By CryptoNews - 3 months ago - Reading Time: 3 minutes
Avalanche Foundation Embraces Meme Coin Culture With $100 Million Fund (edited)
The Avalanche Foundation has created a $100 million meme coin fund to promote culture and engagement within the Avalanche ecosystem. Image by AdriaVidal, Adobe Stock.On January 23, the nonprofit organization behind the Avalanche blockchain network announced a $100 million fund to support meme coins and other community coins.
As described in their statement, the Avalanche Foundation views meme coins as having high community value due to the culture and engagement they create. Through its Culture Catalyst program, the Foundation will deploy capital into select meme coins that meet established eligibility criteria.
“We note that meme coins generally have high community value because of the engagement, community spirit, and culture that they engender, which goes beyond the humor and virality that they embody,” stated the Foundation. “The Foundation embraces the full spectrum of creativity, culture, and camaraderie in the blockchain space.”
As you know, Avalanche Foundation has previously announced that it will invest in meme coins under the Culture Catalyst program. Today, the Foundation announced the Eligibility Criteria Framework for these. Moreover, they have named the meme coins much more beautifully: Community… pic.twitter.com/AkP4qmDG6b
— A.Emre (@AEmre133) January 23, 2024
Strict Eligibility Criteria for Meme Coin Fund
With its new fund, the Avalanche Foundation will nurture the meme coin culture by providing capital to community coins that foster engagement.
Members must meet the following 11 criteria to become eligible for the meme coin fund:
Fairly Launched: No team allocations, renounced contract ownership, locked liquidity, purchase limits to prevent whale abuse Snipe Bot Resistant: Whitelist opportunities for active Avalanche community members Secure: Verified contracts, audits, community vetting of creators, use of tools like DexScreener High Holder Count: At least 2,000 unique holders Low Concentration: Top 100 holders owning less than 60% supply Broad Liquidity Provisioning: Large, locked liquidity pools at launch High Liquidity: At least $200,000 in liquidity Liquidity Providers: 50+ providers unless liquidity is renounced/burned Minimum Lifespan: In existence for at least one month Minimum Market Cap: At least $1 million fully diluted market cap Daily Trading Volume: Average of at least $100,000 daily volume for 2 weeks Native to Avalanche: Only exists on the Avalanche blockchain“The eligibility criteria are designed to identify community coin projects that show stability, growth potential, and a commitment to fair practices in the crypto world,” the announcement read.
Ongoing Support Reflects Avalanche’s Commitment
The Avalanche Foundation will conduct the funding on an ongoing basis, allowing new projects to potentially participate when ready. While meeting the criteria doesn’t guarantee funding, it communicates Avalanche’s values.
By supporting meme coin projects that meet its criteria, the Avalanche Foundation seeks to accelerate the development of a thriving culture and community on its blockchain. Memecoins and NFTs are seen as bringing creativity and camaraderie to the space.
Additionally, the Foundation’s meme coin fund is expected to boost Avalanche’s competitiveness in decentralized finance (DeFi), as it offers incentives for projects to build on the ecosystem.
With $100 million now committed, the organization hopes to strengthen the Avalanche community by strategically nurturing viral meme coins and community tokens exhibiting staying power.
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Original source: CryptoNews