Trademark Tussle: Trader Joe’s Grocery Slaps Lawsuit On DEX Trading Platform
October 10 2023 - 6:00PM
NEWSBTC
Trader Joe’s, a well-known supermarket chain in the United States,
has taken legal action against a decentralized exchange (DEX)
platform named Trader Joe, alleging that it has violated federal
trademark laws. The DEX platform, which operates under the
domain name traderjoexyz.com, not only shares the same name as the
supermarket but, according to recent reports, also appears to be
trying to leverage the supermarket’s established brand and
reputation. US Supermarket Giant Locks Horns With Trader Joe
DEX Trader Joe’s has gained popularity in the digital realm by
initially launching on the Avalanche (AVAX) network and later
expanding its presence to BNB Chain, Arbitrum (ARB), and Ethereum
(ETH). It currently holds over $77 million worth of tokens
across various chains and has processed trades amounting to $25
million in September alone. However, its success has been
overshadowed by a heated dispute regarding the origin of its brand
and allegations of fraudulent attempts to misrepresent its origins.
Related Reading: Here’s Why The Ethereum Price Fell Toward $1,500
Trader Joe’s supermarket chain has grown increasingly frustrated by
the lack of response to its requests to cease the misuse 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. Furthermore, recently filed court
documents in the US District Court for the Central District of
California shed light on the proceedings at WIPO. According to
these documents, the defendants presented a false narrative that
distorted the true origins of “Trader Joe’s.” They claimed
that the platform was named after the co-founder’s brother, a claim
that Trader Joe’s supermarket chain has vehemently denied. JOE
Token Plummets In Value Amidst Legal Battle Trader Joe DEX has
recently seen notable variations in several critical metrics, with
shifts in trading volume, market capitalization, revenue, and total
value locked. Over the past 24 hours, Trader Joe’s experienced a
decline of 1.68% in its performance. This short-term dip in value
has been reflected in the platform’s seven-day performance, with a
3.85% decrease. However, despite these recent setbacks, the
DEX has managed to maintain relative stability over 30 days, with a
modest decline of 1.04%. According to Token Terminal data, one of
the most striking figures is the platform’s 180-day performance,
which shows a significant drop of 60.82%. Related Reading: Cardano
(ADA) Struggles To Stay Above $0.26: What This Means For Traders
Nevertheless, when considering market capitalization, Trader Joe’s
DEX boasts a circulating market cap of $90.84 million, indicating
its prominence within the DEX ecosystem. Moreover, the
platform has shown 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 demonstrating
a TVL of $78.66 million. However, it experienced a decline of
4.54%, suggesting a potential shift in user participation and
liquidity within the platform. Finally, trading volume, an
essential measure of a platform’s activity, has witnessed a
significant annualized decrease of 18.45%, amounting to $7.61
billion. This decline in trading volume raises concerns about
engagement and participation on the Trader Joe DEX platform.
Featured image from Shutterstock chart from TradingView.com
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