Avalanche (AVAX) To Go Ape? Ethereum-Rival Aims To Promote Memecoins With New Culture Catalyst Initiative

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One rival of smart contract platform Ethereum (ETH) is shifting its culture to focus on promoting tokens it says are inspired by internet culture and humor.

In a new announcement, layer-1 blockchain Avalanche (AVAX) says that it intends to start promoting its Culture Catalyst initiative, which launched last year and aims to support memecoins, gas tokens, non-fungible tokens (NFTs), stablecoins, Real World Assets (RWA), and governance coins.

“Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains.

This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity, culture, and lifestyle that blockchain enables.”

Avalanche says it plans on purchasing select AVAX-based meme assets to start a collection, and says it will be choosing the tokens based on a combination of factors, including but not limited to its number of holders, its liquidity thresholds, and overall social sentiment.

“The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based memecoins to create a collection.

This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of crypto assets, broadening its portfolio to embrace a more complete spectrum of possibilities.”

The initiative was originally created in March 2022 as a collaboration between Avalanche and OP3N, an artificial intelligence (AI)-powered chat application.

AVAX is trading for $40.13 at time of writing, a fractional decrease during the last 24 hours.

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Featured Image: Shutterstock/Ellerslie/Dario Lo Presti

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