Avalanche, a smart contract platform, has unveiled Avalanche Rush, a $180 million liquidity mining incentive scheme. The multi-stage program will start with $27M tokens allocated for the Aave and Curve protocols.
According to the press release, the program intends to encourage more applications and tokens to migrate to Avalanche’s decentralized finance (DeFi) platform.
It will be implemented in stages, beginning with the Aave and Curve protocols and then extended to other assets in the coming months.
Over the course of the first three months, Avalanche will distribute up to $20 million AVAX tokens to Aave and $7 million AVAX tokens to Curve.
At the same time, starting August 19, the Avalanche Foundation will fund the launch of Benqi’s DeFi protocol, which is native to the Avalanche network.
The announcement of the Rush initiative comes on the heels of the re-release of the Avalanche Bridge, an updated version of the project’s earlier cross-chain bridging tool that is said to be five times cheaper, faster, and more secure.
A portion of the Rush money will be set aside for current and future native Avalanche applications, with further information on how to apply for native incentives expected soon.
Stani Kulechov, founder of Aave Companies, said of the program:
“Avalanche consensus is well suited for building DeFi applications due to its scalability features, particularly its high throughput and near-instant finality.“
