A new week has begun, and gas fees on various chains have finally decreased. It's time to start claiming airdrops again!

On December 11th, Trader Joe launched DEX Merchant Moe, a platform dedicated to Mantle Network, aimed at expanding the innovative liquidity hub established by Trader Joe. JOE token holders will receive a 2.5% airdrop of the total project token amount during the new token generation event (TGE) for $MOE, and an additional 5% will be distributed over the next 12 months. According to the official document, the only way to obtain MOE tokens is to hold JOE tokens and participate in staking. Please note that the link provided in the content is not translated and any English characters within HTML tags are omitted.

On December 23rd, Merchant Moe once again released a document introducing the timeline from its release to full deployment on the Mantle Network, and stated that the $MOE token issuance will be launched in early January 2024. Therefore, BlockBeats has compiled a tutorial on how to participate in JOE staking to receive MOE token airdrops for readers' reference.

How to participate in staking

As mentioned earlier, the initial allocation of MOE is only applicable to JOE token holders, and this opportunity appears in two stages. Firstly, 2.5% of the total supply of MOE is initially allocated. After the first allocation, JOE token holders can receive an additional 5% of the total supply, with the distribution time being one year. To participate in these two stages, users must transfer their JOE tokens to Mantle Network and then deposit them into the mJOE staking on the Merchant Moe platform.

Here is the specific pledge process:

1. Purchase JOE tokens. If purchased on a CEX, they need to be withdrawn to the following network and gas tokens on the corresponding chain should be prepared.

2. This article takes Avalanche as an example and uses the official bridge to connect JOE to Mantle Network. The link to the official bridge is https://bridge.traderjoexyz.com/.

Mantle Network uses MNT tokens as gas. If you don't have MNT, you can add "destination gas" on the bridging interface. Simply click the "Add" button before transferring JOE. You can also purchase MNT on CEX and transfer it to Mantle Network.

3. Enter the airdrop staking interface and connect your wallet. Then enter the amount of JOE you want to stake, click "Approve JOE". Since we have already used the official bridge for cross-chain transfer in the previous step, you only need to confirm here.

Then click Stake JOE to approve the transaction;

4. After successful pledge, you can see the JOE pledge balance and the future amount of MOE to be obtained below this interface.

Merchant Moe Token Economics

Mantle Network, as an emerging Layer 2 solution, has maintained a stable development pace since its launch on the mainnet. According to L2Beat data, as of the time of writing, its TVL has reached $254 million, ranking seventh. Within the Mantle Network ecosystem, there are native DEXs such as FusionX and Symbiosis, and the newly launched Merchant Moe in collaboration with Trader Joe will also receive support from the various native DEXs within the Mantle ecosystem.

Merchant Moe is supported by Mantle EcoFund, a fund within the encryption industry, and will work closely with the Mantle team to become the central trading and liquidity center in the Mantle ecosystem. Its native token is MOE, and staking MOE tokens can earn stablecoin income through sMOE, while veMOE can unlock voting rights for future MOE issuances.

According to its official documentation, the total supply of MOE is 500,000,000, of which 30% is used for liquidity mining, 15% for Seed Round, 15% for future reserve funds, 5.0% for staking, 2.5% for airdrops, and the remaining 32.5% is allocated to the team and treasury.

Merchant Moe's official website has not specified the exact time for the airdrop, but according to official documents, it is scheduled for the coming weeks. Prior to the initial distribution, JOE holders do not need to take a snapshot, but users must stake their JOE tokens in the mJOE contract during the TGE.

Liquidity Book: Trader Joe's Core Weapon

Merchant Moe is another expansion move by Trader Joe.

In August of this year, Trader Joe was deployed to the Ethereum mainnet. Prior to this, Trader Joe had already gone live on networks such as Avalanche, Arbitrum, and BNB Chain. According to DefiLlama data, Trader Joe's total locked-in value on the Arbitrum network has reached $167 million, and its ecosystem activity has been steadily increasing in recent times.

At the beginning of this year, Trader Joe integrated LayerZero, and its native token JOE is planned to be transformed into a full-chain token. On May 19th, Trader Joe announced that by adopting LayerZero's OFT Token standard, JOE has achieved seamless cross-chain functionality, allowing users to perform JOE cross-chain transactions between Avalanche, Arbitrum, BNB Chain, and other chains, while avoiding the security risks associated with "wrapping".

Trader Joe's core advantage lies in its resilient, highly deliverable, and innovative team. Its core business is spot DEX, and the Trader Joe team has made many product and mechanism innovations on top of it, specifically reflected in its V2 product - Liquidity Book. Merchant Moe will also launch Liquidity Book after going live to reduce trading costs.

Related reading: "Arbitrum Gets a Second Wind? Comprehensive Analysis of Trader Joe's Business Status, Token Model, and Valuation"

Liquidity Book is actually a reinvention of the centralized liquidity concept of Uniswap V3. Essentially, it is a combination of the "order book" and "liquidity pool" mechanisms. Liquidity Book introduces the price range unit "Bin" on the basis of centralized liquidity, where a Bin (liquidity box) represents a range filled with liquidity.

Trader Joe's AVAX-USDC trading pair's Bin distribution and Bin trading volume

The width of each Bin in each liquidity pool is fixed and equal, and the difference between each Bin is called the "Bin step". For example, the Bin step for the AVAX-USDC trading pair in the above image is 20BP=0.02%. The Bin step for each pool in each trading pair is a parameter that can be set by the creator, so different pools with different Bin steps can be created for the same trading pair.

Trader Joe's Bin is similar to the order book matching mode based on the order book of CEX, and the Bin step is the minimum unit between the order book prices of CEX. Therefore, Trader Joe's DEX is a custom order book with Bin width as the order placement unit.

In March of this year, after the Arbitrum airdrop, its on-chain transaction volume remained high. Uniswap V3, which was launched on Arbitrum early on, naturally gained the largest liquidity and trading volume. However, at that time, Trader Joe also became the second largest DEX in terms of trading volume on Arbitrum, generating 45% of the ETH-ARB trading volume, thanks to its product experience and market-making reward operation activities through Liquidity Book.

It can be seen that with the launch of Merchant Moe, Trader Joe's expansion will move to the emerging Layer 2 platform to drive further liquidity growth. At that time, with the release of MOE airdrop, perhaps Merchant Moe will also become a rising star on Mantle Network's DEX with the core technology of Trader Joe.

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