Liquidity mining: May recap

Blog»Liquidity mining: May recap

Carlo P. Las Marias

2020-06-04 · 3 min read

In the past month, we continued to see strong participation from miners across all campaigns.

The Solana campaign was launched in Week 13, which brought many new miners to the platform. We saw a large number of bots running on SOL token pairs. We also saw continued strong participation for the extended campaigns for iExec, Zcoin, and Zilliqa.

3-month Summary Statistics

  • Over 1,375 sign-ups, with 406 distinct miners participating and earning rewards

  • $37.1mm of total filled order volume from March 3, 2020 to June 1, 2020

  • USDC 34,375 total rewards have been paid out

  • The top miner has earned USDC 4.9K of rewards in total, and USDC 1.6K in the past 4 weeks

Number of Distinct Miners


We saw a sharp increase for the number of distinct miners in May, which means our campaigns have attracted more new users and successfully retained plenty of existing users as well.

Total Number of Bots


We also saw a strong upward trend for the number of bots running across campaigns in May, especially for Solana and Zcoin.

Open Order Volume

Total Value Locked


Average Amount of Liquidity (Open Order Volume) per Bot


Currently approx. $685 of open order volume/liquidity has been created per bot. This lower number reflects a growth in the number of new users who are starting out with smaller amounts as well the change in Zcoin's campaign, removing XZC/BTC (which had bots using large volumes for market making) and the additional of XZC/ETH and XZC/BNB.

Filled Order Volume


Filled Volume as % of Binance Totals


Miner filled order volume as percentage of Binance filled order volume is currently 17%, 21%, and 31% for the RLC, SOL, and XZC campaigns respectively. In the case of SOL, this is a good example of how liquidity miners can help to support recently issued tokens.

However, continued large volumes in ZIL brought the overall % lower. The chart below shows the huge growth in volume, primarily in ZIL, in recent weeks:


Miner Rewards

As shown in the below table, top 10 miners are very competitive, earning ~45% of the reward pool. In total, we have 61 miners who have earned over USDC 100 of rewards.


What's Next

We'll ship a new celo-arb strategy in the next release of Hummingbot on Jun 15, 2020. Soon Hummingbot users can support Celo's stablecoins while earning arbitrage profits. For more details, read this post.

We are now working hard to add new exchanges for liquidity mining within the next few months. We are also in discussions with new projects for future liquidity mining campaigns and other potential exchange partners. We believe we'll launch a few new campaigns in the near future, so stay tuned 😜!

Learn More

For exchanges and projects who would like to learn more about liquidity mining, please contact us at

DISCLAIMER: The websites located at,, (collectively, the "Site") are copyrighted works belonging to CoinAlpha, Inc. ("Company", "us", "our", and "we"). Certain features of the Site may be subject to additional guidelines, terms, or rules, which will be posted on the Site in connection with such features. All such additional terms, guidelines, and rules are incorporated by reference into these Terms. These terms of use (these "Terms") set forth the legally binding terms and conditions that govern your use of the Site. By accessing or using the Site, you are accepting these Terms (on behalf of yourself or the entity that you represent), and you represent and warrant that you have the right, authority, and capacity to enter into these terms (on behalf of yourself or the entity that you represent). You may not access or use the Site or accept the terms if you are not at least 18 years old. If you do not agree with all of the provisions of these terms, do not access and/or use the Site.