Avalanche Amplifies Focus on Meme Coins with Launch of $1 Million Liquidity Mining Incentive Initiative
The Avalanche Foundation has unveiled “Memecoin Rush,” an initiative aimed at boosting liquidity for meme coin providers within the AVAX ecosystem.
This move is part of a broader strategy to support meme coin communities on Avalanche, allocating $1 million in incentives for liquidity provision on Trader Joe and Steakhut, two decentralized platforms within the AVAX network. The program is set to extend its reach to additional platforms in the future.
Under the banner of the “Meme Coin Liquidity Incentives Program,” the foundation seeks to bolster the presence and usability of meme coins developed on the Avalanche blockchain.
“Memecoin Rush” is designed to offer extra rewards to those contributing liquidity to selected meme coins on Trader Joe and Steakhut, marking a significant step in Avalanche’s commitment to the meme coin sector.
The initial phase of this program earmarks $1 million for liquidity providers on these platforms, introducing single asset staking on Trader Joe and liquidity pool pairs featuring meme coins and AVAX on Steakhut.
Highlighted for participation in this inaugural phase are meme coins such as Coq, Kimbo, Nochill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit. Many of these tokens are integral to the Avalanche Foundation’s treasury, acquired through its $100 “Culture Catalyst” fund initiated in 2022 and redirected for this purpose in December, following a selection process unveiled in January.
Despite mixed perceptions of meme coins within the broader industry, the Avalanche Foundation recognizes their significance, viewing them as critical elements of Web3 culture that reflect the dynamism of crypto communities.
Emin Gün Sirer, the founder and CEO of Ava Labs, has previously acknowledged the cultural significance of meme coins, considering them essential for community engagement and social interaction within the crypto space.
Eric Kang, a Business Development Manager at Ava Labs, commented on the program, emphasizing its role in highlighting the variety of Avalanche’s native DeFi protocols and the vibrant communities that are shaping the cultural landscape of Avalanche.
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