Dealer Joe’s, a well known grocery store chain in the US, has taken authorized motion towards a decentralized alternate (DEX) platform named Dealer Joe, alleging that it has violated federal trademark legal guidelines.
The DEX platform, which operates beneath the area title traderjoexyz.com, not solely shares the identical title because the grocery store however, based on current reviews, additionally seems to be attempting to leverage the grocery store’s established model and popularity.
US Grocery store Big Locks Horns With Dealer Joe DEX
Dealer Joe’s has gained reputation within the digital realm by initially launching on the Avalanche (AVAX) community and later increasing its presence to BNB Chain, Arbitrum (ARB), and Ethereum (ETH).
It at present holds over $77 million value of tokens throughout varied chains and has processed trades amounting to $25 million in September alone.
Nonetheless, its success has been overshadowed by a heated dispute concerning the origin of its model and allegations of fraudulent makes an attempt to misrepresent its origins.
Dealer Joe’s grocery store chain has grown more and more annoyed by the shortage of response to its requests to stop the misuse of its trademark. Because of this, the matter has escalated internationally, and a criticism was filed with the World Mental Property Group (WIPO) in Might 2022 to pressure the crypto entity to relinquish its area title.
Moreover, not too long ago filed court docket paperwork within the US District Court docket for the Central District of California make clear the proceedings at WIPO. Based on these paperwork, the defendants offered a false narrative that distorted the true origins of “Dealer Joe’s.”
They claimed that the platform was named after the co-founder’s brother, a declare that Dealer Joe’s grocery store chain has vehemently denied.
JOE Token Plummets In Worth Amidst Authorized Battle
Dealer Joe DEX has not too long ago seen notable variations in a number of vital metrics, with shifts in buying and selling quantity, market capitalization, income, and complete worth locked.
Over the previous 24 hours, Dealer Joe’s skilled a decline of 1.68% in its efficiency. This short-term dip in worth has been mirrored within the platform’s seven-day efficiency, with a 3.85% lower.
Nonetheless, regardless of these current setbacks, the DEX has managed to keep up relative stability over 30 days, with a modest decline of 1.04%.
Based on Token Terminal information, some of the hanging figures is the platform’s 180-day efficiency, which exhibits a big drop of 60.82%.
Nonetheless, when contemplating market capitalization, Dealer Joe’s DEX boasts a circulating market cap of $90.84 million, indicating its prominence inside the DEX ecosystem.
Furthermore, the platform has proven a constructive development, with a current enhance of two.26%. Complete worth locked (TVL) is one other essential metric used to evaluate the well being and recognition of a DEX platform. Regardless of the current market fluctuations, Dealer Joe DEX continues demonstrating a TVL of $78.66 million.
Nonetheless, it skilled a decline of 4.54%, suggesting a possible shift in consumer participation and liquidity inside the platform.
Lastly, buying and selling quantity, an important measure of a platform’s exercise, has witnessed a big annualized lower of 18.45%, amounting to $7.61 billion. This decline in buying and selling quantity raises issues about engagement and participation on the Dealer Joe DEX platform.
Featured picture from Shutterstock chart from TradingView.com