Liquidity Mining: June recap

Liquidity Mining: June recap

Blog»Liquidity Mining: June recap

cover-lm-monthly-recap-june

Dennis Buyco

2021-07-05 · 6 min read

announcement

During the month of June we marked a major milestone: we launched liquidity mining campaigns (beta) on AscendEX, our third supported exchange for Hummingbot Miner! The first two campaigns were kicked-off on June 22, for BTC/USDT and ETH/USDT pairs, and eight additional pairs will be added on July 6th. The total reward pool of USDT 200,000 is the biggest ever!

In the first two weeks since the launch, more than 80 miners set up bots that traded over US$4 million and earned US$18,750 in rewards. This showcases the power of our community and how Hummingbot Miner offers a superior alternative to traditional market making. It also marks one more step further to achieving our mission to scale liquidity mining to most major exchanges as we are planning to add on several more this year.

In the month of June, total filled order volume on Hummingbot Miner grew almost 6%, reaching a total cumulative value of more than $1.9bn!

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  • Filled order volume reached $1.9bn, a monthly increase of 6%.

  • Total distinct miners surpassed 2,700! Another 200 new miners signed up and earned rewards in the month of June.

  • $842.4k equivalent cumulative rewards paid out since March 2020, with almost $90k paid during June alone.

  • The top ranked miner has earned the USD equivalent of $138.7k in total rewards.

New campaigns and extensions

  • Phoenix Global has decided to resume its liquidity mining campaign for another 3 months with a total reward pool of ~US$15,000 in PHB tokens. The campaign started on June 15th.

  • Frontier (FRONT) will be extending its campaign for another 3 months.

  • A new 12-week liquidity mining campaign for DYP (Defi Yield Protocol) with a total reward pool of ~US$15,000 in DYP tokens! This campaign started on June 22nd.

  • We launched a new liquidity mining campaign (Beta) on AscendEX with a total reward pool of USDT 200,000 for 10 eligible pairs! The first two campaigns were launched on June 22nd for BTC/USDT and ETH/USDT pairs with a total reward pool of USDT 30,000 and USDT 20,000 respectively.

  • A new 12-week liquidity mining campaign on Binance for PIVX with a total reward pool of USDT 12,000! This campaign started on June 29th.

  • Starting from July 6th, NEM weekly rewards will be XEM 6,700 on Binance, and XEM 3,300 on KuCoin. Symbol weekly rewards will be doubling to XYM 10,000 on KuCoin. Both campaigns will be extending their campaign for another 3 months starting July 13th.

New features and enhancements

New rank and trend on rewards dashboard

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We recently rolled out a new rewards dashboard feature that allows users to view the current leaderboard rankings and trend of each active pair.

In the upcoming weeks we will be rolling out exciting new features, such as order books depth and price and spread charts. We are also working on improving the payouts experience by adding the ability of choosing specific wallets for each reward token.

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 June 30, 2021

Rewards

Since launch, we have paid out approximately $724k in rewards on Binance.

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We launched campaigns on KuCoin in February, and since then we have paid out over $112.2k in rewards to miners on KuCoin.

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We launched campaigns on AscendEX this June, and since then we have paid out over $6,250 in rewards to miners on AscendEX.

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Number of distinct miners and bots

As of June 29, in total 2,763 distinct miners have participated in Hummingbot liquidity mining.  There have been 2,445 unique miners on Binance, 606 distinct miners on KuCoin, and 67 distinct miners on AscendEX.

Overall distinct miners for all exchanges

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Distinct miners for Binance

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Distinct miners for KuCoin

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Distinct miners for AscendEX

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With less volatile markets than the previous month, we saw an increase in the number of active bots, which remained well above 600 during the entire period and reached almost 900 on some days of the month:

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Liquidity (open order volume)

Outstanding liquidity peaked at $735.9k on June 3.  Similar to active bots, open order volume fluctuated during the month, but generally recovered quickly.

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The average outstanding open order volume per campaign peaked at $56.6k on June 3 this month.

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Filled order volumes on Binance

Traded volume by miners on Binance continued its trajectory, reaching $1.8bn equivalent in June, a monthly increase of more than 5%.

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XEM and MFT still continue to lead the board, with cumulative miner-traded volumes of $373.6m and $380m respectively.

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Hummingbot miners comprised impressive percentages of Binance filled order volume totals for the campaign tokens, with more than 60% of liquidity provided by our community for some assets, like PHB.

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Filled order volumes on KuCoin

The contribution of Humminbot miner's community to KuCoin's liquidity continues to grow, with cumulative FOV reaching $119.2m in the month of June, a monthly increase of more than 15%.

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XEM and XYM are leading the board, with cumulative miner-traded volumes of $19.1m and $20.9m respectively.

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Our community accounted for over 17% of KuCoin's total Filled Order Volume for active campaigns, reaching as much as 32% on some days of the month.

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In line with what we saw for Binance, our miners provided an impressive level of liquidity for some campaign tokens on KuCoin such as DIVI, reaching 98% of FOV on some days.

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Filled order volumes on AscendEX

The contribution of Humminbot miner's community to AscendEX's liquidity continues to grow, with cumulative FOV reaching $3.6m in the month of June.

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On June 24th, Acendex’s daily FOV reached $1.2m in its first week.

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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 efficiency and, consequently, additional trading volume. Trading volume is important for issuers since exchanges typically use traded volume as a benchmark to decide whether or not to maintain or remove token listings.

Binance Rewards vs. Filled Order Volumes

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Binance - Filled order volume per USD 1,250 weekly reward

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KuCoin Rewards vs. Filled Order Volumes

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KuCoin - Filled order volume per USD 1250 weekly reward

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AscendEX Rewards vs. Filled Order Volumes

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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 June 30, have been awarded a total of $426.3k equivalent in payouts.

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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 AscendEX, Binance.com, KuCoin, 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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