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According to an announcement by the Avalanche Foundation, a new incentive program has been initiated. At the beginning of the process, $1 million worth of AVAX will be provided as an incentive. SteakHut and Trader Joe liquidity providers will make selections for community coins.
Avalanche Ready for Meme Coin Rush
The Avalanche Foundation announced through a blog post the launch of the first phase of a $1 million liquidity mining incentive program named Meme Coin Rush. This initial phase was conducted with the participation of liquidity management and decentralized market-making platform SteakHut and decentralized exchange Trader Joe.
The purpose behind the creation of Meme Coin Rush is to scale liquidity and help accelerate the community coin ecosystem within Avalanche.
When these two programs are combined, they reaffirm the Foundation’s commitment to creating a more accessible, decentralized, and cost-effective ecosystem.
In this first phase, the Foundation will provide $1 million worth of AVAX as an incentive for liquidity providers at SteakHut and Trader Joe, during which community coins will be selected. These platforms will be responsible for adding liquidity strategies for the selected assets. Avalanche also announced that more participants would be added in the coming weeks.
Ava Labs BD Director Eric Kang:
Meme coins have become one of the cornerstones of Web3 by representing the uniqueness and interests of various crypto communities. Meme Coin Rush will serve as a showcase for users to see the diversity of DeFi protocols unique to Avalanche and immerse themselves in the vibrant communities at the forefront of Avalanche’s culture.
Avalanche Community Coins Purchased
On the SteakHut side, liquidity providers will receive Uniswap V3 liquidity mining program rewards in various cryptocurrencies including Coq, NoChill, Tech, and Kimbo.
On the other hand, things look a bit more complicated on the Trader Joe side. Users will be directed to staking, and at the end of each period, rewards will be given in AVAX and community tokens such as Coq, Kimbo, Husky, and Meow.
This announcement about the first phase of Meme Coin Rush comes after recent acquisitions of supported tokens by the Avalanche Foundation.
