The Avalanche Foundation has introduced the Meme Coin Rush, a liquidity mining incentive program with a $1 million reward pool aimed at fostering the meme coin ecosystem on the Avalanche blockchain. This initiative encourages users to provide liquidity for meme coin trading pools on specific DeFi platforms.
Memecoin szn continues 🥁🥁🥁
The @AvalancheFDN is kicking off Phase 1 of Memecoin Rush, a liquidity mining incentive program designed to help scale liquidity and drive momentum for the community coin ecosystem on Avalanche.
Here's the rundown 🧵👇https://t.co/6WDkrO6UYz
— Avalanche 🔺 (@avax) March 21, 2024
Following the recent acquisition of five Avalanche-based meme coins—Kimbo (KIMBO), Coq Inu (COQ), Gecko (GEC), TECH, and NOCHILL—as part of its digital culture initiative, the Foundation has rolled out the Meme Coin Rush program.
The Meme Coin Rush program draws parallels to the earlier Avalanche Rush initiative, which played a pivotal role in accelerating Avalanche DeFi growth since its inception in 2021.
During the initial phase of the Meme Coin Rush program, Avalanche is collaborating with SteakHut and Trader Joe, two DeFi platforms native to the Avalanche ecosystem. Notably, Trader Joe should not be confused with the American grocery store chain.
Join the Rush
SteakHut and Trader Joe bring active liquidity management and single-sided staking vaults for memecoin pairs, while providing deep liquidity to boost on-chain activity.
Memecoin rush incentivizes liquidity provision and active participation for Avalanche-native…
— Avalanche 🔺 (@avax) March 21, 2024
In Phase 1, the Avalanche Foundation will allocate $1 million in incentives in AVAX for native meme coins on SteakHut and Trader Joe. On SteakHut, liquidity providers in native meme coin pools will receive mining rewards using Uniswap V3, aimed at enhancing liquidity, reducing volatility, and encouraging token trading.
Meanwhile, on Trader Joe, the foundation will introduce incentives through “single-sided, time-locked staking vaults for select tokens based on holder and market cap criteria.” Users staking into these pools will earn points, increasing the scarcity of tokens and potentially driving up their prices.
The first weekly epoch will feature vaults for various community coins, including Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit.
