Liquidity mining: January recap

Blog»Liquidity mining: January recap
january-2020-recap

Carlo P. Las Marias

2021-02-03 · 5 min read

11-month Summary Statistics

And with 2020 behind us… 2021 has kicked off with a bang! Strong momentum at the end of 2020 carried over to January and we saw lots of growth and new major milestones achieved right out of the gate:

  • January’s monthly traded volume totaled $148.2mm, largest ever monthly total

  • Weekly volume of $43.3mm in the last week of January was also the largest ever weekly total

  • 152 new users signed up and earned rewards on Hummingbot Miner in January, marking the largest monthly new user acquisition since the launch of the platform in March 2020

  • Open order volumes (“total value locked”) also ended the month near all-time highs, at $302k

In total, Hummingbot Miner has paid out 272k of liquidity mining rewards to 1,358 different users. The order book depth created by Hummingbot miners has resulted in452mm of traded volume and improved liquidity for 17 token issuers.

Liquidity mining campaign updates:

Technology updates:

  • We added native token payment support for Stratis (STRAX) and Avalanche (AVAX) blockchains. Users participating in the STRAX and AVAX campaigns are now earning and being paid in the respective tokens. The Algorand KuCoin campaign also now includes USDC ASA.

  • We are currently working on Binance Chain BEP2 token payments (PHB) and Secret Network (SCRT) and are planning to roll those out in February

While technically February, we just launched the Hummingbot Miner platform on KuCoin. One of the main focuses and goals for the year is to expand Hummingbot Miner to many more exchanges. The roll-out of the platform on KuCoin is a major milestone for the company, and just the first of several launches we’re planning for this year. The next two exchanges we are working on integrating are OKEx and Bitfinex. If you have any suggestions on which exchanges we should integrate with, let us know at miner@hummingbot.io or on our discord!

Hummingbot Miner site updates:

  • We rolled out an, which allows users to track the orders they are creating more easily and near instantaneously.

  • We also just released a re-designed settings panel, an improved interface for user settings and configuration:

setting

We are continually working to improve the UI/UX for the miner app and are currently working on additional re-designs and improvements to the markets pages, user performance dashboard, and leaderboard. Basically the entire site! We welcome any feedback and suggestions at miner@hummingbot.io or join our team in discussions on our discord server.


Hummingbot Miner Platform Statistics

Cumulative statistics through January 31, 2021

  • Equivalent USD 272,065 cumulative rewards paid out

  • 5,283 total sign ups, with 1,358 distinct miners having participated and having earned rewards

  • USD 451.7mm of filled order volume

  • 17 issuers have run or are currently running campaigns

Current platform statistics

  • Daily average of 40-45 bots per campaign/token issuer

  • On average, users are deploying $1,056 of assets per bot

  • A reward pool of $5k/mo(1.25k/week) is generating **3.5mm of weekly traded volume** (average across live campaigns)

Cumulative Rewards Payout to Date

Miners have earned rewards in a combination of USDC, USDT, XEM, RLC, XZC, USDT-TRON, ALGO, USDT ASA (Algorand Standard Asset), and STRAX. We continue to expand the capabilities of Hummingbot Miner to allow us to payout rewards in issuers’ own native tokens on their own blockchain.

cumulative-rewards

Number of Distinct Miners

We saw 152 new users join the platform and earn liquidity mining rewards in January. This was the largest monthly addition of new users since the launch of the platform, which extended the upward trend of recent months.

new-users
cumulative-number-distinct-miners

We saw 12% growth in the number of distinct miners in January

weekly-distinct-miners

We saw 8.5% growth in the number of distinct miners in January

Total Number of Bots

total-bots-base-asset
cumulative-bots-base-asset
average-bots-per-campaign

Open Order Volume

Total value locked

open-order-volume-base-asset
stacked-open-order-volume-base-asset
average-oov-campaign

Average Amount of Liquidity (Open Order Volume) per Bot

Currently, an average of $1,056 of open order volume/liquidity is being created per bot.

average-usd-amount-bot

Filled Order Volume

fov

Filled order volume: March 3, 2020 to January 31, 2021

fov-base-asset
stacked-fov-base-asset2

Filled Volume as % of Binance Totals

fov-as-binance-totals2
overall-lm-fov-daily-binance-total

Filled Order Volume vs. Reward Pool

While liquidity mining does not compensate miners for filled order volume, the increased liquidity and order book depth created by miners does translate into increased trading efficiently and, consequently, additional trading volume. Trading volume is important for issuers since exchanges typically use traded volume as a benchmark more deciding whether or not to maintain or remove token listings

rewards-fov
  • A total reward pool of equivalent USD 272k yielded $451.7 million of traded volume across campaigns¹

  • Over the past week, a weekly reward pool of equivalent USD 1,250 (our minimum recommended amount for issuers for a campaign), resulted in weekly average of $3.5M filled order volume

Note 1) Liquidity mining does not reward for filled order volume nor does it guarantee a certain amount of filled order volume. The above figures are based on historical data from currently running and historical liquidity mining campaigns.

There was a range across campaigns, which can be seen in the following charts:

weekly-reward2
weekly-fov2

(Note: Last data point is partial week data of January 31, 2021)

fov-usd2

(Note: Last data point is partial week data of January 31, 2021)


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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