The Avalanche Foundation today announced the launch of Meme Coin Rush, a $1 million liquidity mining incentive program to power the meme coin ecosystem on the Avalanche blockchain. The Foundation will provide rewards for providing liquidity to the Meme Coin trading pool on specific DeFi platforms.
The plan is for the foundation to mint five avalanche-based meme coins: dog-themed Kimbo (KIMBO), chicken-themed Coq Inu (COQ), lizard-themed Gecko (GEC), and tech joke tokens TECH and NOCHILL. This follows recent acquisitions. It is part of the Digital Culture Initiative.
“In the same tradition as the Foundation’s successful past incentive programs, Meme Coin Rush is designed to expand liquidity and drive momentum, this time for Avalanche’s community coin ecosystem,” the Avalanche Foundation said in an announcement shared with said. decryption.
Meme Coin Rush also mirrors the earlier Avalanche Rush program, which the foundation said was instrumental in fueling Avalanche DeFi growth when it launched in 2021.
In the first phase of the Meme Coin Rush program, Avalanche is partnering with Avalanche-powered DeFi platforms SteakHut and Trader Joe’s to launch liquidity incentives. Don’t confuse the Trader Joe’s exchange with the popular American grocery store chain.
In Phase 1 of the initiative, the Avalanche Foundation will provide an incentive of $1 million in AVAX for native meme coins from SteakHut and Trader Joe’s. At SteakHut, the Avalanche Foundation uses Uniswap V3 to provide mining rewards to those who inject liquidity into the native meme coin pool. This helps reduce volatility, increase liquidity, and enable trading of these tokens.
Meanwhile, at Trader Joe’s, Avalanche will be rolling out incentives through “one-sided, time-locked staking vaults for specific tokens based on holder and market capitalization criteria.” Users earn points for staking into the pool, which increases the scarcity of those tokens and potentially increases their price.
According to the foundation, the first weekly epoch includes vaults for community coins such as Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit.
Meme coins are cryptocurrencies inspired by internet memes or jokes. They started out as a casual way to get involved in the cryptocurrency community, but have since grown into a serious but notoriously unstable investment for some. The most famous example of a meme coin is Dogecoin, a parody of Bitcoin. The coin was created as a parody of Bitcoin, but has since gained a huge following and even attracted the attention of celebrities such as Elon Musk.
The growth of meme coins can be attributed to several factors, including the power of social media for the rapid spread of memes, accessible and low prices that appeal to new investors, and the fun and community-driven nature of grassroots social media campaigns.
These tokens were not particularly popular on Avalanche, but mostly ran on Ethereum and Solana. The Avalanche Foundation aims to change that.
“Meme Coin has become a cornerstone of Web3, representing the creativity and interest of the diverse cryptocurrency community,” Eric Kang, BD Manager at Ava Labs, said in the announcement. “Meme Coin Rush will be a showcase for users to see the diversity of Avalanche-based DeFi protocols and dive into a vibrant community at the forefront of Avalanche culture.”
editor Ryan Ozawa.