Avalanche continues memecoin push with $1M reward for liquidity providers – TradingView News

The Avalanche Foundation – the organization behind the smart contract blockchain platform Avalanche – is boosting memecoins with a liquidity mining incentive program to drive momentum for community-owned coins in its ecosystem.

On March 21, the foundation announced “Memecoin Rush,” committing $1 million in Avalanche AVAXUSD Tokens as an incentive for traders and liquidity providers of community coins based on Avalanche.

The first phase of the program begins on decentralized finance (DeFi) platforms SteakHut and Trader Joe. Avalanche said these platforms would “incentivize trading and add liquidity strategies” for community tokens within the network.

According to the announcement, liquidity providers will receive rewards for liquidity pools of the memecoins Coq, NoChill, Tech and Kimbo paired with the AVAX token.

Additionally, Avalanche listed Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit as beneficiaries of the incentive program vaults.

While crypto community figures like Ethereum co-founder Vitalik Buterin are critical of memecoin traders, Avalanche seems to have a different perspective.

On December 29, the company announced that its $100 million Culture Catalyst Fund would be used to purchase memecoin assets based on the network. Cointelegraph

Avalanche said that memecoins represent the “collective spirit and shared interests of various crypto communities” and claimed that they “go beyond mere utility values.”

It was also highlighted that the initiative aims to position its blockchain as a network that supports new forms of creativity and culture.

On January 24, Avalanche clarified that not all memecoins will receive a portion of the $100 million fund. The foundation shared the admission requirements, such as: B. the waiver of contracts, a low concentration of ownership among whales and a high level of liquidity.

The Avalanche Foundation also said the project should be at least a month old.

In March, memecoin reached what one community member called “peak degeneracy” on the Solana network, with token projects raising over $100 million in just three days.

Memecoin’s founders received millions from March 15-18 through a controversial fundraising method called “pre-sales.”

In this crowdfunding model, investors send Solana (SOL) tokens to a wallet address in the hope of receiving a weighted distribution of the tokens once they go live. However, there is no guarantee that investors will receive the tokens in exchange for their SOL.

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