Welcome to the Hummingbot Newsletter! Hope this issue finds you and your loved ones ❤️ safe and strong 💪.
Published each month when we ship a new Hummingbot release, this newsletter serves a regular dose of updates about our latest features 🤖, upcoming events 🎉, and announcements from our rapidly expanding global 🌐 community!
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🚀 Shipped Hummingbot v0.37.0!
We are very excited to ship the March 2021 Hummingbot release (v0.37.0) today.
🙋♂️ CEO Note: Highlights in this release
I wanted to call out a few features in this release that I’m really proud of our team for shipping:
Spot-perp arbitrage strategy
This release includes a new strategy that allows you arbitrage between normal spot exchanges and other exchanges that trade perpetual swaps, such as Binance Futures and Perpetual Protocol (new in this release, see below).
We designed this strategy to let users take advantage of the growing number of both centralized and decentralized exchanges that offer perpetual swaps, which uses funding rates to keep prices in line with spot venues. Since prices between spot and perpetual markets may deviate as markets shift, this presents an opportunity for arbitrageurs.
This strategy is the first of many possible strategies that exploit the differences between perpetual markets. We’re designing another strategy to arbitrage funding rate differences that will be in an upcoming release.
4 new exchange connectors
Our goal at Hummingbot is to connect every exchange, because it creates mutual benefits for both the exchanges and our users. An exchange with a Hummingbot connector can source liquidity from our global bot-runner community, while our bot-runners can discover new arbitrage and cross-exchange market making opportunities every time we add a new exchange.
That’s why we’re increasing the rate at which we add new exchange connectors. In this release, we introduced new connectors to Perpetual Protocol, Beaxy, Probit, and Probit Korea, and we expect to add four more connectors in the April v0.38 release!
Liquidity Mining strategy integrates Hummingbot Miner
We made further improvements to the Liquidity Mining strategy introduced in the February v0.36 release, which lets you run a single market making bot that provides liquidity (and potentially earns mining rewards) on multiple trading pairs simultaneously.
In this release, we integrated the Hummingbot Miner API in order to display rewards information from each live market in when user run the status command. In subsequent releases, we plan to enhance this integration by incorporating rewards data into the history command, along with enabling the bot to more intelligently allocate capital to higher yielding markets.
More and more community contributions
In this release, contributions from external developers include the Beaxy connector along with 3 important bug fixes. In addition, we are seeing an increasing number of external pull requests to our Github repository.
We’re excited to see this happen, since we’ve always seen Hummingbot as a truly decentralized community-owned and operated open source project. To better support the community, we plan to start allocate more resources to reviewing community contributions and improving the developer documentation, starting with the April v0.38 release cycle.
🎉 Liquidity Mining Year 1 Recap
Happy birthday to Hummingbot liquidity mining 🎂!
When we launched Hummingbot Miner on March 3, 2020, we kicked off a new and sustainable way for issuers to source liquidity for their tokens.
We are thrilled that over the past year, the platform has provided liquidity for 18 different token issuers, with 1,622 unique miners participating and earning rewards. Our decentralized market making community created order book depth and liquidity that resulted in $837mm of traded volume across the various liquidity mining campaigns!
🌊 Liquidity Mining Updates
New Firo liquidity mining campaign
Among the first to adopt liquidity mining, Zcoin was one of our liquidity mining launch partners. Zcoin has rebranded to Firo with its new ticker FIRO. We are very excited that Firo is back to liquidity mining!
Now we are bringing you a new liquidity mining campaign for Firo with a total reward pool of US$10,000 in Firo tokens! The campaign will start on February 23, 2021 12:00 AM UTC.
3-month extension of Hifi (formerly Mainframe) liquidity mining campaign
Since we launched liquidity mining for Mainframe (now rebranded to Hifi) last June, we have seen great participation and consistent growth in trading volume. As a big supporter of this community-driven approach and Hummingbot, Mainframe (now Hifi) has decided to extend its liquidity mining campaign for another 3 months with a total reward pool of USDT 9,000 (USDT 750 per week)!
KuCoin liquidity mining launch
In the past February, we launched liquidity mining on our second exchange, KuCoin. This was a major milestone for our company as we have worked to make the liquidity mining system stable and scalable to allow us to expand to other exchanges. We are planning to add support for at least 4 more exchanges this year, and this was just the start!
The KuCoin campaigns have been off to a great start in our initial “beta” period. In total, 153 unique miners participated and generated $17.3m of filled trading volume in total.
New Hummingbot Miner features
We are continually working to improve the Humminbot Miner app and on providing users with a great experience that enables them to optimize their trading and participation in liquidity mining. In February, we rolled up useful new features including 24-h volume, leaderboard trend, Improved markets page layout, and many more.
🎙️ Introducing Hummingbot Live
We are excited to bring you Hummingbot Live, a weekly livestreamed show on our YouTube Channel happening every Friday (5:00 PM PST).
The first episode of Hummingbot Live covers a demonstration and AMA about the perpetual market-making strategy. The second one covers our newly released liquidity mining strategy while the third one walkthroughs the newest perpetual-spot arbitrage strategy. Check out the below replays if you are interested.
Don’t forget to subscribe to our YouTube channel and click on the bell 🔔 to allow notifications. You’ll never miss any Hummingbot’s new videos and live streams!
📚 New stuff in Hummingbot Academy
Extracting the best value from your Hummingbot - Order Management configuration
We have posted a new Hummingbot Academy article to help you get the best out of Hummingbot. The article covers the following topics:
- As a market maker, what kind of order management is needed;
- How to manage your orders on the Hummingbot Client;
- Why and how traders keep jumping offers on the order book;
- What is and how to use order optimization; and
How to expand the order management using scripts
🎳 Join the Hummingbot team
As we scale our product rapidly, we are continuously hiring for multiple positions at hummingbot! We are a fully remote team (you can live anywhere on the earth) with a hard-working spirit and fun culture. If you see a good fit, don't hesitate to reach out to us!
🍿 Crypto snacks
A curated list of recently-published content about crypto trading, #DeFi, and other topics that might be interesting for Hummingbot users and developers.
🦐 Breaking Down the Payment for Order Flow Debate: A closer look into the structure of markets and market making
🥐 How to Bring Off-Chain Assets to DeFi: Some of the key considerations for building decentralized real-world asset markets at an institutional scale
💬 Get involved!