Trader Joe’s, a well-known supermarket chain in the United States, has taken legal action against a decentralized exchange platform (DEX) called Trader Joe for violating federal trademark laws.
The DEX platformwhich operates under the domain name traderjoexyz.com, not only has the same name as the supermarket, but according to recent reportsalso appears to be trying to leverage the supermarket’s established brand and reputation.
American supermarket giant locks horns with trader Joe DEX
Trader Joe’s has become popular in the digital world by initially launching on the Avalanche (AVAX) network and later expanding its presence to BNB Chain, Arbitrum (ARB), and Ethereum (ETH).
It currently owns over $77 million worth of tokens across chains and processed transactions worth $25 million in September alone.
However, its success has been overshadowed by a heated dispute over the brand’s origins and accusations of fraudulent attempts to misrepresent its origins.
Trader Joe’s supermarket chain is growing increasingly frustrated by the lack of response to its requests to stop the abuse of its trademark. As a result, the matter has escalated internationally and a complaint was filed with the World Intellectual Property Organization (WIPO) in May 2022 to force the crypto entity to relinquish its domain name.
In addition, recently filed court documents in the US District Court for the Central District of California shed light on the WIPO proceedings. According to these documents, the defendants presented a false story that distorted the true origins of “Trader Joe’s.”
They claimed the platform was named after the co-founder’s brother, a claim the Trader Joe’s grocery chain vehemently denied.
JOE Token plummets in value amid legal battle
Trader Joe DEX has recently seen notable variations in several critical metrics, locking in shifts in trading volume, market cap, turnover, and total value.
Over the past 24 hours, Trader Joe’s has experienced a 1.68% decline in its performance. This short-term dip in value is reflected in the platform’s seven-day performance, down 3.85%.
However, despite these recent setbacks, the DEX has managed to maintain relative stability over the 30 days, down modestly by 1.04%.
According to TokenTerminal factsOne of the most striking figures is the platform’s 180-day performance, which shows a significant drop of 60.82%.
Nevertheless, when looking at market cap, Trader Joe’s DEX boasts a circulating market cap of $90.84 million, indicating its prominence within the market. DEX ecosystem.
Moreover, the platform shows a positive trend, with a recent increase of 2.26%. Total value locked (TVL) is another crucial metric used to assess the health and popularity of a DEX platform. Despite the recent market fluctuations, trader Joe DEX continues to show a TVL of $78.66 million.
However, it saw a decline of 4.54%, indicating a possible shift in user participation and liquidity within the platform.
Finally, trading volume, a key measure of a platform’s activity, has witnessed a significant year-on-year decline of 18.45%, amounting to $7.61 billion. This drop in trading volume raises concerns about engagement and participation in the Trader Joe DEX platform.
Featured image from TradingView.com’s Shutterstock chart
