The Avalanche Foundation has launched the initial phase of Memecoin Rush, a $1 million mining incentive program designed to have multiple stages in the future.
Similar to the Foundation’s previous incentive initiatives, Memecoin Rush aims to enhance liquidity and foster activity within the community coin ecosystem on Avalanche.
This initial release is in collaboration with SteakHut and Trader Joe, with more partnerships expected in the future. These projects within the Avalanche ecosystem will promote trading activities and implement liquidity strategies for selected community tokens.
Memecoin Rush is an extension of Avalanche Rush, the ongoing liquidity program that has been supporting the growth of Avalanche DeFi since 2021.
The first stage of Memecoin Rush offers $1 million in incentives in the form of AVAX and various community coins to liquidity providers on SteakHut and Trader Joe. SteakHut serves as a platform for liquidity management and decentralized market creation, while Trader Joe is a decentralized exchange (DEX) that utilizes a unique and capital-efficient liquidity book protocol.
SteakHut’s UniSwap V3 liquidity mining program offers rewards to liquidity providers for community coins like Coq, NoChill, Tech, and Kimbo across different pools. Trader Joe provides incentives through one-sided and time-bound staking vaults for specific tokens based on holder and market capitalization criteria. Users earn points for staking in pools, and these points are tracked via a leaderboard. Rewards in AVAX are distributed based on accumulated points at the end of each epoch.
Recently, the Foundation has acquired various Avalanche community coins. According to Eric Kang, the BD Manager at Ava Labs, Memecoins hold significant importance within Web3 for various crypto communities. Memecoin Rush aims to introduce users to the diverse range of Avalanche conventional DeFi protocols.
Avalanche is a smart contracts platform known for its rapid and efficient transaction finalization. Its unique consensus protocol, Subnet framework, and HyperSDK toolkit empower Web3 developers to create robust and tailored blockchain services.
