Avalanche Foundation Initiates $1M Memecoin Rush Incentive Program to Boost Liquidity for Community Coins
In Brief
Avalanche Foundation launched $1 million incentive program Memecoin Rush to scale liquidity within the community coin ecosystem on Avalanche.
Non-profit organization focused on fostering the growth of the Avalanche ecosystem, Avalanche Foundation initiated the first phase of Memecoin Rush–a $1 million liquidity mining incentive program aimed at scaling liquidity within the community coin ecosystem on Avalanche blockchain (AVAX). Memecoin Rush begins today and will be further rolled out in multiple phases.
“Memecoins have become a cornerstone of Web3, representing the uniqueness and interests of diverse crypto communities,” said Eric Kang, Business Development Manager at Ava Labs. “Memecoin 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,” he added.
The first phase of Memecoin Rush starts in partnership with SteakHut, a liquidity management and decentralized market-making platform, and Trader Joe, a decentralized exchange (DEX). This phase offers incentives in AVAX and chosen community coins to liquidity providers on these Avalanche-native projects. SteakHut and Trader Joe will incentivize trading activities and deploy strategies to enhance liquidity for specific community tokens.
SteakHut’s Uniswap V3 liquidity mining program offers rewards to liquidity providers for community coins, including Coq, NoChill, Tech, and Kimbo in the COQ/AVAX, NOCHILL/AVAX, KIMBO/AVAX, and TECH/AVAX pools.
Furthermore, Trader Joe introduces incentives through single-sided, time-locked staking vaults for specific tokens, considering holder and market capitalization criteria, allowing users to earn points by staking into pools and tracking their points via a leaderboard. Stakers may unlock bonus multipliers further to increase their rewards, with rewards distributed in AVAX and other tokens at the end of each epoch.
In the first weekly epoch, vaults will be available for Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit community coins.
Avalanche Foundation Supports Avalanche Ecosystem through Acquisition of Community Coins and Ongoing Avalanche Rush Program
The Avalanche Foundation supports the growth and development of the Avalanche public network and its community through various means, including funding through grants and investments, promoting the development and implementation of diverse software, staking tokens, operating nodes, or validators, among others.
Recently, the Avalanche Foundation announced its acquisition of Avalanche community coins that have become significant in the Web3 landscape, representing the diverse array of crypto communities. Each community coin acquired by the Avalanche Foundation adheres to Avalanche Foundation’s community coin projects.
The introduction of the Memecoin Rush program by the Avalanche Foundation marks the continuation of Avalanche Rush, a liquidity mining initiative that has facilitated growth in Avalanche decentralized finance (DeFi) since its inception in 2021. The Avalanche Rush continued initiative reflects the Avalanche Foundation’s commitment to advancing DeFi and enhancing the Avalanche ecosystem.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
