Avalanche, the smart contract platform, has announced a $180 million liquidity mining incentive program “Avalanche Rush,” which aims to encourage more applications and tokens to move to Avalanche’s decentralized finance (DeFi) platform.
It has been reported that it’s set to follow a multi-stage deployment starting with the Aave and Curve protocols, before expanding to other assets in the coming months. For this first stage, Avalanche will allocate up to $20 million AVAX tokens for Aave and $7 million AVAX tokens for Curve over a 3 month period.
However, at the same time, the Avalanche Foundation has sponsored the launch of Benqi’s DeFi protocol native to the Avalanche network with a $3 million allocation, which started on August 19. News of the Rush program follows the re-release of the Avalanche Bridge, an upgraded version of the project’s previous cross-chain bridging tool that is allegedly five times cheaper, faster, and more secure than before.
The report said that part of the funds allocated to the Rush initiative will be reserved for current and future native Avalanche applications, with more information on applying for native incentives, said to be coming soon.
Thus, Stani Kulechov, the founder of Aave Companies, said:
"Avalanche consensus is well suited for building DeFi applications due to its scalability features, particularly its high throughput and near-instant finality."