform Shiba Inu from a meme coin to a functional ecosystem. Although there is no definite date for its launch, the SHIB community expects it in 2023.
SHIB Price Action
SHIB is experiencing volatility today as it seeks to recover from the recent price drop in May, leading to a death cross on May 10, 2023.
However, the bears are active in the market, keeping its price down. As such, SHIB is still trading below its 50-day and 200-day Simple Moving Averages (SMA).
Even though the SMAs indicate a bearish sentiment in the short and long term, SHIB shows interesting signals hinting at a bullish recovery. Its Relative Strength Index (RSI) is 39.95 in the neutral zone but moving upwards, indicating a price recovery ahead for the asset.
Also, SHIB’s Moving Average Convergence/Divergence (MACD) is above its signal line, a bullish signal. Notably, its histogram bars are bullish, confirming a bullish sentiment today.
SHIB is close to the $ 0.00000882 resistance level after it found critical support at $ 0.00000851. The bears could not return SHIB’s price to $ 0.00000824, implying that an uptrend to reclaim its closest resistance level is possible.
SHIB will likely rally in the short term to reclaim the $ 0.00000884 price level, although there are no guarantees in the crypto market climate.
Featured image from Pixabay and chart from TradingView
