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The Acquisition of Community Coins on Avalanche Blockchain
The Avalanche Foundation has recently disclosed its acquisition of five community (meme) coins native to the Avalanche blockchain network. This strategic move was announced in a recent blog post. The foundation’s decision is part of the ongoing Culture Catalyst program aimed at supporting Web3 creators, fostering innovation on Avalanche, and driving broader adoption of blockchain technology.
The Importance of Community Coins in Web3
The Avalanche Foundation recognizes the crucial role that community coins play in today’s Web3 landscape. These coins represent the unique interests, spirit, and creativity of diverse crypto communities. By acquiring these coins, the Foundation aims to acknowledge and support these communities while ensuring transparency through regular disclosures of its holdings.
The five community coins acquired by the Foundation are Coq Inu, Gecko, Kimbo, NoChill, and Tech. Each of these coins has met the Foundation’s rigorous eligibility criteria, showcasing their dedication to the Avalanche ecosystem and commitment to fair Web3 practices.
A Closer Look at Tech
Tech, also known as ‘Number Go Up Tech,’ is a memecoin designed to unite the Avalanche community around technology. This coin, which carries no intrinsic value, serves as a platform for celebrating technology, innovation, and digital transformation within the community. The smart contract for Tech was deployed on March 04 and currently boasts a market cap exceeding $22 million.
Exploring Other Community Coins
Coq Inu, Gecko, Kimbo, and NoChill are just some of the other community coins held by the Foundation. These coins operate within the Avalanche ecosystem, each offering unique features and values to their respective communities.
The Foundation’s commitment to supporting community coins is an ongoing initiative, with a willingness to adapt eligibility criteria to accommodate the evolving crypto landscape. Additionally, the Foundation is exploring ERC-404 tokens as a novel token class pioneered by the Avalanche community.
As the Foundation continues to champion culturally significant Web3 projects and celebrate the Avalanche culture, it reserves the right to adjust its community coin holdings and eligibility criteria to further its mission and strengthen the Avalanche ecosystem.
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