Avalanche Foundation Commits $100M in Purchasing Memecoins
In a recent report, the Avalanche Foundation revealed plans to expand its revenue streams by investing $100 million in meme coins. The report demonstrated that the foundation would redirect the funds generated from the nonfungible token (NFT) incubators program to purchase a measurable amount of meme coins.
In a December 29 post, the foundation claimed that the multi-million dollar investment would create a culture catalyst initiative launched in early March. At same time, the foundation announced plans to finance viable NFT projects developed within the Avalanche ecosystem.
Avalanche Foundation Seek to Invest in Memecoins
The funding aimed at bringing innovation and creativity to the crypto sector. In the report, the Avalanche seeks to be the trailblazer in redefining the crypto ecosystem through innovation and creativity. The attempt to meet the Avalanche Foundation’s core objective has challenged the not-for-profit organization to invest in crypto development.
In July, the foundation revealed plans to invest $50 million to support tokenizing assets centered on the Avalanche network. The foundation stated the benefits of tokenizing real-world assets (RWA) to the crypto sector.
With the changes in the crypto sector, the foundation launched the Avalanche Vista program that will support the creation of more digital versions of traditional assets.
Guided by the foundation’s primary objective, the Avalanche team plans to invest heavily in purchasing meme coins to create a digital collectible to support the innovation culture.
Avalanche Seeks to Bring Creativity and Innovation to the Crypto Industry
Based on the nature of meme-themed tokens, the Avalanche team seeks to join the ongoing meme coin craze. The latter Avalanche team outlined the benefits of memecoins including its utility capability that surpasses the ordinary utility assets.
The Avalanche team described the meme coins as an asset that presents the shared interest and values of the entire crypto community. With the development in the crypto sector, the Avalanche team recognized that the meme coin represents a collective spirit of the crypto proponents.
News concerning the proposed purchase of meme coins sparked excitement among the crypto community. On the X platform, anonymous users restated that the Avalanche Foundation plans to invest in meme coins.
In a subsequent post, another X user applauded the Avalanche for investing in meme coins. He stated that Avalanche’s latest move inspires crypto investors to maximize their purchase of meme coins. The users anticipate that other blockchain networks will join Avalanche to support meme coins.
As the Avalanche team sought to support the meme coin development, the foundation outlined the procedure for the imminent listing of the meme-themed tokens. In the report, the foundation claimed that the old and worthless meme coins would not be listed on the network.
Memecoins Eying for Avalanche Listing
The foundation stated that the selection for listing the potential meme coin on the Avalanche network will be thorough. Firstly, the Avalanche team will assess whether the potential memecoin meets the selection criteria.
A review of the selection criteria demonstrated that the memecoin must meet the required liquidity threshold and fulfill the principle of fair launch requirement. In the report, the eligible memecoin must have a project maturity and complete the required number of holders.
The exciting development on the Avalanche network has inspired potential meme coins to seek listing on the network. In the past few days, a rooster-themed coin dubbed Coqinu (COQ) gained dominance in the Avalanche network.
Avalanche Challenges Ethereum Network
Besides the proposed listing of the meme coins, the Avalanche team has invested in upgrading the smart contract to expedite the transaction speed and support network scalability.
With the ongoing development, the Avalanche seeks to challenge the Ethereum in smart contract capabilities and transaction speed. Last month, the Avalanche team partnered with Deloitte to improve the security and speed of the network.
Under the partnership agreement, the Deloitte team will build a disaster relief program on the Avalanche network to support the distribution of the federal relief emergency fund to victims of natural disasters.
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