Moremoney New Trading pair and Farm on Trader’s Joe

Published on: 14.03.2022

Moremoney delighted 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.

Here’s how to leverage your $JOE token if you’re bullish on Trader Joe’s ecosystem

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 they 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

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:

1. Paid back (most of) your loan with the rewards from the sJOE token AND

2. 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!

About Moremoney

Moremoney is a protocol for borrowing against your liquidity pool tokens and other interest and non-interest bearing tokens, while still earning a healthy APY.