Unlocking the Memecoin Potential: Avalanche Foundation Details Eligibility for $100 Million Fund
The Avalanche Foundation has announced its commitment to fund selected memecoins, non-fungible tokens (NFTs), and similar crypto assets through the Culture Catalyst program.
Launched in 2022, this initiative supports community coins geared towards culture and engagement on the Avalanche (AVAX) blockchain. Recently, the foundation outlined the eligibility criteria for community coins vying for funding from the $100 million program. To qualify, coins must boast a minimum of 2,000 unique holders, total liquidity exceeding $200,000, at least 50 liquidity providers, a fully diluted market capitalization of $1 million or more, and a daily trading volume of at least $100,000 on AVAX-based decentralized exchanges for a minimum of two weeks. Additionally, eligible tokens must be at least one month old, and the top 100 holders should own less than 60% of the total supply. The foundation emphasizes that while these criteria serve as a baseline, additional considerations will influence the selection process.
It underscores the importance of these standards in articulating the foundation’s values and guiding the community, while also reserving the right to exercise discretion in determining program participants and adjusting eligibility criteria as needed.
Clever Robot News Desk 26th January 2024
Related Article
