Put your $JOE to good use with Moremoney
This one is a…
We are thrilled to announce the launch of a new trading pair and farm on Trader’s Joe: MONEY-AVAX farm.
$MONEY is a stablecoin that can be borrowed by depositing yield-bearing token collateral. Also, loans on Moremoney are interest free.
It’s always thrilling to see our tokens gain more adoption and utility within the Avalanche ecosystem. And it also opens up new, and very interesting possibilities for you to earn More Money ;-)
Want some alpha?
We have you covered, here is a strategy to help you convert your 1 JOE to More JOEs...
Here’s how to leverage your $JOE token if you’re bullish on Trader Joe’s ecosystem (like us):
First, deposit your stack of $JOE on Moremoney. Moremoney will automatically convert it to sJOE, which will earn USDC rewards (28 % APR at the time of writing, but ranges between 20%-50% depending on trading volume on trader joe).
Second, you can take out a loan that will be repaid using the revenues of the sJOE tokens you just deposited. The amount you can borrow is up to 70 % of the value of your $JOE deposit, but we recommend keeping a safe margin due to the volatile nature of the cryptocurrencies.
After borrowing the $MONEY token, our stablecoin, we suggest that you pair it with some AVAX and deposit on the Trader Joe platform to provide liquidity in the MONEY-AVAX farm
In so doing, you will earn very juicy rewards in the form of MORE + JOE. You also get extra reward from swap fees, for a total APR of 68% at the time of writing.
Pro tip: if you want to put that farm on autopilot, you can stake your LP tokens on YieldYak, to let them compound automatically for you! Yield Yak will sell your rewards and buy more LP tokens, growing your position.
Conclusion
With this strategy, if you borrowed about half the value of your $JOE tokens, after one year, you would have:
- Paid back (most of) your loan with the rewards from the sJOE token AND
- Grown your $AVAX, $MONEY and $JOE bags by providing liquidity on Trader Joe;
Alternatively, if you simply want to get double rewards in the AVAX-MONEY pair, you can simply buy $MONEY tokens on Trader’s Joe or Curve and then pair them with $AVAX!
Hopefully these 2 strategies will help you earn more money and make it in Defi!
