News19 August 2021

Avalanche Unveils a $180M Decentralized Finance Program as The AVAX Token Ups By 30%

The AVAX Token Ups By 30%

Summary

  • Avalanche is set to offer liquidity mining for Curve and Aave.
  • AVAX prices surge 30% on the day, 200% in 30 days.
  • $180 million in tokens set for the program.

The avalanche foundation is set to offer a multi-million DeFi incentive towards onboarding blur chip DeFi apps.

On 18 August, Avalanche unveiled their multi-million liquidity-mining program worth $180M dubbed the ‘Avalanche Rush’, designed to oversee the introduction of more decentralized finance projects in the ecosystem.

According to Avalanche, this program is set to launch as Avalanche by bringing in Curve and Aave, two of the most prominent protocols in DeFi by value. The first phase of the Avalanche is set to launch AVAX, Avalanche’s native token, as a mining incentive for the Curve and Aave over the first three months.

The foundation has also allocated at least $20M worth of AVAX tokens for Aave owners and a further $7M for Curve users for the first phase, with more allocations set to be announced at the beginning of the second phase.

This happened as the price of the AVAX surged upwards in reaction to the news, trading above 30% at $30.60 at the time of press.

Kibet Elikana
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