Friday , April 12 2024
Home / Altcoins / Avalanche Foundation Expands Culture Catalyst Initiative to Embrace Meme Coins

Avalanche Foundation Expands Culture Catalyst Initiative to Embrace Meme Coins

Summary:
For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility in the program.  Avalanche Foundation, the non-profit group overseeing the development of the Avalanche blockchain, has announced its intention to allocate a portion of the Culture Catalyst Funds to support meme coins. According to a statement on X (formerly Twitter), the move is aimed at acknowledging the cultural and entertaining aspects symbolized by meme coins, with the foundation planning to acquire select Avalanche-based meme coins to build a curated collection. From NFTs to Meme Coins The non-profit organization initially rolled out the Culture Catalyst initiative in March 2022 with 0 million funding to propel the adoption of the

Topics:
Chimamanda U. Martha considers the following as important: , , , , ,

This could be interesting, too:

Bena Ilyas writes Bitget’s Q1 2024 Report Reveals 100% Surge in Transactions Volume, While BGB Soars 80%

Chimamanda U. Martha writes KuCoin Research: Institutional Investors Poured .6B on 180 Crypto Projects in March 

Temitope Olatunji writes Trust Wallet Introduces MEV Protection for Secure and Fair Crypto Transactions

Godfrey Benjamin writes Bitrace Empowers Hong Kong Police with On-Chain Crypto Funds Tracking Training

For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility in the program. 

Avalanche Foundation, the non-profit group overseeing the development of the Avalanche blockchain, has announced its intention to allocate a portion of the Culture Catalyst Funds to support meme coins.

According to a statement on X (formerly Twitter), the move is aimed at acknowledging the cultural and entertaining aspects symbolized by meme coins, with the foundation planning to acquire select Avalanche-based meme coins to build a curated collection.

From NFTs to Meme Coins

The non-profit organization initially rolled out the Culture Catalyst initiative in March 2022 with $100 million funding to propel the adoption of the crypto ecosystem.

At its launch, the program was designed to foster innovation in the non-fungible token (NFT) sector by supporting and empowering creators on the Avalanche protocol.

However, as revealed in a recent announcement on X, a portion of the funds will now be redirected towards targeted meme coins within the network.

The protocol claimed meme coins “go beyond mere utility assets” and stand as a representation of the “collective spirit and shared interests of diverse crypto communities.”

The Avalanche Foundation said the move aligns with its ongoing engagements across the Avalanche blockchain, involving non-fungible tokens, real-world assets, and various undisclosed tokens deployed on the Avalanche ecosystem.

The foundation believes that allocating a portion of the Culture Catalyst fund to selected meme tokens with promising potential will enrich the network’s portfolio, embracing a more comprehensive spectrum of possibilities. This step, according to the group, positions the protocol to accommodate the myriad new forms of creativity, culture, and lifestyle enabled by blockchain technology.

Unveiled Requirements for Investments in Meme Projects

For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility in the program.

According to the foundation, the selection process for the planned collection will be based on a number of factors, including liquidity thresholds, project maturity, principles of a fair launch, the number of holders, and overall social sentiment.

The non-profit said it is open to supporting diverse and culturally significant initiatives as long as it meets the selection criteria. The group prides itself as an adaptable and inclusive participant in the Web3 space.

Altcoin News, Cryptocurrency News, News

Leave a Reply

Your email address will not be published. Required fields are marked *