The Avalanche Foundation (the “Foundation”) has launched phase one of Memecoin Rush, a $1M liquidity mining incentive program that begins now and will have several phases. In the same tradition as the Foundation’s successful past incentive programs, Memecoin Rush is designed to help scale liquidity and drive momentum, only this time for the community coin ecosystem on Avalanche.
The first phase of Memecoin Rush launches with SteakHut and Trader Joe, with additional participants to be announced in the coming weeks. To start, these two Avalanche-native projects will incentivize trading and add liquidity strategies for select community tokens.
Memecoin Rush is in fact a continuation of Avalanche Rush, the ongoing liquidity mining program that has helped turbocharge Avalanche DeFi since 2021. The persistent operation of Avalanche Rush reflects the Foundation’s commitment to advancing DeFi while creating a more accessible, decentralized, and cost-effective Avalanche ecosystem.
Phase One of Memecoin Rush
Phase one of Memecoin Rush provides $1 million in incentives in AVAX and select community coins to liquidity providers on SteakHut and Trader Joe. SteakHut is a platform for active liquidity management and decentralized market making. TraderJoe is a longstanding DEX that utilizes a novel, capital-efficient, bin-based Liquidy Book protocol.
On SteakHut, Uniswap V3 liquidity mining program rewards will be provided to LPs for the community coins Coq, NoChill, Tech, and Kimbo for the following pools:
- COQ/AVAX
- NOCHILL/AVAX
- KIMBO/AVAX
- TECH/AVAX
Trader Joe launches incentives with single-sided, time-locked staking vaults for select tokens based on holder and market cap criteria. Users can earn points for staking into pools and track points for each pool via a leaderboard. Further, stakers can potentially unlock bonus multipliers to enhance their final standings and potentially earn a higher share of rewards. At the end of each epoch, points totals will be compiled, and rewards in AVAX and other tokens distributed to participants.
The first weekly epoch will include vaults for the following community coins: Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit.
More information on the Trader Joe Memecoin Rush program can be found here [LINK ONCE LIVE].
Community Coin Momentum
The Foundation recently announced its acquisition of Avalanche community coins. Community coins have become vital Web3 touchstones today, representing the diversity of crypto communities. Each community coin held by the Foundation meets the Foundation’s established guidelines for community coin projects, which are subject to change at the Foundation’s discretion.
“Memecoins have become a cornerstone of Web3, representing the uniqueness and interests of diverse crypto communities,” said Eric Kang, BD Manager at Ava Labs. “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.”
Join the Rush
SteakHut and Trader Joe bring active liquidity management and single-sided staking vaults for memecoin pairs while providing deep liquidity to boost on-chain activity. Memecoin rush incentivizes liquidity provision and active participation for Avalanche-native tokens, aiming to foster broader ecosystem support and adoption for communities building on Avalanche.
About Avalanche
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