Crypto news: Avalanche has recently announced a $100 million fund dedicated to memecoins.
The “Culture Catalyst” fund, originally conceived to support NFT artists, is now open to memecoin projects on Avalanche.
In order to qualify, projects must be active for at least one month, have a low concentration of ownership among the main asset holders, ensure high levels of liquidity, and meet several other specific criteria. Let’s see all the details below.
The crypto-conditions to access the fund for memecoin projects on Avalanche
As anticipated, the memecoins aiming to obtain a portion of the 100 million dollars fund, based on Avalanche, must comply with new criteria recently announced by the Avalanche Foundation.
The foundation has expanded the scope of its “Culture Catalyst” fund, initially designed to invest in non-fungible token artists, to include the so-called “community coins”.
In a post dated January 23 on its own blog, the Avalanche Foundation outlined a series of flexible criteria for the selection of memecoins destined for the $100 million fund.
Among the requirements, the foundation has established that all eligible memecoins must have renounced contracts, a low concentration of ownership among large investors (whales), and a high level of liquidity.
The foundation has emphasized the flexibility of many of its criteria, but has specified minimum requirements for eligibility. Among these are at least 2,000 unique holders, a liquidity of at least $200,000 from 50 different suppliers, and the existence of the project for at least one month.
Meme coins, usually conceived with a playful or humorous spirit, rarely try to hide their intrinsic lack of utility, which attracts enthusiasts of this type of asset.
The expansion of the Avalanche Foundation’s fund to include memecoins at the end of December 2023 has sparked mixed reactions in the market. Specifically, some commentators have criticized the organization for its “desperate and indecorous” move.
Despite the criticism, the foundation has stated that it has already started using its Culture Catalyst program to invest in “community currencies”.
Among the prominent memecoins on the Avalanche network, Avalanche, currently stands out Coq Inu (COQ), a ‘rooster-themed’ token with a market capitalization of 75 million dollars, which is presented as the most traded memecoin on the Avalanche network, according to data from DexScreener.
Fonbnk and Avalanche: the collaboration for FinTech innovation in Africa
Among other crypto news, we see that Fonbnk has recently entered into a partnership agreement with Avalanche, officially announced on their Twitter account (X).
In the following tweets, Fonbnk emphasized that the partnership will give new power to Avalanche, involving the platform’s community of developers and builders in the use of the on-ramping and off-ramping solutions provided by Fonbnk.
The collaboration is presented as a combination of opportunities, promising risk-free payments throughout the African region. Fonbnk will provide APIs and no-code, low-code, and user-friendly dApps for developers and Avalanche customers.
Among Fonbnk’s offers there is also the Pay Widget, which allows developers to integrate payment solutions into their applications.
Fonbnk, a FinTech company, strengthens its commitment to simplify financial transactions, aiming to empower the technological ecosystem throughout Africa, with robust and accessible tools for developers of all levels.
The Twitter thread concludes with Fonbnk inviting developers to join their partnership program.
Despite being in its early stages, the company has already made a breakthrough in the FinTech landscape. Fonbnk, in fact, promises further updates through its social media channels, inviting users to stay updated.
Fonbnk is attracting attention throughout Africa, creating Web3 connections that combine prepaid airtime and other mobile payment options with stablecoin.
This approach translates into a fast, secure, dollar-based payment system, offering merchants unparalleled value, greater accessibility, and simplified cross-border transactions.
With Fonbnk’s wide range of products, the partnership will also help expand Avalanche’s influence in Africa.