The Avalanche Foundation has started the first phase of Memecoin Rush, a program with $1 million in liquidity mining incentives aimed at boosting the community coin ecosystem on the Avalanche (AVAX) blockchain.
Announced in a blog post, this initiative will start by collaborating with SteakHut and Trader Joe, two well-known platforms on Avalanche. They will incentivize trading and offer liquidity for chosen community tokens like Kimbo (KIMBO), Gecko Inu (GEC), Coq Inu (COQ), TECH, and NOCHILL.
SteakHut’s Liquidity Mining Program
Memecoin szn continues 🥁🥁🥁
The @AvalancheFDN is kicking off Phase 1 of Memecoin Rush, a liquidity mining incentive program designed to help scale liquidity and drive momentum for the community coin ecosystem on Avalanche.
Here's the rundown 🧵👇https://t.co/6WDkrO6UYz
— Avalanche 🔺 (@avax) March 21, 2024
SteakHut, known for its dynamic liquidity management and decentralized market making, is launching a liquidity mining program. Through this initiative, rewards will be distributed across various trading pairs using the Uniswap V3 liquidity mining program. Tokens such as COQ, NOCHILL, TECH, and KIMBO will be included in this program.
Trader Joe’s Staking Vaults: Trader Joe is introducing incentives through single-sided, time-locked staking vaults tailored for specific tokens. These tokens will be selected based on holder and market cap criteria.
Earning Rewards: Participants can earn rewards by staking into pools. Rewards will be distributed in AVAX and community coins like COQ and KIMBO at the end of a specified period.
Avalanche Foundation’s Memecoin Rush Launch
The Avalanche Foundation has launched the first phase of Memecoin Rush, following its recent acquisition spree of community coins. This initiative was prompted by the introduction of an eligibility framework for supported tokens.
A significant portion of the Foundation’s $100 million NFT incubator fund has been allocated for purchasing these tokens. Criteria for selection include positive social sentiment, significant holders, liquidity, and project maturity.
Eric Kang, BD Manager at Ava Labs, highlighted the importance of meme coins within the web3 space, emphasizing their representation of the uniqueness and interests of diverse crypto communities.
Memecoin Rush will provide a platform for users to explore the diversity of defi protocols native to Avalanche 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 foster broader support and adoption for Avalanche-native tokens.
How to Participate: Users can participate in Memecoin Rush by adding liquidity to meme coin pairs on SteakHut or by staking in meme vaults on Trader Joe.
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.
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