Liquidity Mining: 2022 February recap

Blog » Liquidity Mining: 2022 February recap
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Dennis Buyco

2022-03-11 · 6 min read

The month of February was a volatile month for the crypto currency market.

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The downward trend in markets caused the number of active bots and open order volume to drop; however, miner activity swiftly rebounded. Our community's ability to weather and manage such challenging market conditions demonstrates the power and potential of decentralized market creation. Even in the midst of the most volatile markets, a large portion of our community continued to make markets and provide trading support for our various campaigns.

 

Monthly stats highlights

Total filled order volume on Hummingbot Miner increased by almost 3% in February, reaching a total cumulative value of about $3.1bn!

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  • Order volume has reached $3.1bn, a 3% increase month over month.

  • The total number of unique miners hit 4,069! Another 145 new miners joined and earned rewards in February.

  • The total rewards from all exchanges reach almost $3.2m!

New campaigns and extensions

  • Avalanche is being renewed and NEW campaigns are launching on KuCoin and Gate.io. All three campaigns will offer dual rewards of USDC and AVAX to support the launch of native USDC on Avalanche.

  • We’re thrilled to announce a new 12-week campaign for HUMAN Protocol with a US$24,000 total reward pool.

  • We’re excited to announce a new 12-week campaign for ONE Liquidity DAO with a US$7,500 total reward pool.

  • We’re thrilled to announce a new 12-week campaign for SUKU on KuCoin with a US$30,000 total reward pool.

  • Stratis Platform is extending the liquidity mining campaign for another 12-weeks on Binance with a US$15,000 total reward pool payable in STRAX tokens!

  • We are excited to welcome back Vesper Finance with a 6-week liquidity mining campaign on Gate.io! with US$15,000 total reward pool up for grabs.

  • We’re excited to announce that Vite is coming to Hummingbot Miner with a new 12-week liquidity mining campaign on Binance! The total reward pool up for grabs is US$15,000!

  • Phoenix Global is extending the liquidity mining campaign for another 12 weeks on Binance with a US$15,000 total reward pool payable in PHB tokens! 

  • We’re excited to announce a new 12-week campaign for NIMIQ on KuCoin with a US$15,000 total reward pool.

New features and enhancements

During the last month we have been working behind the scenes, improving the site reliability and speed. During the next month, we will be releasing the new Eagle Club experience, improving the export CSV feature and adding a new chart showing historic OOV. Stay tuned!

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 February 28, 2022.

Rewards

Taking into account the AscendEX, Binance, Gateio, and KuCoin campaigns, the total rewards across all exchanges presently exceed $3.2m.

Since launch, we have paid out almost $1.1m in rewards on Binance.

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We launched KuCoin campaigns in February 2021 and have now given out over $821.2k in rewards to KuCoin miners.

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We began campaigns on AscendEX in June 2021 and have now given out over $1.1m in prizes to AscendEX miners.

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We started Gateio campaigns in October 2021 and have since paid out over $151.7k in rewards to Gateio miners.

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Number of distinct miners and bots

As of February 28, in total 4,069 distinct miners have participated in Hummingbot liquidity mining. There have been 3,107 unique miners on Binance, 1,202 distinct miners on KuCoin, 812 distinct miners on AscendEX, and 196 distinct miners on Gateio.

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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Distinct miners for Gateio

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Due to multiple campaigns being launched throughout the start of the year, the overall number of bots stayed above 1,000.

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Liquidity (open order volume)

In the month of February, open order volumes dropped below $500k due to the market downtrend in the past weeks.

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The average outstanding open order volume per campaign is around $7.9k at the end of this month. This is due to the multiple campaigns launched on AscendEX exchange.

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Filled order volumes on Binance

Miner volume on Binance continued to surge, reaching almost $2.3 billion, an increase of more than 1% month over month.

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AVAX, RLC, and MFT still continue to lead the board, with cumulative miner-traded volumes of $373.9m, $338m, and $406.7m respectively.

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Filled order volumes on KuCoin

The Humminbot miner's community's contribution to KuCoin's liquidity continues to grow, with cumulative FOV hitting $440.5m, a monthly growth of over 7%.

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EXRD, FEAR, and XCAD are leading the board, with cumulative miner-traded volumes of $41.1m, $39.5m, and $51.4m 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 $361.3m, a monthly increase of more than 5%

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XCAD and DAFI are leading the board, with cumulative miner-traded volumes of $11.3m and $6.3m respectively.

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Filled order volumes on Gateio

The Humminbot miner community's contribution to Gateio liquidity continues to grow, with cumulative FOV hitting $37.6m, a monthly gain of 30% over the previous month.

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XCAD and EXRD are leading the board, with cumulative miner-traded volumes near $10.9m and $6.6m 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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KuCoin Rewards vs. Filled Order Volumes

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AscendEX Rewards vs. Filled Order Volumes

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Gateio 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 the end February, have been awarded a total of $1.2m 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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