Liquidity mining: March recap

Liquidity mining: March recap

Blog » Liquidity mining: March recap

Chad Hines

April 5, 2021 · 3 min read

announcement

In March 2021, the Hummingbot platform continued its impressive growth, with the highest filled order volumes and rewards for miners to date. The number of distinct miners grew 19.4% last month, from 1,622 to 1,937, with 315 new miners participating on the platform and earning rewards.

This increase in miner activity reflects the growing knowledge and ability of the participating community of traders and developers, as well as the quickly growing momentum behind Hummingbot software and strategies. The increase in the reward pool also reflects growing adoption and confidence in token issuers in using Hummingbot Miner to support and promote liquidity for its tokens.

13-month Summary Statistics

Through March 31, 2021

  • Filled order volume surpassed $1.15bn
  • Total distinct miners surpassed 1,937! 315 new miners signed up and earned rewards in the month of March alone!
  • $516k equivalent cumulative rewards paid out, compared to $272k in January
  • The top ranked miner has earned the USD equivalent of $93k in total rewards
  • Liquidity mining rewards were paid out in a combination of USDC, USDT, ALGO, XEM, and others. As the Hummingbot miner platform expands, more rewards will be paid out in the issuer’s native tokens.

1 b cum rewards  usd

Liquidity mining campaign updates:

Technology updates:

  • Binance chain BEP2 integration was rolled out on March 15 to support token payouts in liquidity campaigns
  • The SCRT wallet was also enabled for SCRT payouts
  • Hummingbot rolled out an improvement to the earnings chart, separating earnings for different exchanges
  • The first payouts for the XYM campaign on Kucoin will be on April 9, less than a month after the token was created, continuing Hummingbot’s history of support for new token listings

Number of distinct miners and bots

As of March 30, 1,914 distinct miners had participated in Hummingbot liquidity mining. platform

binance

kucoin

On the last day of March, the daily average for bots running across campaigns was 820. 3 hb m cum bots asset

Liquidity (Open Order Volume)

Outstanding liquidity peaked at over one million USD equivalent on March 21. 5 hm m stacked oov asset

The average outstanding liquidity per campaign also climbed to $79.3k on March 21.

6 hm avg oov campaign

Volume (Filled Order Volume)

The cumulative filled order volume across exchanges reached $1.15bn in March, increasing nearly 4x since the start of the year.

7 hb cum fov

Filled Order Volumes on Binance

The filled orders on Binance campaigns encompassed a rapidly increasing range of assets, while the total filled volume for all tokens surpassed a billion USD equivalent in March.

8 hb cum stacked fov asset

The daily filled order volume on Binance saw some tremendous spikes due to market volatility, with high activity throughout the month.

binance daily

9 order volume totals Filled order volume: March 3, 2020 to March 31, 2021

Hummingbot miners comprised impressive percentages of Binance filled order volume totals.

10 hm b fill vol perc market

Filled Order Volumes on Kucoin

Hummingbot and Kucoin announced a new campaign for the XYM token in March, which has just begun contributing to the total volume of filled orders.

12 xym

ALGO also took the lion’s share of filled volume in the Kucoin liquidity mining campaign.

11 kucoin liquidity mining

A single day saw $1.9m of filled order volume by miners across Kucoin campaigns!

13 daily fov

Kucoin also saw strong filled order volume through March, as expressed as a percentage of volume by base asset, with Hummingbot miners comprising 40% of XYM traded volume on Kucoin by the end of the month.

FOV percentage Kucoin1

Note: 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.

Top ten miners

The top ten miners, as of March 31, have been awarded a total of $245k equivalent in payouts.

14 top ten

What’s next

One of the main focuses and goals for the year is to expand Hummingbot Miner to many more exchanges. The next exchange we are working on integrating is Bitfinex.

We are constantly looking for UI/UX improvements for the miner app. Currently, we are working on a dark mode, and additional re-designs and improvements to the market view. We welcome any feedback and suggestions at miner@hummingbot.io or join our team in discussions on our discord server.

Thank you!

The growth of the total number of bots across a diverse spectrum of base assets shows the health of the Hummingbot ecosystem, thanks to its increasing and energetic base of dedicated users and developers.


🏛 Token issuers: contact the team at partnerships@hummingbot.io to learn more about running liquidity mining campaigns on Kucoin, Binance.com, or to suggest the next exchange for us to integrate with!

🏦 Exchanges: contact partnerships@hummingbot.io if you’d like to bring Hummingbot and liquidity mining to your exchange!

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