Avalanche Foundation Unveils Eligibility Guidelines for $100,000,000 Memecoin Fund
The Culture Catalyst program, launched in 2022 by the Avalanche Foundation, a non-profit organization behind the Avalanche blockchain (AVAX), is now funding select memecoins, non-fungible tokens (NFTs), and similar crypto assets. The foundation has established the eligibility requirements for community coins to receive funding from the $100 million program.
According to a recent statement, the eligibility criteria aim to identify community coin projects that demonstrate stability, growth potential, and a commitment to fair practices in the crypto industry. To be eligible, coins must have a minimum of 2,000 unique holders, a total liquidity of at least $200,000 or its equivalent, a minimum of 50 liquidity providers, a fully diluted market capitalization of $1 million or more, and an average daily trading volume of at least $100,000 on AVAX-based decentralized exchanges for a minimum of two weeks.
Additionally, the tokens must be at least one month old, and the top 100 holders should not own more than 60% of the coin’s total supply. While these eligibility requirements establish the basic characteristics that a community coin should possess to be considered, the foundation will use additional criteria to select and support coins.
The foundation aims to disclose the eligibility criteria to express its values and provide guidance to the community. However, it retains the right to determine which coins to include in the Culture Catalyst program at its sole discretion and modify these eligibility criteria as it deems necessary.
Stay up to date with the latest news by subscribing to get email alerts delivered directly to your inbox. For price action updates, follow us on Twitter, Facebook, and Telegram. Explore The Daily Hodl Mix for a diverse range of content.
Disclaimer: The opinions expressed in this article are not investment advice and should not be taken as such. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers and trades you make are at your own risk, and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney