In an effort to boost community-owned coinage inside its ecosystem, the Avalanche Foundation, the company behind the smart contract blockchain platform Avalanche, is stepping up its efforts with memecoins and launching a liquidity mining incentive program.
Avalanche’s Memecoin Rush And Rewards
The foundation unveiled “Memecoin Rush” on March 21. As a reward for traders and liquidity providers of community coins built on Avalanche, it offers $1 million in Avalanche tokens. The initial stage of the program will launch on Trader Joe’s and SteakHut’s decentralized finance (DeFi) platforms. These platforms, according to Avalanche, will “incentivize trading and add liquidity strategies” for the network’s community tokens.
The statement states that liquidity providers on liquidity pools of memecoins paired with the AVAX token, such as Coq, NoChill, Tech, and Kimbo, will get benefits. Furthermore, Avalanche named the following people as vault recipients for the reward program: Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit.
While prominent members of the cryptocurrency industry, like as Ethereum co-founder Vitalik Buterin, have criticized memecoin dealers, Avalanche appears to view things differently. It declared on December 29 that it would buy memecoin assets based on the network with its $100 million culture catalyst fund.
Memecoins, according to Avalanche, go “beyond mere utility assets” and symbolize the “collective spirit and shared interests of diverse crypto communities.” It also made clear that the project wants to present its blockchain as a platform for innovative kinds of culture and innovation.
Avalanche made it clear on January 24 that not all memecoins will share in the $100 million fund. The foundation had similar qualifying standards, such as substantial amounts of liquidity, limited ownership concentration among whales, and repudiated contracts. Additionally, the Avalanche Foundation stated that the project ought to be at least one month old.
