Hummingbot, announces the launch of its first-ever liquidity mining campaign on its twitter handle. Liquidity mining is an alternative digital marketplace for liquidity that reduces the dependence of hiring market makers. The proposed campaign will last for a continuous period of 12 weeks and the total reward pool for the campaign is decided to be around USDC 51,000. Hummingbot is a renowned open-source, fully automated, reliable, and secure institutional crypto market software client, that aids in maintaining and running high-frequency trading bots based on crypto. It focusses on democratizing high-frequency trading bots or HFTs. Launched in April 2019, Hummingbot, with its amazing inherent features, has compelled more than ten thousand people around the world to install its open-source HFT software. Hummingbot’s present weekly install rate has reached an 18% clip until now.
As per the announcement, initially, there will be four campaigns that will go live at 12.00am UTC on March 3, 2020, for the four launch partners of Hummingbot, namely, Harmony, iExec, Zcoin, and Zilliqa. Participants in these initial campaigns will be rewarded for trading in eligible tokens on Binance.com, on a weekly basis, generally starting from the first Tuesday at 12.00am GMT through the next Tuesday.
To participate in the liquidity mining, one has to first install the Hummingbot miner’s app or log onto their official liquidity mining website, ‘’miners. Hummingbot.io’’. As the tokens will be rewarded to the participants on the Binance platform, the next step is to configure the app to trade in Binance. After this, the participants need to create read-only API keys for their Binance account. Now the users are ready to sign up and register as Hummingbot miners, with their read-only Binance API keys. The users can also connect to their Ethereum wallet where the rewards would be received. In the Activity tab of the app, the token rewards can be tracked.
Hummingbot came up with this idea of liquidity mining in November 2019, to enable crypto projects and exchanges source liquidity from a decentralized network of liquidity miners (both professional and individual), thereby resulting in blatant transparency gains and cost savings. Moreover, liquidity miners can also earn more than 10% per year from installing and running Hummingbot to provide liquidity.
Through this recent introduction of the live liquidity mining campaign in 2020, Hummingbot’s main focus lies in proving that liquidity mining offers a better liquidity solution for crypto projects and exchanges where anyone can earn a promising percentage of their crypto holdings. Hummingbot also aims at making the Hummingbot app more user-friendly for those who are not so technical about the complex jargon.