Liquidity Mining: October recap

Blog»Liquidity Mining: October recap
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Dennis Buyco

2021-11-05 · 9 min read

We hit a number of milestones in the month of October on the Hummingbot Miner platform. The number of active bots reached a new all-time high of 1,470 by the end of the month. We also hit our biggest prize pool yet, roughly $85.8k weekly, with 73 market pairs eligible across multiple exchanges, which is our highest number yet. Gate.io made its debut on our platform, with beta campaigns with a total reward pool of USDT 12,000 for two eligible pairs!

Monthly stats highlights

In the month of October, total filled order volume on Hummingbot Miner grew almost 3%, reaching a total cumulative value of almost $2.6bn!

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  • Order volume has nearly reached $2.6bn, a 3% increase month over month.

  • The total number of unique miners hit 3,475! Another 173 new miners joined and earned rewards in October.

  • The total rewards from all exchanges topped $1.9m!

  • The weekly rewards reach a new all time high of $85.8k!

  • The number of eligible markets is at 73, highest number of pairs yet!

New campaigns and extensions

  • As previously mentioned, CoinAlpha is proud to welcome Gate.io to the Hummingbot Miner platform. We have launched two 4-weeks beta campaigns: BTC/USDT and ETH/USDT, with a reward pool of USDT 6,000 each!

  • We’re very excited to announce a new 4-week liquidity mining campaign for Divergence Protocol with a US$10,000 reward pool!

  • NEM Group (XEM) and Symbol (XYM) have decided to extend their liquidity mining campaigns for another 4 weeks on Binance and KuCoin!

  • AscendEX will extend the USDC liquidity mining campaign for another 12 weeks!

  • We’re thrilled to announce a new 12-week liquidity mining campaign for iMe with a $22,500 reward pool!

  • We’re thrilled to announce a new 4-week liquidity mining campaign for HaloDAO with a $5,000 reward pool!

  • We’re excited to announce a new 8-week liquidity mining campaign for Navcoin with a $10,000 reward pool!

  • DAO Maker extends the DAO liquidity mining campaign on KuCoin. Due to overwhelming demand for the DAO token, DAO Maker is adding another $24,000 USD to the reward pool with a new maximum spread of 1%.

  • AscendEX sponsored campaigns MONI, SOV, POLIS and ATLAS will be extended 4-weeks with an updated reward pool and spread. The total reward pool for the four campaigns will be $10,000 USD.

  • ShareToken rewards will have a minor adjustment this week. The new weekly rewards will be: SHR 27,515 per week for SHR/USDT and SHR 15,477 for SHR/BTC. 

  • We’re excited to announce a new 4-week liquidity mining campaign for Router Protocol with a $2,500 reward pool!

  • We’re excited to announce a new 4-week liquidity mining campaign for BTC Proxy with a $10,000 reward pool!

  • We’re excited to announce a new 4-week liquidity mining campaign for Jet Protocol with a $10,000 reward pool!

  • We’re very excited to announce three new liquidity mining campaigns on AscendEX, with a $20,000 total reward pool! The new campaigns include Jarvis Network, Centric and e-Money.

  • We’re thrilled to announce a new 4-week liquidity mining campaign for Waterfall DeFi with a US$10,000 reward pool!

  • Autonio Foundation is extending the NIOX liquidity mining campaign for another 8 weeks!

  • DAFI Protocol is extending the liquidity mining campaign for another 12 weeks!

  • We are excited to introduce campaigns for 7 major tokens launching on AscendEX! The following pairs are AVAX/USDT, LUNA/USDT, NEAR/USDT, OMG/USDT, SUSHI/USDT, SNX/USDT and CAKE/USDT with a total reward pool of $20,000!

  • We’re excited to announce a new 4-week liquidity mining campaign for DeFi11 with a US$5,000 reward pool!

  • We’re thrilled to announce a new 4-week liquidity mining campaign for Axie Infinity with a US$2,500 reward pool!

