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The Avalanche Foundation recently announced a $100 million Memecoin fund. The criteria for Memecoins to benefit from this fund have been revealed.
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The most important criterion is that the Memecoin must have been on the market for at least one month. The Avalanche Foundation shared a blog post about these criteria on its blog page on January 23. This article provides a set of flexible criteria for Memecoin selections for the $100 million “Culture Catalyst” fund.
Click here to reach the article that was prepared by Avalanche
What are the requirements?
- All eligible meme tokens must have their contracts renounced.
- It must have a low ownership density among whales.
- It must have a high level of liquidity.
The article written by the foundation states that these criteria may be flexible. However, the following criteria were stated to be definite:
- 2,000 unique holders
- At least $200,000 in liquidity from 50 different providers
- The project must have existed for at least one month
Everyone knows that Memecoins are inherently worthless, and project owners do not deny it either. This fund was first mentioned in a post by the Avalanche X account towards the end of December 2023. This was met with raised eyebrows by market commentators, and some mocked the organization for its “desperate and inappropriate” move.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche 🔺 (@avax) December 29, 2023
Despite all the negative criticism, the Avalanche Foundation has announced that it will definitely use this fund and that it has “already begun using the Culture Catalyst program to distribute capital to “community coins.”