The Avalanche Foundation has set criteria for memecoins vying for investment from its $100 million “Culture Catalyst” fund.
Avalanche-based memecoins seeking a share of the $100 million fund must be at least one month old, according to new criteria from the Avalanche Foundation. The foundation has expanded the fund’s scope to include what it terms “community coins.”
Avalanche Foundation’s Criteria for Memecoins Seeking “Culture Catalyst” Fund
In a blog post dated January 23, the Avalanche Foundation outlined flexible criteria for selecting memecoins eligible for its $100 million “Culture Catalyst” fund. Originally designed for nonfungible token (NFT) artists, the fund has expanded its focus. The criteria include requirements such as renounced contracts, low ownership concentration among large holders, and high liquidity levels.
The Foundation emphasized the flexibility of many criteria but outlined minimum eligibility standards, including a requirement of at least 2,000 unique holders, a liquidity threshold of at least $200,000 from 50 different providers, and a project lifespan of at least one month.
The Avalanche Foundation’s selection criteria for picking memecoins eligible for the fund. Source: Avalanche Foundation
Memecoin Projects: Embracing Inherent Worthlessness
Memecoin projects often openly acknowledge their intrinsic lack of value, being created for humor or amusement, resonating with memecoin enthusiasts.
When the Avalanche Foundation initially announced the expansion of its fund’s scope to incorporate memecoins in late December, market commentators raised eyebrows. Some criticized the organization for what they deemed a “desperate and unbecoming” move.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche 🔺 (@avax) December 29, 2023
Avalanche Foundation’s Culture Catalyst Program and CoqInu Dominance
COQ makes no attempt to hide the fact that it’s inherently worthless. Source: Coqinu
Despite facing criticism, the Avalanche Foundation disclosed its active use of the Culture Catalyst program to invest in “community coins.”
One prominent memecoin in the Avalanche ecosystem is CoqInu (COQ), featuring a rooster theme. With a market cap of $75 million, CoqInu is currently the most-traded memecoin on the Avalanche network, according to DexScreener data.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
