Avalanche Foundation Launches Meme Coin Rush Phase 1 to Boost Community Coin Ecosystem

Bittime - Avalanche Foundation, the non-profit organization behind the Avalanche ecosystem, has just launched the first phase of a $1 million US dollar liquidity incentive program called Meme Coin Rush.

Meme Coin Rush: Community Coin Showcase

Meme Coin Rush was created to scale the liquidity and growth of community coins on the Avalanche network. Community coins can be meme coins, non-fungible tokens (NFT), and other crypto assets created by the community to express and interact culturally in the crypto world.

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This program is a continuation of Avalanche Rush. The program is a liquidity incentive that has been running and helping Avalanche's decentralized finance (DeFi) sector grow since 2021. 

These two programs demonstrate the Avalanche Foundation's commitment to creating a more accessible, decentralized and cost-effective ecosystem.

Also read: Avalanche (AVAX) Price Prediction in 2024

First Stage: $1 Million AVAX Incentive

In this first phase, the Avalanche Foundation provided $1 million of AVAX as an incentive and selected several community coins to give to liquidity providers on SteakHut and Trader Joe. 

Both platforms are tasked with adding liquidity strategies for selected assets. Avalanche will announce other participants in the coming weeks.

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"Meme coins have become a cornerstone of Web3, representing the uniqueness and interest of the diverse crypto community. Meme Coin Rush will be a showcase for users to see the diversity of Avalanche's native DeFi protocols and immerse themselves in the dynamic community that is at the forefront of crypto culture on Avalanche," commented Eric Kang, BD Manager at Ava Labs.

How to Get Incentives

SteakHut 

Liquidity providers will receive their Uniswap V3 liquidity program rewards in several community coins, including Coq, NoChill, Tech, and Kimbo.

Trader Joe's 

Trader Joe will provide incentives through a staking vault (crypto asset storage place) for a certain time with certain tokens. Token selection is based on the criteria of number of holders and market capitalization. 

Participants can earn points by staking into the pool. At the end of each period, rewards will be distributed in AVAX and community coins such as Coq, Kimbo, Husky and Meow.

Also read: How to Stake Avalanche (AVAX), Follow the Tutorial!

The launch of the first phase of Meme Coin Rush comes not long after the Avalanche Foundation announced the acquisition of the community coin after previously introducing a framework for supported tokens. The program allocated a large portion of its $100 million US dollar NFT incubator fund to purchase the token.

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Community Coin Criteria

Several criteria must be met by a meme coin to be considered:

• Positive social sentiment
• Substantial number of holders
• Good liquidity
• Project maturity

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Avalanche (AVAX) Improves Digital Payments Ecosystem

Unlocking the Potential of AVAX and the Thriving Avalanche Ecosystem

What is Coq Inu (COQ)? Avalanche Blockchain Based Token

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.