Avalanche Foundation Launches $1M Meme Coin Rush P

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[Avalanche “Meme Coin Rush” provides traders with a $1 million reward]

The Avalanche Foundation announced the launch of the “Meme Coin Rush” program, a $1 million liquidity mining incentive event aimed at promoting the development of the meme coin ecosystem on the Avalanche blockchain. The program will issue rewards to participants who provide liquidity on memecoin trading pools on specific DeFi platforms.

This plan is a further step after the foundation’s recent acquisition of five meme coins based on Avalanche (Kimbo, Coq Inu, Gecko, TECH, NOCHILL), and is intended to expand Avalanche’s liquidity and promote the vitality of the community currency ecosystem.

The “Meme Coin Rush” program is similar to past successful incentive programs such as Avalanche Rush and aims to promote the growth of the Avalanche DeFi ecosystem. At the beginning of the plan, Avalanche will cooperate with SteakHut and Trader Joe (two major DeFi platforms based on Avalanche) to launch liquidity incentives.

The Avalanche Foundation will provide $1 million worth of AVAX incentives to meme coin liquidity providers on SteakHut and Trader Joe’s. SteakHut will use the Uniswap V3 mechanism to offer mining rewards, while Trader Joe’s will launch a one-sided, time-locked storage vault incentive designed to increase the scarcity of the token, potentially increasing its price.

This plan also involves a series of community currency vaults, including Coq, Kimbo, NoChill, Gec, etc., with the purpose of promoting the development of meme coins as an easy way to interact in the cryptocurrency community, and further strengthening the Avalanche ecosystem. The status of meme coins. Through this program, the Avalanche Foundation hopes to showcase the diversity of its DeFi protocols and the active community of Avalanche culture, further promoting meme coins as a cornerstone of Web3.

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