Avalanche Memecoin Rush with Trader Joe
Memecoin Rush
Memecoin Rush is coming to Trader Joe on the Avalanche blockchain. This ecosystem-wide program will introduce new utility and use-cases for 'community coins' by adding gamification and enhancing ecosystem synergy. Announced by the Avalanche Foundation on March 21st, this $1m program aims to foster wider ecosystem support and adoption for communities eager to build on the Avalanche blockchain.
As the central liquidity hub and trading venue on the Avalanche network, Trader Joe is integral to this program and will offer users of the Avalanche blockchain a sparkling new experience, expecting to launch next week.
The Avalanche Foundation
A recent statement shared by the Avalanche Foundation reinforced its commitment to fostering growth on the Avalanche blockchain in culture, creativity, and lifestyle. Community coins, or 'Memecoins,' are a key part of the culture in DeFi. They excel in brand proposition and are often supported by a highly loyal and value-adding user base. The Foundation is therefore embracing this specific type of coin where there is no product, utility, or 'innovation;' there is simply a brand and a group of loyal followers who believe.
Trader Joe: The Token Hub
Trader Joe is an on-chain marketplace and a platform that facilitates instant, low-cost swapping of all types of tokens, including meme coins which are an integral part of the Trader Joe experience and are thus well-served on the platform. Meme coins, like all other types of coins, have a future in decentralized finance, and Trader Joe is here to align support and growth for this area of the market.
Meme Rush: Ready your Diamond Hands
What does Meme rush with Trader Joe entail?
Stake Your Memecoins: The Trader Joe platform will launch a Meme Rush page, featuring single-sided staking pools for selected memecoins.
Points System: For each staking pool entered, stakers will accrue points over time and be able to track their standings on leaderboards.
Multipliers: In addition to accruing points, stakers can unlock bonus multipliers to enhance their final standings and help them earn a higher share of rewards.
Weekly Airdrops: The campaign will feature weekly epochs. At the end of each epoch, AVAX rewards will be instantly claimable based on your final ranking within each staking pool.
Diamond Hands: Loyalty pays off! Stay fully staked with your positions throughout the campaign to earn a special reward at the end, signifying your diamond hands.
💎 How Can I Get Involved?
Meme Rush will unfold over several successive weekly epochs and users can get involved simply by staking specific meme coins into staking pools. Stakers will automatically accrue points once staked that go towards an end of epoch standing leaderboard which distributes rewards, based on final standing. Every Staking Pool will have its own dedicated allocation of rewards, and stakers can enter any number of these staking pools. Stakers can also unlock multipliers by meeting certain requirements detailed below.
TLDR:
Deposit meme tokens into staking pools
Accrue Points based on the amount of tokens held
Earn Multipliers through eligible criterias
Claim your AVAX rewards every week
Staking Pools
For Phase 1, the following memecoins outlined below will be involved. This list is subject to change as the program evolves through each weekly epoch, and some tokens may be replaced.
Epoch 1: $COQ, $KIMBO, $NOCHILL, $GEC, $TECH, $HUSKY, $MEOW, $KONG, $MEAT, $KINGSHIT
Epoch 2: ???
Epoch 3: ???
Epoch 4: ???
🤔 How to Accrue Points?
Stakers will accrue points for depositing their tokens into Staking Pools
The more you stake, the more points you earn
Snapshots are taken throughout the day
Positions will be updated every ~24 hours
Participants can monitor their points via Leaderboards
🤔 How to Unlock Multipliers
Multipliers boost the points you accumulate throughout an epoch. They are added to your total points at the end of each epoch, enhancing your final standing. There are three distinct types of multipliers, each with up to five tiers. By unlocking and maximizing all tiers across these three multipliers, you can increase your total points by up to +60%.
Multiplier #1: Number of days staked (Boosts specific Staking Pool)
Enhance your points by maintaining your staking without making full or partial withdrawals. The boost increases with the duration of continuous staking and applies to each individual staking pool you are participating in.
Multiplier #2: Number of Staking Pools (Boosts all Positions)
Diversify your stakes across multiple pools to unlock additional boosts. A minimum of $50 worth of tokens must be staked in each pool at the time of each snapshot—a specific moment when staked values are recorded—to qualify. This boost enhances all your staking positions.
Tier 1: 2 days of continuous staking: +2%
Tier 2: 4 days of continuous staking: +6%
Tier 3: 5 days of continuous staking: +10%
Tier 4: 6 days of continuous staking: +15%
Tier 5: 7 days of continuous staking: +20%
Multiplier #3: JOE staked into sJOE (Boosts all positions)
Secure a boost by staking JOE tokens for sJOE on either Avalanche, Arbitrum, or both. The total staked JOE across platforms contributes to your multiplier level, enhancing all active staking positions.
Tier 1: 100 JOE staked: +2%
Tier 2: 500 JOE staked: +6%
Tier 3: 1,000 JOE staked: +10%
Tier 4: 50,000 JOE staked: +15%
Tier 5: 100,000 JOE staked: +20%
This program is designed for launch currently and there is a chance final adjustments are made, if any changes occur ahead of launch they will be updated in this document and shared in broader communications
🎁 Rewards
At the end of each weekly epoch, all data will be collated, and multipliers will be added to the final standings following an off-chain calculation. Rewards will then be distributed based on the updated final standings. Participants will be able to claim AVAX rewards directly from the staking page.
💎 Work Together - Prove Your Diamond Hands
Unite as an ecosystem and ally with fellow communities. Stake together and stay staked to prove your ecosystem-wide Diamond Hands.
This is a group achievement, a collective goal to aim for. Complete it and unlock bonus rewards. By staking into pools and staying staked throughout the entire program, you can contribute towards unlocking a collective goal dubbed the ‘Diamond Hands’ Achievement. Your aim is to remain staked, with no partially withdrawn or fully withdrawn positions once you are staked. This achievement, if unlocked, will reward bonus $COQ tokens (and maybe some diamonds) to all who meet the criteria detailed below:
The tiers of this reward are as follows:
Diamond Tier: Over 75% retention of unique wallets staked throughout phase one.
Gold Tier: 50% - 75% retention of unique wallets staked.
Silver Tier: 25% - 50% retention of unique wallets staked.
No Hands Tier: Less than 25% retention (no bonus rewards).
Disclaimers
Any partial or full withdrawal from a staking pool, while there is active accrual of points during an epoch will disqualify you from this achievement and will impact the overall end result for all
If a staking pool stops receiving points you can safely withdraw from that staking pool, without disqualification from the Diamond Hands achievement
You must stake within the first epoch to be considered for the Diamond Hands achievement
Any rewards received will be proportional to your total points accrued over the campaign
💎👐
Ready to Join the Rush?
The Trader Joe Memecoin Rush kicks off next week. Stay tuned for further announcements about the start date and get ready for the rush.
Join us in the Trader Joe Discord for the weekly Community Call to learn more about the program: https://discord.gg/traderjoe
⚠️ Disclaimers
Trader Joe reserves the right to adjust or change the rules of this program with each successive epoch to ensure accessibility.
An expected fair-game rule is in place. If there is any manipulation of the program that results in an unfair accrual of rewards, the involved wallet(s) will be banned and removed from participation.
About Trader Joe
Trader Joe is a leading multi-chain decentralized exchange and the inventor of Liquidity Book, the most capital efficient AMM in DeFi. Trade your favorite tokens, access one-click yield farming and shop for the latest digital collectibles at the Joepegs NFT Marketplace. DeFi has never been easier thanks to Trader Joe.
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