Avalanche Foundation Sets Guidelines for Acquiring Meme Coins
The Avalanche Foundation has released an “eligibility framework” that outlines the criteria for acquiring meme coins. According to the guidelines, meme coins must be independent from their creators and originate on the Avalanche blockchain. Tokens with allocated shares for their team or duplicates on other blockchains are prohibited, and the creator team must renounce ownership of the mint contract. The Foundation also disapproves of tokens held by crypto whales, lacking security scrutiny, or launched without whitelists. Additional requirements include having a minimum of 2,000 holders, a market cap of at least $1 million, and a daily average trading volume of at least $100,000 over a two-week period.
Purchases Have Already Begun
The Avalanche Foundation has already started purchasing meme coins using funds from its $100 million “Culture Catalyst” fund. The Foundation views meme coins, NFTs, and similar tokens created by the community as “community coins” that contribute to creativity, culture, and engagement in the blockchain space.
Hot Take: Avalanche Foundation Sets Guidelines for Acquiring Meme Coins
The Avalanche Foundation has unveiled an eligibility framework to guide its acquisition of meme coins. The framework establishes criteria such as independence from creators, origin on the Avalanche blockchain, and a prohibition on tokens with allocated shares or duplicates on other blockchains. Other requirements include a minimum number of holders, liquidity provided by contributors, market cap, trading volume, and existence for at least a month. The Foundation emphasizes that meeting these criteria does not guarantee acquisition. The Avalanche Foundation has already started purchasing meme coins using funds from its Culture Catalyst program. By setting guidelines for acquiring meme coins, the Foundation aims to support cultural initiatives and foster creativity in the blockchain space.
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