The Avalanche Foundation says it is funding select memecoins, non-fungible tokens (NFTs) and other similar crypto assets through its Culture Catalyst program.
In 2022, the non-profit organization behind the layer-1 blockchain Avalanche (AVAX) launched the Culture Catalyst initiative to support community coins created for culture and engagement.
In a new statement, the foundation says it has finally established the eligibility requirements for community coins seeking to receive funding from the $100 million program.
“The eligibility criteria are designed to identify community coin projects that show stability, growth potential, and a commitment to fair practices in the crypto world.”
Avalanche says eligible coins must have at least 2,000 unique holders, a total liquidity of at least $200,000 or equivalent, a minimum of 50 liquidity providers, a fully diluted market capitalization of $1 million or greater and an average daily trading volume of at least $100,000 on AVAX-based decentralized exchanges for at least two weeks.
Furthermore, the tokens should also be at least one month old and the top 100 holders should own less than 60% of the coin’s total supply.
The organization says the eligibility requirements outline the bare minimum characteristics that a community coin should have to be taken into consideration, but it will use additional criteria to select and support coins.
“The purpose of disclosing the eligibility criteria here is to enunciate the Foundation’s values and provide direction to the community.
And it goes without saying that the Foundation reserves the right to determine which coins to include in the Culture Catalyst program in its sole discretion and to alter these eligibility criteria as it sees fit.”
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