The Avalanche Foundation introduces the initial phase of Memecoin Rush, a $1 million mining incentive initiative, with plans for additional stages. Similar to previous incentive programs by the Foundation, Memecoin Rush aims to enhance liquidity and foster activity within the community coin ecosystem on Avalanche.

This inaugural release is in partnership with SteakHut and Trader Joe, with more collaborations expected in the future. These projects within the Avalanche ecosystem will promote trading and implement liquidity strategies for specific community tokens.

Memecoin Rush is an extension of Avalanche Rush, the ongoing liquidity program that has been supporting Avalanche DeFi since 2021.

The first phase of Memecoin Rush provides $1 million in incentives in AVAX and various community coins to liquidity providers on SteakHut and Trader Joe. SteakHut facilitates liquidity management and decentralized market creation, while Trader Joe is a decentralized exchange (DEX) utilizing a unique and capital-efficient liquidity provisioning protocol.

SteakHut's UniSwap V3 liquidity mining program offers rewards to LPs (liquidity providers) for community coins like Coq, NoChill, Tech, and Kimbo across different pools. Trader Joe offers incentives through one-sided and time-bound staking vaults for selected tokens based on holder and market capitalization criteria. Users earn points for staking in pools and can track their points on a leaderboard. At the end of each epoch, points are tallied, and rewards in AVAX are distributed.

Recently, the Foundation acquired Avalanche community coins, recognizing the significance of memecoins within various crypto communities. Memecoin Rush aims to introduce users to the diverse Avalanche DeFi protocols available.

Avalanche is a smart contracts platform known for its rapid transaction finalization and continuous upgrades. Its unique consensus protocol, Subnet framework, and HyperSDK toolkit enable Web3 developers to create powerful and customizable blockchain services.