Avalanche, which started to dive into memecoins in December, has announced it will use a $100 million fund to buy Avalanche-based community tokens.
The Avalanche Foundation — the organization behind the smart contract blockchain platform Avalanche — is doubling down on memecoins with a liquidity mining incentive program to drive momentum for community-owned coins within its ecosystem.
On March 21, the foundation announced “Memecoin Rush,” which provides $1 million in Avalanche (AVAX) tokens as an incentive for traders and liquidity providers of community coins based on Avalanche.
The program’s first phase will begin on the decentralized finance (DeFi) platforms SteakHut and Trader Joe. Avalanche said these platforms will “incentivize trading and add liquidity strategies” for community tokens within the network.
