Introduction of Meme Coin Rush by Avalanche Foundation

The Avalanche Foundation, the non-profit organization behind the Avalanche ecosystem, has initiated the first phase of the Meme Coin Rush program. This $1 million liquidity mining incentive program aims to support and boost the community coin ecosystem on Avalanche.

This phase has started with the collaboration of liquidity management platform SteakHut and decentralized exchange Trader Joe, as stated in a recent announcement by CryptoPotato.

Objective of Meme Coin Rush

Meme Coin Rush was specifically created to enhance liquidity and bring attention to community coins on the Avalanche network. Community coins encompass meme coins, non-fungible tokens (NFTs), and similar cryptocurrencies developed by community members for cultural expression and interaction.

This program is a continuation of the successful Avalanche Rush initiative that has contributed to the growth of Avalanche’s decentralized finance (DeFi) sector since 2021. Both programs reflect the Foundation’s dedication to establishing a more accessible, decentralized, and cost-effective ecosystem.

Incentives and Participants

In the initial phase, the Foundation will reward liquidity providers on SteakHut and Trader Joe with $1 million AVAX and selected community coins. These platforms will be responsible for implementing liquidity strategies for the chosen assets, with additional participants to be revealed in the near future.

“Meme coins have become a cornerstone of Web3, representing the uniqueness and interests of diverse crypto communities. Meme Coin Rush will be a showcase for users to see the diversity of Avalanche-native DeFi protocols and to dive into vibrant communities at the forefront of culture on Avalanche,” stated Eric Kang, BD Manager at Ava Labs.

Acquisition of Community Coins

SteakHut will distribute rewards for its Uniswap V3 liquidity mining program in various community coins such as Coq, NoChill, Tech, and Kimbo. On the other hand, Trader Joe will offer incentives through single-sided, time-locked staking vaults for selected tokens based on criteria like holders and market cap.

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Participants can earn rewards by staking into pools and will receive AVAX and community coins like Coq, Kimbo, Husky, and Meow at the end of each epoch.

Following the introduction of an eligibility framework for supported tokens, the Avalanche Foundation has acquired community coins, allocating a significant portion of its $100 million NFT incubator fund for this purpose. Criteria for eligible meme coins include positive social sentiment, substantial holders, liquidity, and project maturity.

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