Liquidity Mining: July recap

Liquidity Mining: July recap

Blog»Liquidity Mining: July recap

cover-lm-monthly-recap-july

Dennis Buyco

2021-08-04 · 7 min read

announcement

During the month of July, we achieved several significant milestones: we surpassed the $2 billion mark in traded volume, the total number of active bots reached an all-time high of 1,103 bots, open order volume reached a new all-time high of nearly $1.2 million, and total cumulative rewards surpassed the $1 million mark.

These are impressive numbers that show the power of our mining solution as a liquidity provider to the crypto market, and as an additional revenue stream for our expanding community of miners. With current estimated yearly yields above 200%, Liquidity Mining allows them to earn higher yields than anywhere else in crypto.

Impressive numbers indeed, but just the tip of the iceberg compared to what we have planned for the second half of the year. Stay tuned!

Monthly Stats Highlights

In the month of July, total filled order volume on Hummingbot Miner grew more than 6%, reaching a total cumulative value of more than $2bn!

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  • Filled order volume topped $2bn, a 6% rise month over month.

  • The total number of distinct miners topped 2,976! In July, another 200 new miners joined and earned incentives.

  • The total rewards from all exchanges topped $1m!

  • Open order volume has reached a new all-time high of around $1.2m.

  • The overall number of active bots hit an all-time high of 1,103.

New campaigns and extensions

  • Eight new eligible trading pairs were launched on AscendEX on July 6, 2021, with USDT 150,000 in additional rewards.

  • A new 4-week liquidity mining campaign for BitClout with a reward pool of US$25,000, or US$6,250 per week! The campaign began on July 14, 2021, at 9:00 a.m. EDT.

  • A new 12-week DAO Maker liquidity mining campaign with a US$15,000 reward pool in DAO! On July 20, 2021, at 12:00 a.m. UTC, the campaign officially began.

  • RADIX has launched a new 24-week liquidity mining campaign with a $36,000 reward pool! The campaign began on July 20, 2021, at 12:00 a.m. UTC.

  • A new 12-week liquidity mining campaign for FEAR with a reward pool of US$15,000 in FEAR tokens! The campaign began on July 20, 2021, at 12:00 a.m. UTC. FEAR is a DAO Maker launchpad project, and we will be supporting additional DAO Maker launchpad projects in the near future!

  • RLC has decided to extend its iExec liquidity mining program for another 6 months, with a total prize pool of RLC 9,300!

  • Hacken is extending its HAI liquidity mining campaign for another 3 months with a weekly reward pool of USDT 1,250!

New features and enhancements

Improved Rewards dashboard

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We have introduced a new rewards dashboard style that combines the snapshot and the market filter, which improves usability on both desktop and mobile.

New Feedback Feature

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Users can utilize this feature to submit comments, suggestions, and feedback on how we can improve our services. Bugs can also be reported using this channel.

Upcoming new features

We are currently adding the finishing touches to the new individual market pages, which in addition to the current snapshot table, will include order book depth and price/spread charts. This will facilitate the analysis of the market’s data, helping our miners make smarter decisions when adjusting their strategies. Though it took longer than expected, we think the final result will be worth the wait. We expect to roll it out during the next two weeks.

Finally, we are working on a new design of the wallet settings page, that will improve the payout experience by providing more flexibility to our users. Instead of setting up “catch-all” wallets for each blockchain, it will now be possible to have multiple wallets for the same chain and configure which one should be used for each individual payout token. This is an exciting new feature, long awaited by many users, and ever more important as we add new markets to the platform.

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 July 31, 2021

Rewards

Taking into account the AscendEX, Binance, and KuCoin campaigns, the total rewards across all exchanges presently exceed $1 million USD.

Since launch, we have paid out approximately $773.4k in rewards on Binance.

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We launched KuCoin campaigns in February and have now given out over $172.3k in rewards to KuCoin miners.

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We began campaigns on AscendEX in June and have now given out over $131.3k in prizes to AscendEX miners.

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Number of distinct miners and bots

As of August 3, in total 2,976 distinct miners have participated in Hummingbot liquidity mining.  There have been 2,559 unique miners on Binance, 717 distinct miners on KuCoin, and 240 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 the launching of new campaigns on AscendEX and KuCoin this month, we noticed a spike in the number of active bots, reaching an all-time high of 1,103 active bots on July 19, 2021:

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Liquidity (open order volume)

On July 31, outstanding liquidity reached a new all-time high of $1.2m. This was the outcome of various campaigns launched this month on AscendEX and KuCoin.

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The average outstanding open order volume per campaign peaked at $47.1k at the end of this month.

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Filled order volumes on Binance

Traded volume by miners on Binance continued its trajectory, reaching almost $1.9bn equivalent in July, a monthly increase of more than 4%.

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XEM and MFT still continue to lead the board, with cumulative miner-traded volumes of $392.4m and $386m 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 and PIVX.

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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 $138.1m in the month of July, a monthly increase of almost 16%.

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FRONT and XYM are leading the board, with cumulative miner-traded volumes of $21m and $23.2m respectively.

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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 more than 90% 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 $51.8m in the month of July.

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On July 26th, AscendEX’s daily FOV reached an all-time high of $4.1m.

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BTC and ETH are leading the board, with cumulative miner-traded volumes of $9m and $10.3m respectively.

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In line with what we saw from two other exchanges, our miners provided an impressive level of liquidity for some campaign tokens on AscendEX such as CLOUT, reaching more than 90% of FOV on some days.

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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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AscendEX - Filled order volume per USD 1250 weekly reward
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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 August 2, have been awarded a total of $483.4k 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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