Avalanche Foundation, the nonprofit organization behind the Avalanche ecosystem, launched the first phase of a $1 million liquidity mining incentive program called Meme Coin Rush.
According to an advertisement seen by CryptoPotatoThe first phase was initiated with the participation of decentralized market making and liquidity management platform SteakHut and decentralized exchange Trader Joe.
Avalanche begins the Memecoin fever
Meme Coin Rush was created to help increase liquidity and boost the community coin ecosystem on Avalanche. Community currencies refer to meme coins, non-fungible tokens (NFTs), and similar cryptocurrencies designed by community members for cultural expression and interaction.
The program is a continuation of Avalanche Rush, an ongoing liquidity mining initiative that has helped fuel Avalanche's decentralized finance (DeFi) sector since 2021. Together, the two programs represent the Foundation's commitment to creating an ecosystem more accessible, decentralized and profitable. .
In this first phase, the Foundation will provide $1 million of AVAX as incentives and select community coins to liquidity providers at SteakHut and Trader Joe's. These platforms are tasked with adding liquidity strategies for the chosen assets. Avalanche will announce additional participants in the coming weeks.
“Meme coins have become the cornerstone of Web3, representing the uniqueness and interests of various crypto communities. “Meme Coin Rush will be a showcase for users to see the diversity of Avalanche’s native DeFi protocols and immerse themselves in vibrant communities at the forefront of Avalanche culture,” said Eric Kang, BD Manager at Ava Labs.
Avalanche acquires community coins
For SteakHut, liquidity providers will receive rewards from its Uniswap V3 liquidity mining program in several community coins including Coq, NoChill, tech, and Kimbo.
On the other hand, Trader Joe will launch incentives with single-sided, time-limited staking vaults for tokens selected based on holder criteria and market capitalization. Participants can earn points by betting in groups. At the end of each epoch, rewards will be distributed in AVAX and community currencies such as Coq, Kimbo, Husky, and Meow.
The launch of the first phase of Meme Coin Rush comes shortly after the Avalanche Foundation announced its acquisition of community coins following the introduction of an eligibility framework for supported tokens. The initiative allocates a significant portion of its $100 million nft incubator fund to purchase the tokens.
Some criteria that meme coins must meet include positive social sentiment, substantial holders, liquidity, and project maturity.
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