Avalanche Doubles Down on Meme Coins: Announces $1 Million Liquidity Mining Incentives Program

The Avalanche Foundation announced the launch of Memecoin Rush, a program designed to incentivize meme coin liquidity providers on selected platforms in the AVAX environment. The program will allocate $1 million to participants that provide liquidity for these tokens on Trader Joe and Steakhut, two AVAX decentralized platforms, and expand to include other platforms.

Avalanche Foundation Announces Meme Coin Liquidity Incentives Program

Avalanche is furthering its push for the community meme coin ecosystem. The Avalanche Foundation, a nonprofit organization that supports the Avalanche ecosystem, has launched an incentives program for meme coins issued on top of AVAX. “Memecoin Rush” will provide additional earnings to liquidity providers of selected currencies in two AVAX native decentralized platforms: Trader Joe and Steakhut.
During the first phase of this program, $1 million will be allocated to incentivize holders to provide liquidity in these platforms, with single asset staking available in Trader Joe, and liquidity pool pairs featuring these meme coins and AVAX in Steakhut.

The meme coins selected to be part of the first phase of this program are Coq, Kimbo, Nochill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit. Some of these tokens are already part of the Avalanche Foundation’s treasury, which purchased them as part of its $100 “Culture Catalyst” fund launched in 2022 and repurposed for this task in December. Each one of these tokens follows a selection criteria disclosed in January.
While some industry actors have a negative view of these tokens, the foundation has embraced the meme coin momentum of the market, stating that these “have become vital Web3 touchstones today, representing the diversity of crypto communities.”
Emin Gün Sirer, founder and CEO of Ava Labs, has acknowledged the value of these tokens before, explaining that he came to understand “the cultural importance of coins that are just social signaling mechanisms.”
Eric Kang, BD Manager at Ava Labs, stated:

Memecoin Rush will be a showcase for users to see the diversity of Avalanche-native DeFi protocols and to dive into vibrant communities at the forefront of culture on Avalanche.

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