Recently, the Avalanche Foundation announced a $180M liquidity mining incentive program - Avalanche Rush - to introduce more applications and assets to its DeFi ecosystem. The program will bring blue-chip DeFi applications to Avalanche, starting with Aave and Curve.
Well, First phase of the program will provide the Avalanche native token, AVAX, as liquidity mining incentives for Aave and Curve users over a 3 month period. The Foundation has portioned out up to $20M AVAX for Aave users and $7M AVAX for Curve users, with more allocations planned for second Phase in the coming months.
Source: Avalanche
The Avalanche Foundation is also sponsoring the launch of Benqi’s DeFi protocol native to the Avalanche network with a $3M allocation.
Avalanche also revealed that it recently partnered with Stake DAO for a staking collaboration and plans to build innovative yield generating strategies leveraging the upcoming deployments of Aave and Curve on the platform.
The incentive program Avalanche Rush follows the launch of the Avalanche Bridge (AB), which is a next-generation cross-chain bridging technology that transfers assets between blockchains. The Avalanche Rush and the new bridge together provide strong liquidity incentives and a seamless user experience for already set and new DeFi applications to join the Avalanche ecosystem.
Avalanche said that it will continue integrating additional blue-chip DeFi protocols on the platform as part of the Avalanche Rush program.
Founder of the Aave Companies,
Stani Kulechov, said, "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,"