Users of DeFi Protocol Holders to be Eligible for Liquidity Mining Incentives with AVAX. Avalanche Rush Initiative Announced
The Avalanche Foundation launched a $180 million incentive scheme for liquidity mining called Avalanche Rush yesterday. The goal of the program is to deploy the Avalanche protocol for decentralized financial (DeFi) Aave Curve.
The announcement is part of Avalanche’s mission to make DeFi more accessible, scalable and profitable. This follows the publication of Avalanche Bridge, which enabled interoperability across chains last month.
Ava Labs co-founder Emin Gün Sirer said: “Avalanche Rush will provide users with the opportunity to witness the power of Avalanche and get involved in an active community in the DeFi space. Combining Aave, Curve and Avalanche will create fantastic synergies that users will no doubt be excited to see..”
The first stage of Avalanche Rush will see Aave Curve receive AVAX as liquidity mining incentives over a three month period. The Avalanche Foundation has allocated $7 million of AVAX tokens specifically for Curve users, and $20 million for Aave users.
Aave Founder Stani Kulechov commented: “The Avalanche consensus is suitable for DeFi applications thanks to its scalability characteristics, with its high performance and nearly instant finality. The implementation of the Aave Protocol on Avalanche will enable users to take advantage of lower transaction costs while maintaining network security..”
Avalanche provides DeFi protocols with a more efficient and cost-effective environment. The second stage will take place in the months ahead, and will see the blockchain launch additional DeFi protocols.
Curve Finance CEO Michael Egorov added: “As DeFi popularity continues to grow, it’s becoming clear that Ethereum blockchain is having difficulty keeping up with the activity. Which is why it’s essential to spread out to other strings and L2. We think Avalanche is an excellent option due to its unique decentralized consensus mechanism, high throughput and low transaction fees..”