Avalanche Foundation Launches $1M Memecoin Rush Program to Boost DeFi Liquidity
The Avalanche Foundation has unveiled the first phase of Memecoin Rush, a $1 million mining incentive program aimed at enhancing liquidity and driving activity within the community coin ecosystem on the Avalanche platform. This initial offering will be in partnership with SteakHut and Trader Joe, with further collaborations to follow. The program seeks to encourage trading and liquidity provision for selected community tokens supported by Avalanche’s conventional projects.
Memecoin Rush is an extension of Avalanche Rush, a liquidity program that has been instrumental in the growth of Avalanche’s DeFi sector since 2021. The first phase of Memecoin Rush will provide $1 million in incentives, including AVAX tokens and community coins, to liquidity providers on SteakHut and Trader Joe. SteakHut offers decentralized market creation and liquidity management, while Trader Joe employs a unique and efficient liquidity book protocol.
Within the SteakHut ecosystem, the UniSwap V3 liquidity mining program will offer rewards to LPs (liquidity providers) for various community coins such as Coq, NoChill, Tech, and Kimbo across different pools. Trader Joe, on the other hand, features one-sided and time-bound staking vaults for selected tokens based on holder and market capitalization factors. Users can earn points for staking in these pools, which will be tracked via a leaderboard. At the end of each epoch, rewards in AVAX will be distributed based on the accumulated points.
The Avalanche Foundation’s recent acquisition of Avalanche community coins demonstrates their commitment to the growth and recognition of memecoins within the Web3 ecosystem. According to Eric Kang, BD Manager at Ava Labs, memecoins have gained significant traction within various crypto communities and Memecoin Rush aims to introduce these diverse Avalanche conventional DeFi protocols to users.
Avalanche, known for its fast transaction finalization and continuous upgrades, is a smart contracts platform that empowers Web3 developers to build robust and customizable blockchain solutions. Its unique consensus protocol, Subnet framework, and HyperSDK toolkit provide a powerful infrastructure for creating cutting-edge blockchain applications.