Avalanche Foundation Kickstarts $1M Memecoin Rush Program to Amplify DeFi Liquidity

The Avalanche Foundation delivers the initial stage of Memecoin Rush, a $1 million mining incentive program, to have multiple more stages. Like the Foundation’s previous incentive programs, Memecoin Rush has been developed to upgrade liquidity and create movement for the community coin ecosystem on Avalanche.

This initial deliverance is associated with SteakHut and Trader Joe, with more in the offing. The Avalanche conventional projects will encourage trading and attach liquidity plans for selective community tokens.

Memecoin Rush is a continued Avalanche Rush, the continuing liquidity program that has supported boosting Avalanche DeFi from 2021 onwards.

The initial stage of the Memecoin Rush offers $1 million in the form of incentives in AVAX and some community coins to liquidity suppliers on SteakHut and Trader Joe. SteakHut is for liquidity controlling and decentralized market creation, whereas Trader Joe is a DEX that uses a unique and capital effective liquidity book protocol.

The UniSwap V3 liquidity mining program on SteakHut comes with rewards for LPs regarding community coins like Coq, NoChill, Tech, and Kimbo for various pools. In the case of Trader Joe, it offers incentives having one-sided and time bound staking vaults for some tokens depending on holder and market capitalization factors. Users gain points for staking within pools and tracking points for every pool through a leaderboard. Points will be totaled towards the end of every epoch, followed by the release of rewards in AVAX. 

Of late, the Foundation acquired Avalanche community coins. In the words of the BD Manager at Ava Labs, Eric Kang, Memecoins have attained an important position in Web3 in the case of various crypto communities. Memecoin Rush will expose the varied Avalanche conventional DeFi protocols to users.

Avalanche is a smart contracts platform that upgrades endlessly and periodically finalyzes transactions in the blink of an eye. Its unique consensus protocol, Subnet framework, and HyperSDK toolkit allow Web3 builders to introduce power-packed and customized blockchain services.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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