2024-03-24
The Avalanche Foundation's Meme Coin Rush initiative aims to bolster the meme coin ecosystem on the Avalanche blockchain through a $1 million liquidity mining program.
This follows the Foundation's acquisition of five Avalanche-based meme coins—the dog-themed Kimbo (KIMBO), chicken-themed Coq Inu (COQ), gecko-themed Gecko (GEC), technology joke token TECH, and NOCHILL—as part of its digital culture initiative Avalanche-based meme coins and mirrors the successful Avalanche Rush program.
Phase 1 involves partnering with SteakHut and Trader Joe for liquidity incentives, utilizing Uniswap V3 on SteakHut and single-sided, time-locked staking vaults on Trader Joe. The initiative seeks to increase liquidity, reduce volatility, and stimulate trading of native meme coins on Avalanche.
Meme coins, inspired by internet memes or jokes, have gained popularity due to social media, accessibility, and community-driven campaigns, though they have been less prominent on Avalanche until now.
Eric Kang, BD Manager at Ava Labs, emphasized the significance of meme coins within Web3, highlighting their role in representing the diversity and interests of various crypto communities.
He sees Meme Coin Rush as an opportunity for users to explore the range of Avalanche-native DeFi protocols and engage with dynamic communities leading the cultural frontier on Avalanche.
