🌊⛏Launching Symbol Liquidity Mining Campaign on KuCoin
🌊⛏Launching Symbol Liquidity Mining Campaign on KuCoin
Blog » 🌊⛏Launching Symbol Liquidity Mining Campaign on KuCoin
We are thrilled to launch a new liquidity mining campaign on KuCoin for Symbol, NEM’s new enterprise-facing Proof-of-Stake (PoS) blockchain platform for custom security token management and trading! The campaign will start on March 30, 2021 12:00 AM UTC.
The Hummingbot team has teamed up with NEM since the first NEM (XEM) liquidity mining campaign launch on Binance.com in November 2020. The preliminary result has shown that liquidity mining is an effective and cost-efficient way to engage a large group of passionate individual traders in a short time to provide token liquidity. Within the first month of the campaign period, 140+ distinct individuals have participated and earned rewards. They accounted for as much as 11% of total XEM trading volume on Binance, and as much as 50% for the XEMETH trading pairs. Encouraged by the growth of participation and liquidity metrics, together with NEM, we launched NEM(XEM) liquidity mining campaign on KuCoin in March 2021. As of March 15, 2021, 484 unique miners, 30% of the entire miner community, have participated in NEM liquidity mining campaigns on either Binance or KuCoin. The open order volumes peaked at US64K, and US244mm and US$4mm for Binance and KuCoin (only launched for 1.5 weeks), respectively. The campaign performance has motivated both teams to bring NEM liquidity mining campaigns to the next level.
Today, we are very excited to work with NEM again to launch its Symbol (XYM) liquidity mining campaign on KuCoin. Having made a debut on March 15, 2021, Symbol(XYM) was recently listed on KuCoin. This is not our first time supporting token listings with liquidity mining. We’ve previously worked with Kava’s HARD protocol to support its HARD token listing on Binance with a US$38.5mm filled order volume achieved through a short 2-month liquidity mining campaign.
We have high expectations for this upcoming Symbol (XYM) campaign as it allows us to demonstrate how Hummingbot Miner can efficiently address price discovery for new token issuances, where decentralized market making offers a particular edge. The more traders actively participating in the market making activities, the more efficiently this critical price discovery process can occur.
On the other hand, the notion of empowering the community to give back to the ecosystem through decentralized market making elevates the brand value of NEM. The liquidity mining campaigns provide a way for NEM to access a broader trader community, enabling the community to get to know the project and contribute to its ecosystem by leveraging Hummingbot’s open-source trading bot. By lowering the entry barrier for algorithmic market making, Hummingbot, together with its partners, has successfully converted thousands of crypto enthusiasts into quant/algo traders through various liquidity mining campaigns. We believe that this campaign will be no exception in its ability to gain traction among a large, diverse group of participants.
- Start date: March 30, 2021 12:00 AM UTC
- Total reward pool*: ~ XYM 3,570 / week (subject to change)
- Reward token: XYM
- Eligible token pairs: XYM/BTC and XYM/USDT
- Eligible orders: maker orders placed with spreads of 1.5% or lower
- Exchange: KuCoin
Join the campaign: https://miner.hummingbot.io
Symbol will be the connector between business and blockchain, and is specifically designed with interoperability at its core. Symbol will be a highly suitable platform for tokenization from financial through to physical and intellectual assets.
Symbol is the next-generation Proof-of-Stake+ (PoS+) blockchain from NEM, boasting enterprise-grade programmability and security. Symbol from NEM brings cutting-edge technical features which can be leveraged by innovative projects building the new economy.
The platform enables the creation of specialized digital assets, with configurable properties and a unique identifier, and can enforce logic-based account or asset-based restrictions at a protocol level.
For more information, visit symbolplatform.com.
*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
Getting started with Hummingbot
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.
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