Avalanche has announced a $180M liquidity mining incentive program, starting with the Aave and Curve protocol
The Avalanche Foundation has announced a $180 million liquidity mining incentive program, named Avalanche Rush, the program will bring blue-chip DeFi applications to Avalanche, starting with two popular protocols, Aave and Curve.
Phase 1 of the Rush program will launch soon and provide the Avalanche native token, AVAX, as liquidity mining incentives for Aave and Curve users over a 3 month period. The Avalanche Foundation has allocated up to $20M AVAX for Aave users and $7M AVAX for Curve users, with additional allocations planned for Phase 2 in the coming months.
News of the Rush program follows the re-release of the Avalanche Bridge — an upgraded version of the project’s previous cross-chain bridging tool that is allegedly five times cheaper, faster and more secure than before.
Emin Gün Sirer, Director at the Avalanche Foundation said: “Avalanche Rush will be a showcase for users to see the power of Avalanche, and dive into a vibrant community at the cutting edge of decentralized finance. The combination of Aave, Curve, and Avalanche will create really interesting synergies that DeFi users will be excited about.”
“Avalanche consensus is well suited for building DeFi applications due to its scalability features, particularly its high throughput and near-instant finality. The deployment of the Aave Protocol on Avalanche will allow users to leverage low transaction costs without compromising the security of the network,” said Stani Kulechov, founder of the Aave Companies, which developed the Aave Protocol.
The Avalanche Foundation recently launched a $3M liquidity mining initiative with BENQi, a liquidity protocol native to Avalanche. Stake DAO recently partnered with Avalanche for a staking collaboration and plans to build innovative yield generating strategies leveraging the upcoming deployments of Aave and Curve on the platform
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