Avalanche, the smart contract platform, has recently announced a $180 million liquidity mining incentive program. The platform gave this program the name – Avalanche Rush. According to the reports from the release, this program aims to stimulate the migration of more apps and tokens to Avalanche’s decentralized finance (DeFi) platform.
It is configured to run its deployment in stages, beginning with the Aave and Curve protocols, before other resources are used in the coming months. In this first phase, the platform is planning to allocate up to $20M AVAX tokens for Aave. Furthermore, the firm will allocate $7M AVAX tokens for Curve, both over the time of 3 months.
Opinions On Avalanche Rush
In the meantime, the Avalanche Foundation will fund the launch of Benqi’s DeFi protocol that is native to the Avalanche network with a $3 million disbursement that has started on the 19th of August. Moreover, the news of this new Rush program by the firm follows the launch of Avalanche Bridge. It is an improved version of the proposed project’s previous cross-chain bridging tool. The team says it will be five times cheaper, faster, and safer than before.
A portion of the funding for the Rush initiative will go towards current and future native Avalanche applications. Also, more information on how to apply for native offerings will be available shortly. Stani Kulechov, the Aave Companies founder in the context of the program said:
“Avalanche consensus is well suited for building DeFi applications due to its scalability features, particularly its high throughput and near-instant finality.“
Further, Chief Executive Officer at Curve Finance, Michael Egorov said:
“As DeFi becomes more and more popular, it becomes clear that Ethereum blockchain is currently struggling to fit all the activity. Thus, it is important to expand to other chains and L2s. We find Avalanche offering an excellent opportunity with its unique decentralized consensus mechanism, high throughput, and low transaction fees.”
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