Avalanche Rewards Liquidity Providers with $1M Amid its Push for Memecoin Adoption

According to Cointelegraph: The Avalanche Foundation has announced its "Memecoin Rush", a program offering $1 million in Avalanche (AVAX) tokens as incentives for traders and liquidity providers of community-owned coins within its ecosystem. This move is part of the organization's endeavours to encourage momentum for memecoins on its smart contract blockchain platform. Source: Vitalik Buterin The incentive program's first phase will commence on decentralized finance (DeFi) platforms SteakHut and Trader Joe, which Avalanche expects will promote trading and liquidity strategies for community tokens. Liquidity providers for specific Avalanche-based memecoins will receive rewards. Controversially, Avalanche views memecoins as representations of the "collective spirit and shared interests of diverse crypto communities", going "beyond mere utility assets". This attitude seems counter to the skepticism expressed by industry figures like Ethereum co-founder Vitalik Buterin. In December, the foundation had mentioned plans to use its $100 million culture catalyst fund to invest in memecoins based on its network. But not all memecoins will qualify for this funding. Requirements include minimal contract renunciation, low ownership concentration among whales, and high liquidity levels. Additionally, the project must be at least one month old. This move dovetails with recent trends, with unprecedented amounts being invested in memecoins via controversial "pre-sales" fundraising methods.

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