Liquidity Mining: 2022 May recap

博客 » Liquidity Mining: 2022 May recap
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Dennis Buyco

2022-06-10 · 5 min read

The month of May, like previous year's, was particularly tumultuous for the cryptocurrency market:

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Throughout the month, the downturn in markets prompted a drop in the number of active bots and open order volume in some parts, although miner activity quickly recovered. The resilience of our community in the face of tragedy only adds to the power and potential of decentralized market making. Even during the most volatile markets, a sizable percentage of our community continued to develop markets and promote trade for our various campaigns.

Monthly stats highlights

Total filled order volume on Hummingbot Miner increased by almost 2.3% in May, reaching a total cumulative value of more than $3.3bn!

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  • Order volume has reached more than $3.3bn, a 2.3% increase month over month.

  • The total number of unique miners hit 4,443! Another 105 new miners joined and earned rewards in May.

  • The total rewards from all exchanges reach almost $3.9m!

New campaigns and extensions

  • We’re thrilled to announce a new 8-week liquidity mining campaign for YouClout on AscendEX with a ~US$14,000 total reward pool payable in YCT!

  • NIMIQ is extending the NIM liquidity mining campaigns on KuCoin for another 12 weeks and adding TWO new campaigns on AscendEX. The total reward pool up for grabs is US$28,500! 

  • We’re excited to announce Crowny is extending the CRWNY liquidity mining campaign on AscendEX for another 12 weeks! The total reward pool up for grabs is US$6,000! 

Platform statistics

Through May 2022.

Rewards

Taking into account the AscendEX, Binance, Gateio, and KuCoin campaigns, the total rewards across all exchanges is presently almost $3.9m. Since launch, we have paid out almost $1.2m in rewards on Binance.

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We launched KuCoin campaigns in February 2021 and have now given out almost $1.1m in rewards to KuCoin miners.

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We began campaigns on AscendEX in June 2021 and have now given out almost $1.3m in prizes to AscendEX miners.

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We started Gateio campaigns in October 2021 and have since paid out over $290.1k in rewards to Gateio miners.

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Number of distinct miners and bots

As of the endof April, in total 4,443 distinct miners have participated in Hummingbot liquidity mining. There have been 3,320 unique miners on Binance, 1,419 distinct miners on KuCoin, 902 distinct miners on AscendEX, and 275 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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The overall number of bots was at 1,180 bots.

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Liquidity (open order volume)

Following the market meltdown in May's second week, open order volumes recovered and remained above $300k on average for the following weeks.

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The average outstanding open order volume per campaign is around $16.6k at the end of this month.

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Filled order volumes on Binance

Miner volume on Binance continued to surge, reaching almost $2.4 billion, an increase of almost 2% month over month.

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AVAX, RLC, and FRONT still continue to lead the board, with cumulative miner-traded volumes of $415.9m, $343.7m, and $143.6m 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 $528.9m, a monthly growth of more than 5%.

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FRONT, DAO, and XCAD are leading the board, with cumulative miner-traded volumes of $47.7m, $47.2m, and $58.8m 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 $384.6m, a monthly increase of almost 1.3%

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XCAD and DAFI are leading the board, with cumulative miner-traded volumes of $14.8m and $9.1m 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 $55.4m, a monthly gain of 13% over the previous month.

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XCAD and VSP are leading the board, with cumulative miner-traded volumes near $15.5m and $3.3m 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 May, have been awarded a total of $1.3m 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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