Avalanche Foundation has launched a $1 million liquidity mining incentive program for meme coins in the Avalanche blockchain ecosystem.
Avalanche Foundation has launched a $1 million liquidity mining incentive program. The program called “Memecoin Rush” aims to strengthen the meme coin ecosystem on the Avalanche blockchain. The Foundation will distribute rewards to those who provide liquidity for meme coin pools available on select DeFi platforms.
The program is a continuation of Avalanche Rush, the $180 million liquidity mining program announced in 2021.
In the first phase of the program, liquidity incentives will be given on SteakHut and TraderJoe, two important DeFi platforms included in Avalanche.
At SteakHut, rewards will be distributed to those who provide liquidity to the COQ/AVAX, NOCHILL/AVAX, KIMBO/AVAX and TECH/AVAX meme coin pools. On TraderJoe, the program will include Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat and Kingshit.
Avalanche Foundation also recently announced that it has invested in meme coins. The Foundation announced that the invested meme tokens were Coq Inu, Gecko, Kimbo, NoChill and Tech.
“Meme coins, which represent the uniqueness and interests of various crypto communities, have become the cornerstone of Web3,” said Eric Kang, Business Development Manager at Ava Labs, the company behind Avalanche. Memecoin Rush will be a showcase for users to see the diversity of Avalanche-specific DeFi protocols and join the vibrant communities that lead the culture on Avalanche.” he said.
