Liquidity Mining: 2022 March recap

After a volatile month, the Hummingbot Miner platform was able to recover in March, both in terms of active miners and open order volumes. 12 AscendEX-sponsored campaigns returned, and various campaign extensions aided in recovering from market instability.

Monthly stats highlights

Total filled order volume on Hummingbot Miner increased by almost 2.5% in March, reaching a total cumulative value of almost $3.2bn!

• Order volume has reached $3.2bn, a 2.5% increase month over month.

• The total number of unique miners hit 4,167! Another 98 new miners joined and earned rewards in March.

• The total rewards from all exchanges reach almost $3.3m!

Introducing HBOT Rewards on Miner

We are thrilled to announce that we are bringing BONUS rewards to nine popular tokens on Hummingbot Miner. As the original creator of Hummingbot, CoinAlpha continues to partner with the Hummingbot Foundation to help grow its capabilities and reach. The Hummingbot Foundation is governed by the HBOT token and the Foundation has voted to allocate 5,000,000 HBOT tokens for distribution by CoinAlpha (vote details/results) by the end of June 2022.

Participants will earn these rewards IN ADDITION TO the existing rewards offered by our token issuer partners under the existing Hummingbot Miner framework. The amount of rewards, HBOT bonus tokens, and parameters vary by campaign; but generally speaking each token project has committed to at least $1,000 USD equivalent rewards for the 12-week period from April 5th through June 27th. 

Please show your support by participating in these campaigns, earning HBOT tokens, and helping shape the future of democratized, decentralized market making!

New campaigns and extensions

• We are excited to welcome back NDAU with a 6-week liquidity mining campaign on KuCoin with US$9,000 total reward pool up for grabs!

• Hot Cross is extending the liquidity mining campaign for another 16 weeks on KuCoin with a US$20,000 total reward pool! 

• Frontier is extending the FRONT liquidity mining campaigns on both KuCoin and Binance for another 16 weeks with a US$71,200 total reward pool! 

• Ternoa is extending the liquidity mining campaign for another 8-weeks on AscendEX with a US$10,000 total reward pool! 

• Refinable is extending the liquidity mining campaign for 24-weeks on AscendEX with a US$24,000 total reward pool! 

• Hummingbot Miner welcomes back 12 AscendEX sponsored campaigns with US$60,000 total reward pool up for grabs over 8-weeks!

• We’re excited to announce a new 24-week liquidity mining campaign for Oddz Finance with a US$60,000 total reward pool up for grabs!

• Vivid Labs is extending the VID liquidity mining campaigns on KuCoin for another 12 weeks with a US$15,000 total reward pool!

New features and enhancements

During the last month we shipped the latest miner release, including a redesign of the Leaderboard  page that facilitates tracking a user’s progress towards becoming an Eagle Club member:

New Eagle Club memberships are evaluated every 4 weeks. In order to become a member, users must earn rewards during that window for at least 0.3% of the total rewards pool of the previous 4-week evaluation period. This new interface makes the whole process more transparent, by clearly showing the minimum required rewards for the current cycle and the users progress towards that goal.

We have also added a new notification section that will show Eagle Club-only news and updates, like additional perks, new products/features previews and upcoming events.

Finally, together with the launch of the HBOT Token top-up rewards on selected pairs, we introduced a new version of the markets table:

The redesign introduces a HBOT filter, plus a badge, that helps users easily identify those markets with extra rewards. We have also improved the Factor Score filtering UI and re-arranged the column order, so that the most relevant information is shown first.

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 March 2022.

Rewards

Taking into account the AscendEX, Binance, Gateio, and KuCoin campaigns, the total rewards across all exchanges is presently almost $3.4m.

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

We launched KuCoin campaigns in February 2021 and have now given out over $894.2k in rewards to KuCoin miners.

We began campaigns on AscendEX in June 2021 and have now given out over $1.2m in prizes to AscendEX miners.

We started Gateio campaigns in October 2021 and have since paid out over $183.6k in rewards to Gateio miners.

Number of distinct miners and bots

As of the endof March, in total 4,167 distinct miners have participated in Hummingbot liquidity mining. There have been 3,158 unique miners on Binance, 1,265 distinct miners on KuCoin, 834 distinct miners on AscendEX, and 217 distinct miners on Gateio.

Overall distinct miners for all exchanges

Distinct miners for Binance

Distinct miners for KuCoin

Distinct miners for AscendEX

Distinct miners for Gateio

The overall number of bots was able to recover compared to last month at 1,369 bots.

Liquidity (open order volume)

In the month of March, open order volumes recovered and stood above $500k.

The average outstanding open order volume per campaign is around $14.9k at the end of this month. This is due to the multiple campaigns launched on AscendEX exchange.

Filled order volumes on Binance

Miner volume on Binance continued to surge, reaching almost $2.3bn, an increase of almost 2% month over month.

AVAX, RLC, and FRONT still continue to lead the board, with cumulative miner-traded volumes of $387.5m, $340.1m, and $126.6m respectively.

Filled order volumes on KuCoin

The Humminbot miner's community's contribution to KuCoin's liquidity continues to grow, with cumulative FOV hitting $464.7m, a monthly growth of almost 6%.

EXRD, FEAR, and XCAD are leading the board, with cumulative miner-traded volumes of $43.1m, $41.2m, and $52.5m respectively.

Filled order volumes on AscendEX

The contribution of Humminbot miner's community to AscendEX's liquidity continues to grow, with cumulative FOV reaching $369.7m, a monthly increase of more than 2%

XCAD and DAFI are leading the board, with cumulative miner-traded volumes of $12m and $8.4m respectively.

Filled order volumes on Gateio

The Humminbot miner community's contribution to Gateio liquidity continues to grow, with cumulative FOV hitting $42.9m, a monthly gain of 14% over the previous month.

XCAD and EXRD are leading the board, with cumulative miner-traded volumes near $12.1m and $8.7m respectively.

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

KuCoin Rewards vs. Filled Order Volumes

AscendEX Rewards vs. Filled Order Volumes

Gateio Rewards vs. Filled Order Volumes

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 March, have been awarded a total of $1.2m equivalent in payouts.

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!