Liquidity mining: April recap

Liquidity mining: April recap

Blog»Liquidity mining: April recap

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Martin Sigwald

2021-05-05 · 4 min read

announcement

During April 2021, Hummingbot miner platform continued its explosive growth, expanding both its user base and rewards pool. This demonstrates not only the increasing interest of the community, but also the success of the liquidity mining model as a cost effective alternative to traditional market making services for both issuers and exchanges.

Filled order volume continued to grow, increasing almost 30% last month and achieving a total cumulative value of $1.49bn! In the case of KuCoin, for example, Hummingbot miners accounted for over 15% of total monthly FOV for that exchange, while for some specific tokens, like CDT, liquidity mining bots accounted for over 50% of total traded volume.

Cumulative Filled Order Volume for all exchanges

  • Filled order volume reached $1.49bn, a monthly increase of 30%

  • Total distinct miners surpassed 2,200! Over 300 new miners signed up and earned rewards in the month of April

  • $645k equivalent cumulative rewards paid out since March 2020, with over $100k paid during April alone, making it the highest payout of any given month so far

  • Cumulative FOV on KuCoin doubled during the month of April, reaching $78m

  • The top ranked miner has earned the USD equivalent of $118k in total rewards

New campaigns and extensions

  • Blox has decided to extend its mining campaign on Binance) for another 3 months and add CDT/BTC pair as well

  • The Hacken (HAI) liquidity mining campaign was announced on April 27, and kicked off on May 4, 12:00 am UTC, with a total reward pool of 15,000 USDT (1,250 USDT/week).

New features and enhancements

Hummingbot Miner will continue to integrate with new exchanges, such as AscendEX (to be launched in the following weeks), as well as offering liquidity mining opportunities for new tokens, such as Hacken (HAI), alongside existing campaigns.

We are constantly looking to improve our users' experience. Currently, we are working on redesigning the miner app, with exciting new features such as order book depth, price and spread charts and a dark mode. We welcome any feedback and suggestions at miner@hummingbot.io or you can join the team in lively discussions on our discord server.

Platform statistics

Through April 30, 2021

Rewards

Since launch, we have paid out approximately $600k in rewards on Binance.

Cumulative rewards on Binance

We launched campaigns on KuCoin in February, and since then we have paid out over $50k in rewards to miners.

Cumulative rewards on KuCoin

Number of distinct miners and bots

As of May 4, 2,230 distinct miners had participated in Hummingbot liquidity mining.

All exchanges - As of rewards period ending May 4, 2021 12.00am UTC
Binance - As of rewards period ending May 4, 2021 12.00am UTC
KuCoin - As of rewards period ending May 4, 2021 12.00am UTC

The number of total daily bots continued to increase during April, reaching an all time high of 921 concurrent bots on April 12.

3-hb-m-cum-bots-asset

Liquidity (Open Order Volume)

Outstanding liquidity peaked at over $1.1M on April 12, surpassing the previous high of March 21.

5-hm-m-stacked-oov-asset

The average outstanding open order volume per campaign climbed to $81k, also topping March's previous peak.

6-hm-avg-oov-campaign

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 reached $1.4bn equivalent in April, a monthly increase of almost 30%.

8-hb-cum-stacked-fov-asset
dailyFOVBinance

XEM and MFT continue to lead the board, with cumulatives FOV of $327k and $324k respectively.

9-order-volume-totals

Hummingbot miners comprised impressive percentages of Binance filled order volume totals for the campaign tokens, with more than 50% of liquidity provided by our community for some assets, like CDT.

10-hm-b-fill-vol-perc-market

Filled Order Volumes on Kucoin

The contribution of Humminbot miner's community to KuCoin's liquidity continues to grow, with cumulative FOV increasing over 2x in just a month.

kucoinCumFOV
dailyFOVKuCoin

Our community accounted for over 15% of KuCoin's total Filled Order Volume, overpassing the 25% mark on some days of the month.

totalKucoinLiq

Inline with what we saw for Binance, our miners provided an impressive level of liquidity for some campaing tokens on KuCoin such as FRONT, reaching almost 50% of FOV on some days.

FOVKucoin

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 April 30, have been awarded a total of $329k equivalent in payouts.

14-top ten

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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