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Avalanche Foundation’s Memecoin Rush
The Avalanche Foundation has recently launched the “Memecoin Rush” program, offering a $1 million incentive in Avalanche AVAX tokens to traders and liquidity providers of community coins based on the Avalanche platform. This initiative aims to drive momentum for community-owned coins within the Avalanche ecosystem.
Liquidity Mining Incentive Program
The program’s first phase will commence on the decentralized finance (DeFi) platforms SteakHut and Trader Joe, where trading and liquidity strategies for community tokens within the network will be incentivized. Liquidity providers on liquidity pools of memecoins Coq, NoChill, Tech, and Kimbo paired with the AVAX token will be eligible for rewards.
Beneficiaries of the Incentive Program
Avalanche has listed several memecoins, including Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit, as beneficiaries of the incentive program’s vaults.
A Different Perspective on Memecoins
While some prominent figures in the crypto community, such as Ethereum co-founder Vitalik Buterin, have been critical of memecoin traders, Avalanche seems to have a different perspective. The foundation views memecoins as representing the collective spirit and shared interests of diverse crypto communities, going beyond mere utility assets. This initiative aims to position the Avalanche blockchain as a network that supports new forms of creativity and culture.
High-Speed Trading and Zero-Fee Crypto Platform
One Trading, a regulated crypto exchange, has introduced F.A.S.T., a digital asset platform designed to provide traders with a rapid trading experience. Operating the matching engine at a speed of 1 microsecond, F.A.S.T. aims to stand out for its processing speed, executing end-to-end orders in under 200 microseconds, even at high volumes. With ultra-low latency, users gain an advantage over their competitors regarding price discovery and transaction speed.
Advantages of Fast Transactions and Zero-Fee Features
With fast transactions and zero-fee features, One Trading claims to have microsecond-level transactions, aiming to integrate traditional financial instruments with crypto assets and complete transactions in microseconds with a zero-fee policy. The high volatility of crypto markets makes low latency a crucial element of trading for users looking to gain a competitive edge.
Avalanche’s $100 Million Culture Catalyst Fund
Avalanche has announced that its $100 million culture catalyst fund will be used to purchase memecoin assets based on the network. The foundation has outlined eligibility requirements for memecoins to benefit from the fund, including having contracts renounced, possessing low ownership concentration among whales, and having high levels of liquidity. Additionally, the project should be a month old at minimum.
Controversial Fundraising Methods
In March, memecoin projects on the Solana network raised over $100 million in just three days through a controversial fundraising method called “pre-sales.” This crowdfunding model involves investors sending Solana (SOL) tokens to a wallet address, hoping to receive a weighted distribution of tokens once it goes live. However, there is no guarantee that the investors will receive the tokens in exchange for their SOL.
Conclusion
The Avalanche Foundation’s “Memecoin Rush” and One Trading’s F.A.S.T. platform represent the ongoing evolution and diversification of the crypto industry. As the market continues to innovate and optimize network performance, the intersection of creativity, culture, and finance within the blockchain ecosystem is becoming increasingly prominent.
📎 Read the original article on cointelegraph.com
