Liquidity mining: May recap

Blog»Liquidity mining: May recap
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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

fov1
  • 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

users

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

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

oov

Average Amount of Liquidity (Open Order Volume) per Bot

oov2

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

fov2

Filled Volume as % of Binance Totals

fov3

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:

fov4

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.

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 partnerships@hummingbot.io.

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