The Avalanche Foundation, the non-profit organization overseeing the development of the Avalanche network, has announced the criteria for selecting meme coins to include in its $100 million Culture Catalyst Program.
The Avalanche Foundation recognizes the importance of fostering and supporting community initiatives on Avalanche, including the creativity and culture of community coins.
The Foundation has reserved a portion of the Culture Catalyst program to include community coins, doing so…
— Avalanche 🔺 (@avax) January 23, 2024
The criteria aim to identify tokens that demonstrate stability, growth potential, and a commitment to fair practices.
According to the Foundation, eligible meme coins must meet several requirements, including a “fair launch” with no tokens reserved for the founders and a low supply concentration among crypto whales.
The purpose of these criteria is to ensure that the Foundation invests in community coins that align with its values and promote a healthy and sustainable ecosystem.
Meme coins, often launched around internet memes or recent events, have gained popularity in the cryptocurrency market.
However, they are often criticized for their lack of utility and speculative nature.
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The Avalanche Foundation believes that meme coins can contribute to “community value,” “culture,” and “engagement” and has classified them under the broader category of “community coins.”
To be considered for Avalanche’s investment, community coins must have at least 2,000 unique holders and a fully diluted market cap of at least $1 million.
Additionally, the top 100 owners cannot collectively hold more than 60% of the total supply.
The project should also average $100,000 of daily trading volume across two Avalanche decentralized exchanges for at least two weeks and possess at least $200,000 in total liquidity with a minimum of 50 liquidity providers.
The Avalanche Foundation has already deployed some capital into certain community coins as part of the program, but declined to specify which specific tokens were purchased.
The Foundation has over $90 million worth of undeployed assets available for the Culture Catalyst program.
Source: https://bitcoinworld.co.in/avalanche-foundation-announces-criteria-for-meme-coins-selection-for-its-100-million-culture-catalyst-program/