We are excited to announce a new liquidity mining campaign for NEM that will start on November 3, 2020 12:00am UTC. Both the NEM and Hummingbot communities will soon be able to share an initial $15,000 reward pool in XEM by participating in market making for the XEM token.
In this post, we are going to introduce NEM to the Hummingbot community and give both the Hummingbot and NEM communities an overview of the upcoming campaign.
NEM Group supports the development of Symbol from NEM, a trusted and secure enterprise blockchain that smooths business friction, increasing the flow of data and innovation to supercharge the creation, exchange and protection of assets.
NEM Group comprises three separate entities: NEM Software, NEM Trading, and NEM Ventures. NEM Group shapes the future of blockchain by nurturing a strong and healthy ecosystem that will contribute to the development of blockchain technology for generations to come.
As NEM prepares for the Symbol mainnet launch and the launch of their new XYM token, the NEM liquidity mining campaign will reward traders for providing liquidity over the coming weeks during this launch. The campaign will initially focus on the XEM token, but may, in the future, also include the XYM token once XYM becomes available and is listed on exchanges.
Liquidity mining rewards users for providing liquidity for specific token pairs. Participants earn rewards by placing maker orders in XEM and adding to order book depth. We aim to create a fair, open, and transparent liquidity mining system for both participants and token projects. The way liquidity mining rewards are calculated is aligned with the risks participants take: the longer and more consistently participants place orders with tighter spreads and larger sizes, the more rewards participants earn. Participants and token projects will have access to real-time data on the campaign and market-making activity.
NEM’s upcoming liquidity mining campaign will allow members of both the NEM and Hummingbot communities to participate in market making for XEM tokens¹. By participating, members of the NEM community can also support their favorite project while earning rewards.
Start date: November 3, 2020 12:00am UTC
Total reward pool*: XEM tokens with a current value of approximately 1,250 per week (total of15,000 over 12 weeks)
Eligible token pairs: XEM/BTC, XEM/ETH
Eligible orders: maker orders placed with spreads of 2% or lower
We are planning to release a tutorial video which provides an overview of Hummingbot and liquidity mining, as well as a demo of both for the NEM community.
We will be hosting an AMA for the NEM community to answer any questions you may have. If you would like to participate, please tweet your questions ahead of time to @NEMofficial.
Hummingbot is sponsoring a virtual summit focused on liquidity and the latest developments in the cryptocurrency and DeFi space. This will be a great opportunity to learn more about Hummingbot, liquidity mining, as well as hear from some of the other projects at the forefront of DeFi.
Click here to find out more: Liquidity2020.
Note: * the reward pool will be denominated in XEM tokens, with the final amount to be determined just prior to the campaign launch based on the indicated dollar amounts shown.
For full terms of the campaign, please see liquidity mining campaign terms.
To learn more about liquidity mining, see below:
Hummingbot Miner’s app: current liquidity mining campaigns
Important notes and disclaimers
Please review the Liquidity Mining Policy for the full disclaimer, including policies related to the use of Hummingbot.
The content of this Site does not constitute investment, financial, legal, or tax advice: none of the information contained on this Site constitutes a recommendation, solicitation, or offer to buy or sell any digital assets, securities, options, or other financial instruments or other assets, or to provide any investment advice or service.
No guarantee of profit: CoinAlpha does not claim that liquidity mining and participation in liquidity mining campaigns will be profitable, however measured, for the user. Liquidity mining yields are a measure of rewards compared to assets used for liquidity mining, excluding any gains or losses incurred from the underlying trading strategy.
Eligibility requirements: participation in liquidity mining is subject to eligibility requirements as specified in the liquidity mining policy.
Campaign terms subject to change: terms may be modified over the course of the campaign. We will announce any changes, if any, on our discord and reddit; the most up to date terms will also be posted on the liquidity mining campaign terms and the miners app.