Choose your language:
Users of the DeFi protocols will receive liquidity mining incentives in the form of AVAX as part of the Avalanche Rush initiative
The Avalanche Foundation revealed yesterday that it was launching a $180 million liquidity mining incentive scheme called Avalanche Rush. The result of this programme will be the deployment on Avalanche of decentralised finance (DeFi) protocols Aave and Curve.
The announcement is part of Avalanche’s mission to create a more accessible, scalable and cost-effective DeFi ecosystem. The news follows the launch of the Avalanche Bridge last month, which provides cross-chain interoperability.
Ava Labs Co-founder, Emin Gün Sirer, 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.”
The first stage of Avalanche Rush will see users of Aave and Curve given liquidity mining incentives in the form of AVAX over a period of three months. AVAX tokens worth $7 million have been allocated to users of Curve and $20 million to users of Aave by the Avalanche Foundation.
Aave Founder, Stani Kulechov, commented, “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.”
Avalanche provides the DeFi protocols with a faster and cheaper environment. In the coming months, the second stage of Avalanche Rush will see even more DeFi protocols launch on the blockchain.
Curve Finance CEO, Michael Egorov, added, “As DeFi becomes more and more popular, it becomes clear that Ethereum blockchain is currently struggling to fit all the activity. Thus, it is important to expand to other chains and L2s. We find Avalanche offering an excellent opportunity with its unique decentralized consensus mechanism, high throughput and low transaction fees.”
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
$180M scheme launched to bring Aave and Curve to Avalanche
