Understanding veJOE
A deep-dive into the veJOE staking
VeJOE is Trader Joe’s staking option that allows users to stake their JOE into the protocol to earn veJOE.
veJOE allows users to gain higher JOE farming yields from select boosted farms
veJOE holders will also receive governance privileges, which will be a future addition to veJOE.
When it comes to staking your JOE tokens, holders have three options:
- rJOE Staking: rJOE is an allocation token used to enter Rocket Joe launches
- sJOE Staking: sJOE Staking provides users with yields in the form of a stablecoins
- veJOE Staking: veJOE Staking provides users with boosted JOE farm rewards
veJOE is Trader Joe’s staking method that allows users to stake their JOE into the protocol to earn veJOE. veJOE allows users to gain higher JOE farming yields.
- veJOE provides up to +150% (2.5x) higher JOE yields
Stake JOE into veJOE to earn boosted JOE rewards from select farms
By staking your JOE tokens into veJOE staking, you earn more JOE! And the more JOE you have to stake, the higher the rewards you can make. That's where SteakHut comes in...
By joining the SteakHut Herd and Zapping your JOE, we can put our JOE together and generate the highest yields!
By operating and leveraging large economies of scale (The Herd) we are able to take advantage of the veJOE Staking Pool's Player vs Player model. This allows the SteakHut protocol to provide large boosted yields for the SteakHut Herd.
veJOE incentivizes Farmers to not sell their JOE Rewards:
- The more JOE you have Staked into veJOE, the more veJOE you can earn overtime
- The more veJOE you accrue, the higher your JOE Farm Yields will be
- If you unstake any amount of JOE from veJOE you lose all accrued veJOE
- The more veJOE you have the more voting power you will receive for future Governance
If you top-up more JOE Tokens to your existing Stake, you can activate a veJOE accrual boost
- Top up more than 5% of your existing Staked JOE to activate this boost
- The Speed Up mechanic is there to allow for new users to catch up with existing veJOE Stakers
By participating in SteakHut’s large “Herd” pools we look to optimize all contingencies of the veJOE farming protocol to deliver the strongest possible returns to investors.
This means:
- Higher Farming yields for LP Token Depositors
- Zappers are rewarded with Airdrops and revenue shares
By working together we are able to take advantage of the veJOE Staking Pool's Player vs Player model, and acquire governance of the veJOE farming protocol.
SteakHut will not only deliver higher returns but also acquire governance through veJOE
veJOE's PVP farming model functions by rewarding higher boosted yields for the more veJOE you have. By aggregating or pooling your JOE with the SteakHut Herd we are able to capture larger boosted yields than would be possible on an individual basis.
SteakHut’s sole goal is to optimize veJOE yields and provide the best possible returns to the Herd. SteakHut’s protocol is designed to work hand-in-hand with JOE’s veTokenomics.
When JOE tokens are Zapped with the Herd, we put your tokens to work! 🚜
By blackholing JOE tokens, we diamond-hand them to hold forever and earn the highest possible rewards for the Herd.
As our blackholed JOE tokens increase, so does our control in the JOE Wars and our influence over the protocol. By commanding a large supply of circulating JOE tokens, we can lock these in the SteakHut protocol forever and away from other competitors.
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A simple example of staking into the TraderJoe Boosted Masterchef contract can be seen below, whereby you can achieve the same amount of JOE per second with less than half the amount of LP tokens if you just accumulated 100 veJOE.
User | veJOE | LP Tokens | Multiplier | Weighted LP | Adj. Pool Share | JOE per Sec |
|---|---|---|---|---|---|---|
Alice | 100 | 1,000 | 2.5 | 2,500 | 0.5 | 0.5 |
Bob | 0 | 2,500 | 1 | 2,500 | 0.5 | 0.5 |
Total | 100 | 3,500 | | 5,000 | 1 | 1 |
The example has been expanded below to demonstrate the power of staking with the SteakHut Herd. SteakHut incentivizes users allowing the protocol to accumulate significantly more veJOE than what's possible staking alone.
With SteakHut you can receive a much higher boosted multiplier than if farming alone
User | veJOE | LP Tokens | Farm Factor | Base Rewards | veJOE Rewards | JOE per Sec |
|---|---|---|---|---|---|---|
You | 100 | 1,000 | 316.227 | 0.2 | 0.0965 | 0.2965 |
Bob | 200 | 1,000 | 447.213 | 0.2 | 0.1364 | 0.3364 |
SteakHut | 300 | 1,000 | 547.722 | 0.2 | 0.1671 | 0.3671 |
Totals | | 3,000 | 1311.164 | | | 1.0000 |
By leveraging the power of the Herd, you will be able to generate significantly increased yields than if you were to stake individually through Trader Joe.
Last modified 6mo ago