As it stands today, the primary utility for both PTP and JOE is that they unlock boosted rewards for staking on the Platypus or Trader Joe platform. Holders who stake their PTP on Platypus, or their JOE on Trader JOE, receive the "vote escrowed" version of the token over time. The share of vePTP and veJOE that a user owns is what increases the user’s staking rewards on each platform.
In the future, vePTP will also be used to vote on asset listings and other governance proposals on the Platypus platform. In turn, veJOE will be used for governance and gauge votes on Trader Joe.
While neither Platypus or Trader Joe require you to lock up your PTP or JOE to receive their ve-token, the user benefits from leaving either staked for as long as possible, since it accures over time. Once a user unstakes any amount of PTP or JOE, their ve-balance resets to 0.