A new initiative, detailed in a blog post, will kick off with SteakHut and Trader Joe, two prominent platforms on Avalanche. Their goal is to incentivize trading and boost liquidity for selected community tokens such as Kimbo (KIMBO), Gecko Inu (GEC), Coq Inu (COQ), TECH, and NOCHILL.
Memecoin szn continues 🥁🥁🥁
The @AvalancheFDN is kicking off Phase 1 of Memecoin Rush, a liquidity mining incentive program designed to help scale liquidity and drive momentum for the community coin ecosystem on Avalanche.
Here’s the rundown 🧵👇https://t.co/6WDkrO6UYz
— Avalanche 🔺 (@avax) March 21, 2024
SteakHut, known for its active liquidity management and decentralized market making, will facilitate rewards across various trading pairs through the Uniswap V3 liquidity mining program for COQ, NOCHILL, TECH, and KIMBO.
Meanwhile, Trader Joe will offer incentives through single-sided, time-locked staking vaults customized for specific tokens based on holder and market cap criteria.
Participants can earn points by staking into pools, with rewards distributed in AVAX and community coins like COQ and KIMBO at the end of a specified period.
Avalanche Foundation acquires community coins
The launch of the initial phase of Memecoin Rush closely follows the Avalanche Foundation’s recent spree of acquiring community coins. This move was prompted by the introduction of an eligibility framework for supported tokens.
A significant portion of the Foundation’s $100 million NFT incubator fund has been allocated to acquiring these tokens. The selection criteria include factors such as positive social sentiment, significant holders, liquidity, and project maturity.
Eric Kang, BD Manager at Ava Labs, highlighted the importance of meme coins within the Web3 space. He emphasized that memecoins have become integral to Web3, representing the unique interests of diverse crypto communities.
Kang stated that Memecoin Rush will provide a platform for users to explore the diversity of DeFi protocols native to Avalanche and engage with vibrant communities driving cultural expression on the platform.
By incentivizing liquidity provision and active participation, Memecoin Rush aims to foster broader support and adoption for Avalanche-native tokens. Users can participate by adding liquidity to meme coin pairs on SteakHut or by staking in meme vaults on Trader Joe.
Binance to end support for USDC stablecoin on Tron blockchain network
Cryptocurrency exchange Binance announced on Monday that it would cease supporting deposits and withdrawals via the Tron blockchain network for a digital stablecoin pegged to the U.S. dollar.
Following Circle’s discontinuation of USDC support on the Tron network (TRC20), Binance will cease support for USDC deposits and withdrawals via TRC20 starting from 5 April 2024, 02:00 am UTC.
Users may continue trading USDC on Binance. Deposits and withdrawals of USDC via other…
— Binance (@binance) March 25, 2024
Last month, Boston-based crypto firm Circle had stated that it would no longer create USDC tokens on Tron, a rapidly growing platform widely used for transferring stablecoins.
Stablecoins are digital tokens designed to maintain a constant value and are backed by traditional currencies.
Binance clarified in a blog post that users could continue trading USDC on its platform, and deposits and withdrawals of USDC via other supported networks would not be affected.
Tron has not yet responded to a request for comment from Reuters.
The cryptocurrency exchange indicated that it would discontinue support for the stablecoin via the Tron blockchain starting April 5 at 2 UTC.
Tron founder Justin Sun, a prominent figure in the crypto industry, faced a lawsuit last year from the U.S. Securities and Exchange Commission (SEC) for allegedly artificially inflating trading volumes and selling Tron tokens as unregistered securities. Sun refuted the SEC charges, stating they “lack merit.”