Avalanche Unveil $1M Rewards in ‘Meme Coin Rush’ Initiative to Traders
The Avalanche Foundation is leveraging the meme coin hype to offer incentives that target boosting meme coins such as Gecko, Coq Inu, and Kimbo.
The Avalanche Foundation confirmed the unveiling of the Meme Coin Rush in a $1M liquidity mining-based incentive. The program targets bolstering the meme coin ecosystem within the Avalanche blockchain.
Avalanche Foundation Rewards Parties Boosting Liquidity
The Foundation intends to offer rewards that boost liquidity to the meme coin trading pools in several decentralized finance (DeFi) platforms. The initiative emerged after the Foundation completed the acquisition round involving five Avalanche-based meme coins.
The Foundation targets a broader digital culture initiative manifested in the acquisition of the dog-themed Kimbo (KIMBO), gecko-themed Gecko (GEC), and chicken-themed Coq Inu (COQ). Also acquired under the initiative are technology-based joke tokens TECH and NOCHILL.
The Avalanche Foundation explained that it would sustain the traditions behind successful incentive programs. As such, the Meme Coin Rush utilizes a unique design to accommodate liquidity scaling and driving momentum. Its reach is restricted to the community coin ecosystem on the Avalanche blockchain.
Meme Coin Rush replicates the Avalanche Rush initiative that the Foundation offered. The latter successfully drove the Avalanche DeFi growth when unveiled in 2021.
Meme Coin Rush Targets SteakHut and Trader Joe Platforms
The initial phase will allow Avalanche to unveil liquidity initiatives by partnering with two native DeFi protocols – Trader Joe’s and SteakHut. It is essential to note that the Trader Joe’s Exchange has no affiliation with the American grocery chain.
The Avalanche Foundation initially guarantees $1 million by awarding AVAX for the native meme coins held on SteakHut and Trader Joe’s platforms.
The Foundation will utilize the Uniswap V3 to offer mining rewards to eligible recipients on the SteakHut platform. The rewards target parties inject liquidity into the native meme coin pools. The move targets reducing volatility, increasing liquidity, and stimulating token trading.
Avalanche will utilize the single-sided and time-locked staking vaults to offer incentives at Trader Joe’s. The approach is to benefit the select tokens guided by the holder and market capitalization criteria.
The users are set to earn points from staking within the meme coin pools. Doing so will yield scarcity of the tokens, thereby stimulating a price rally. The Foundation indicates that the initial weekly epoch features vaults for various coins, including Husky, Meat, Coq, Gec, Kingshit, Kimbo, Kong, and NoChill.
Meme Coins Mature into Serious Investment Products
The meme coins are crypto, drawing inspiration from internet jokes and memes, their origin being a lighthearted way of engaging the crypto community. Today, meme coins have become a serious investment, although they still suffer high volatility.
Dogecoin is the leading meme coin whose creation emerged as a Bitcoin parody. Today, the meme coin has gained a massive following, particularly given the attention given by Tesla’s chief executive, Elon Musk.
The growth of meme coins leverages several factors: rapid propagation, social media power, and affordability. The lower prices make meme coins accessible to new investors. Besides the fun, meme coins growth is aided by the community-driven nature of grassroots campaigns via social media platforms.
Avalanche Unveils Incentives in Catch-up Game on Solana and Ethereum
The meme coins on Avalanche have yet to become popular, as witnessed by those running on Solana and Ethereum networks. The Avalanche Foundation seeks to reverse the trend by offering incentives to boost the popularity of meme coins.
Ava Labs manager Eric Kang considers meme coins as today’s cornerstone of the Web3 space. He thinks the meme coins represent the crypto communities’ diverse interests through their uniqueness.
Kang indicated that the Meme Coin Rush is an essential showcase that allows users to witness diversity on the Avalanche-based DeFi platforms. Its integration is timely to leverage the vibrant communities within the digital culture of Avalanche.
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