The Avalanche Foundation handed down its eligibility criteria for memecoins hoping to receive investment from its $100 million “Culture Catalyst” fund.
Avalanche-based memecoins wanting a slice of a $100 million fund must be at least one month old, among other newly unveiled criteria from the Avalanche Foundation, which recently expanded the scope of its fund to capture what it calls “community coins.”
In a Jan. 23 blog post, the Avalanche Foundation handed down a range of flexible criteria for its memecoin picks for its $100 million “Culture Catalyst” fund — initially launched to invest in nonfungible token artists.
It said all eligible meme tokens must have their contracts renounced, possess a low ownership concentration among whales and have high levels of liquidity, among other requirements.