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The Avalanche Foundation initiated the first phase of Memecoin Rush, a $1 million liquidity mining incentive program to catalyze the community coin ecosystem on the Avalanche (AVAX) blockchain.
This initiative, Announced In a blog post, it will begin with SteakHut and Trader Joe, two prominent platforms native to Avalanche, to incentivize trading and provide liquidity for select community tokens. Among these are Kimbo (KIMBO), Gecko Inu (GEC), Internal Coq (cohq), technology and NOCHILL.
SteakHut, known for its active liquidity management and decentralized market making, will offer rewards on multiple trading pairs through the Uniswap V3 liquidity mining program for COQ, NOCHILL, tech, and KIMBO.
Trader Joe will offer incentives through single-sided, time-limited staking vaults tailored to specific tokens based on holder criteria and market capitalization.
Participants can earn points by staking in pools, with rewards distributed in AVAX and community currencies such as COQ and KIMBO at the end of a specific period.
Avalanche Foundation acquires community coins
The launch of the first phase of Memecoin Rush follows on the heels of the recent wave of community coin acquisitions by the Avalanche Foundation, driven by the introduction of an eligibility framework for supported tokens.
A substantial portion of the Foundation's $100 million nft incubator fund has been earmarked for the purchase of these tokens, with key factors in the selection process being criteria including positive social sentiment, significant holders, liquidity, and project maturity. .
Eric Kang, DB Manager at Ava Labs, emphasized the importance of meme coins within the web3 space.
“Memecoins have become the cornerstone of Web3, representing the uniqueness and interests of diverse crypto communities,” Kang said.
Memecoin Rush, he added, will serve as a platform for users to explore the diversity of Avalanche's native defi protocols and engage with vibrant communities at the forefront of cultural expression on the platform.
By incentivizing liquidity provision and active participation, Memecoin Rush aims to encourage broader support and adoption for native Avalanche tokens.
Users can add liquidity to meme coin pairs on SteakHut to join the race or stake meme vaults on Trader Joe's.
