Token Description & Project Background

TraderJoe is a decentralized exchange (DEX) operating on the Avalanche Network. If offers an intuitive interface for users to engage in various activities like swapping, borrowing, leverage trading, buying NFTs and earning rewards through staking; all while benefitting from low transaction fees.

JOE tokens, the native currency of TraderJoe, were not distributed via an Initial Coin Offering (ICO), pre-sale, or pre-mine. Instead, they were distributed to users who were engaging with and providing liquidity to the platform.

The development of TraderJoe was carried out by a team of anonymous individuals known only as Cryptofish, 0xmurloc and Hruday. Cryptofish, who has a track record of contributing to different Avalanche projects like Snowball, Pandaswap, and Sherpa Cash is recognized as a pseudonymous member of the team. Additionally, it is believed that Cryptofish has previous experience at Google and holds a Master’s degree in Computer Science from a university in the United States.

Risks of JOE

Like an investment in other crypto assets, there are some general risks to investing in JOE. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in JOE is subject to the following specific risks:

• JOE operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. Furthermore, the development team behind JOE remains anonymous, and the project’s future trajectory hinges on the decisions made by a global community of JOE token holders

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with JOE. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The JOE community are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of JOE have no recourse to the JOE community, or Uphold if JOE declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing JOE on the Uphold Platform, Uphold performed due diligence on JOE and determined that JOE is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of JOE, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of JOE.
• Any marketing materials put forward by the JOE social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with JOE, including any code defects, security breaches and other threats concerning JOE and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with JOE, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of JOE. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.