While the meme coin wind was blowing in the crypto market, a new move came from the Avalanche Foundation. The Foundation launched Meme Coin Rush to raise meme coins like Kimbo, Gecko. Within the scope of this program, it will give a reward of 1 million dollars. Here are the details…
‘‘Meme Coin Rush’ begins: There’s a $1 million prize!
Avalanche Foundation announced the launch of Meme Coin Rush. This program includes a $1 million liquidity mining incentive. The Avalanche Foundation thus aims to strengthen the meme coin ecosystem on the Avalanche Blockchain. The Foundation will distribute rewards to those who provide liquidity for meme coin trading pools on select DeFi platforms.
This initiative, as part of the Foundation’s digital culture initiative, recently launched five Avalanche-based meme coins: dog-themed Kimbo (KIMBO), chicken-themed Coq Inu (COQ), lizard-themed Gecko (GEC), tech joke token TECH and NOCHILL. came after the purchase. Avalanche Foundation said in a statement regarding the issue:
In the same tradition as the Foundation’s past successful incentive programs, Meme Coin Rush is designed to help scale liquidity and build momentum. But this time, the community at Avalanche is for the cryptocurrency ecosystem.
How will the process proceed?
Meme Coin Rush also mirrors the previous Avalanche Rush program, which the Foundation said was instrumental in the growth of Avalanche DeFi when it launched in 2021. In the first phase of the Meme Coin Rush program, Avalanche will use two Avalanche native DeFi platforms. In this regard, it will launch liquidity incentives in partnership with SteakHut and Trader Joe’s.
In Phase 1 of its initiative, the Avalanche Foundation will provide $1 million in AVAX incentives for native meme coins at SteakHut and Trader Joe’s. On SteakHut, the Avalanche Foundation will use Uniswap V3 to provide mining rewards to those who inject liquidity into local meme token pools. This will help reduce volatility, increase liquidity and promote trading of these tokens.
Contains vaults for early community coins
Meanwhile, at Trader Joe’s, Avalanche will launch incentives with “one-sided, time-locked staking vaults for select tokens based on owner and market capitalization criteria.” Users will earn points by staking these tokens into pools. Staking increases their scarcity and potentially drives up their prices. The foundation says the first weekly period includes vaults for community coins. These are: Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat and Kingshit.
“Meme Coin Rush will be a showcase for Avalanche!”
Meme coins are cryptocurrencies inspired by internet memes or jokes. They started as a light-hearted way to engage with the crypto community. However, cryptokoin.comAs you follow from , they have since become a serious investment for some. But they are notoriously volatile. The most famous meme token is Dogecoin, a parody of Bitcoin. However, it has gained a large following and even caught the attention of celebrities like Elon Musk.
The growth of meme coins can be attributed to several factors, including the rapid meme-spreading power of social media, accessible low prices that appeal to new investors, and the fun, community-driven nature of grassroots social media campaigns. However, these tokens were not very popular on Avalanche. They mostly worked on Ethereum and Solana. The Avalanche Foundation aims to change that. Ava Labs BD Manager Eric Kang said in the announcement:
Meme Coins have become one of the cornerstones of Web3, representing the uniqueness and interests of various crypto communities. Meme Coin Rush will be a showcase for users to see the diversity of Avalanche-specific DeFi protocols and dive into the vibrant communities at the forefront of culture on Avalanche.
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