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Those Rocket Launches on Trader Joe hasn't brought much profit yet!

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unbiasedwriter7.7 K3 years agoPeakD3 min read

If you know me, then you know that I am a big fan of spotlight/launchpad projects and I always enjoy such opportunities. That is also why I have bought tokens during token sales on PenguinFinance, and recently, I have also been a part of several sales av Avalaunch.

The most recent, however, is joining token sales on TraderJoe. It must be said that the token sales on TraderJoe are very different from a normal sale. How come? Because you join the sale with, let us say, 4 AVAX. You can only join sales based on your number of rJOE tokens, something you get through staking JOE tokens on the platform. But, let us say that you join with 4 AVAX. Now, those are then added to a liquidity pool which will turn your deposit into 50% of the token you buy, and 50% AVAX. These are then combined added to the liquidity pool and after approximately 1 week, you receive your LP tokens. You can then just keep them there and earn trading fees, or you can remove your LP tokens and cash out.

https://files.peakd.com/file/peakd-hive/unbiasedwriter/Eo1vtvEKRcGgHfjxTQCxFZrLgWMFhghaQViNw1sRqSVNxLf9HVSosdugT4G9qYg1LT3.jpg

In theory, if this would be like all other spotlight/launchpad projects, you would end up with more AVAX in the end than before. But, so far I have been a part of two different projects on TraderJoe, and unfortunately, I have ended up with less AVAX in both situations.

The most recent token sale was FIEF, and I have got to admit, it was very close. I spent 2,5AVAX, and if I take into consideration the fact that I received a little "bonus" (which everyone else taking part also did), I think the final result after removing my LP tokens and then turning the 50% of FIEF tokens into AVAX, the total result was something like 2,4 AVAX. In other words, not a big loss, but far away from those 3x-4x or 10x profit we have often seen from similar projects on Kucoin and Binance.

Today, I spent 1/1 AVAX for two new sales on TraderJoe, for Echidna Finance and Vector Finance, both taking part in the so-called PTP war. These are all projects that I am bullish about, and I am extremely bullish on Platypus Finance (PTP) as a platform in itself. I might not expect much profit from the token sales on TraderJoe, but I decided to join, just for fun (in a world that is way more serious right now than I like).

So while praying for Ukraine (and Russia), I do try to concentrate on something else instead, like the PTP wars, or maybe the PTP Party is a better name (as some people have suggested).

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