The Avalanche Foundation has launched phase one of Memecoin Rush, a $1 million liquidity mining incentive program to boost the community coin ecosystem on the Avalanche blockchain.
This initiative, as detailed in a blog post, will kick off with SteakHut and Trader Joe, two leading platforms on Avalanche, to encourage trading and provide liquidity for selected community tokens such as Kimbo, Gecko Inu, Coq Inu, TECH, and NOCHILL.
SteakHut will offer rewards across various trading pairs through the Uniswap V3 liquidity mining program for COQ, NOCHILL, TECH, and KIMBO, leveraging its active liquidity management and decentralized market making capabilities. On the other hand, Trader Joe will provide incentives through single-sided, time-locked staking vaults customized for specific tokens based on holder and market cap criteria. Participants can earn points by staking into pools, with rewards distributed in AVAX and community coins like COQ and KIMBO at the end of a specific period.
The launch of Memecoin Rush’s first phase comes on the heels of the Avalanche Foundation’s recent acquisition spree of community coins, driven by the introduction of an eligibility framework for supported tokens. A significant portion of the Foundation’s $100 million NFT incubator fund has been allocated to acquiring these tokens, with criteria such as positive social sentiment, significant holders, liquidity, and project maturity playing key roles in the selection process.
Eric Kang, BD Manager at Ava Labs, highlighted the importance of meme coins in the web3 space, stating that they represent the uniqueness and interests of diverse crypto communities. Kang emphasized that Memecoin Rush will provide a platform for users to explore the diversity of defi protocols native to Avalanche and engage with vibrant communities leading cultural expression on the platform.
By incentivizing liquidity provision and active participation, Memecoin Rush aims to garner broader support and adoption for Avalanche-native tokens. Users can participate by adding liquidity to meme coin pairs on SteakHut or staking in meme vaults on Trader Joe.

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