  • We’re excited to announce a new 4-week liquidity mining campaign for Shiba Inu with a US$2,500 reward pool!

New features and enhancements

Order book depth chart on market detail page

As promised, we added an Order Book Depth chart to the Market Detail page. By clicking on any of the snapshots featured on the price/spread chart, you will be able to see the specific order book composition for that particular point in time.

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Since this is still a beta version, please do not hesitate to provide any feedback and/or report bugs. You can do this directly on the Miner app, using either the feedback button or the new live support chat (best for extensive feedback or when file uploads are needed).

Redesign of homepage top boxes

We have redesigned the stats dashboard on the main page, to emphasize the power of our miner community by featuring total active bots more prominently. We also decided to remove the “global” yield figure, since it provides no actionable value to our users.

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Max spread and weekly rewards column

As requested by many miners, we added two new columns to the Markets table: Max Spread and Weekly Rewards. So it is now possible to quickly browse through the different markets, without having to click on them, since all campaign-related information is now present. In addition to this, we merged the “Reward Type” into the new “Weekly Rewards” column and switched the Yield order, since we think the daily value is more indicative of any market current state.

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PNL analysis notebook

Many users have complained about the information presented on the Performance tab, so we will be redesigning the whole page in the near future. In the meantime, we have added a permanent link to a tutorial on how to use our P&L Colab Notebook, which is a simple yet powerful tool that allows you to extract all your trading information on all three exchanges and have a more precise calculation of performance.

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Download rewards as CSV

As requested by many users, it is now possible to download your rewards info as a CSV file. This will allow you to export this information into any other system you may use to track your P&L. Although this first version only shows the total USDT for each reward, following iterations will provide more detailed information.

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Upcoming new features

On the upcoming release 2.24.0, we will introduce the following features: - Markets Watchlist: as offered by most exchanges and trading platforms, it will now be possible to create a Watchlist of markets you want to follow more closely:

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- Market detail page navigation: by means of a dropdown menu, we will introduce the ability to navigate to any other market straight from any particular market’s detail page. The user will be able to filter by name, exchange or watchlist:

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Other exciting features in the works are the long-awaited wallet redesign, a new categorization system for markets and a new user experience for the Eagle Club.

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 October 31, 2021

Rewards

Taking into account the AscendEX, Binance, and KuCoin campaigns, the total rewards across all exchanges presently exceed $1.9m.

Since launch, we have paid out approximately $904.9k in rewards on Binance.

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We launched KuCoin campaigns in February and have now given out over $464.8k in rewards to KuCoin miners.

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We began campaigns on AscendEX in June and have now given out over $532.9k in prizes to AscendEX miners.

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Number of distinct miners and bots

As of October 31, in total 3,475 distinct miners have participated in Hummingbot liquidity mining. There have been 2,815 unique miners on Binance, 933 distinct miners on KuCoin, and 542 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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We saw a huge increase in the number of active bots this month due to multiple campaigns have been deployed to Hummingbot Miner platform across different exchange reaching 1,469 active bots at the end of the month:

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Liquidity (open order volume)

The open order volumes still declined despite multiple market pairs available on AscendEX.

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The average outstanding open order volume per campaign is around $12.7k 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 $2.1bn equivalent in September, a monthly rise of more than 1%.

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XEM and MFT still continue to lead the board, with cumulative miner-traded volumes of $409.3m and $399.5m respectively.

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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 $258.4m in the month of September, a monthly increase of more than 29%.

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FRONT and XYM are leading the board, with cumulative miner-traded volumes of $31.6m and $38.9m respectively.

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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 $250.3m in the month of September, a monthly increase of more than 26%!

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SOL, OMI, and DOGE are leading the board, with cumulative miner-traded volumes of $23.3m, $24m, and $20.8m respectively.

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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 1,250 weekly reward

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AscendEX rewards vs. filled order volumes

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AscendEX filled order volume per USD 1,250 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 October 31, have been awarded a total of $757.2k 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, Gate.io, 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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