Avalanche Announces Launch of ‘Memecoin Rush’ Program with $1 Million in AVAX Tokens to Boost Memecoins
On March 21, the Avalanche Foundation launched ‘Memecoin Rush,’ a program that offers $1 million worth of Avalanche (AVAX) tokens to incentivize traders and liquidity providers in the community token ecosystem.
The first phase of the program will take place on the decentralized finance (DeFi) platforms SteakHut and Trader Joe, aiming to encourage trading strategies and liquidity provision for memecoins.
Rewards will be given to liquidity providers in memecoin pools such as Coq, NoChill, Tech, and Kimbo, paired with the AVAX token. Other tokens like Gec, Husky, Meow, Kong, Meat, and Kingshit will also benefit from this incentive program.
Avalanche and Memecoins: A Contrarian Vision
Unlike figures in the crypto community such as Vitalik Buterin, co-founder of Ethereum, who have expressed skepticism towards memecoin traders, Avalanche takes a different approach. The platform believes that memecoins reflect the collective spirit and shared interests of diverse crypto communities, going beyond mere utility assets.
In January, Avalanche clarified that not all memecoins would automatically receive a share of the $100 million fund, establishing eligibility criteria such as contract renunciation, low ownership concentration among whales, and high liquidity.
Avalanche Seeking Its Piece of the Pie?
In March, the memecoin phenomenon on the Solana network reached a level of ‘max degeneracy,’ with token projects raising over $100 million in three days through controversial presale financing methods. Cute dog memecoins and other animals quickly gave way to derivatives of political figures and even racist jokes.
Avalanche positions itself as a blockchain network actively supporting innovation in the cryptocurrency space, aiming to bridge the gap between digital culture and decentralized finance. The blockchain’s goal is likely to capitalize on this craze, allowing blockchains like Solana and Base to experience phenomenal activity.
