Hummingbot, a California-based open-source DeFi market making software platform, launched a 12-week liquidity mining campaign for XDC on prominent crypto exchanges – Gate.io and KuCoin. This XDC-based campaign started around 12.00 UTC on Tuesday. Significantly, this is a crucial move on behalf of the XDC Network to unify large communities to provide liquidity.
We’re thrilled to welcome $XDC @XinFin_Official with a 🆕 12-week liquidity mining campaign on @gate_io & @kucoincom!
Join in on November 29, 2022 for your share of the ~US$36,000 total reward pool! 🔥 🚀Learn more 👉https://t.co/h3sxWh214k. pic.twitter.com/GnnzgndE9n
— hummingbot (@_hummingbot) November 28, 2022
The Hummingbot-XDC liquidity mining campaign includes a total reward pool of 36,000 USD. As stated by Hummingbot, through this campaign, 30,941 XDC is available as rewards to users every week on a token pair. An extra bounty of 5000 Hummingbot tokens (HBOT) is rewarded as additional rewards.
The two token pairs – XDC/USDT and XDC/ETH, are supported as the eligible entries of this XDC-based campaign. Users can participate in this campaign by setting up an automatic XDC trading bot with KuCoin or Gate.io trading account. A detailed framework of instructions has been uploaded on the XDC Developer forum. Hummingbot is an efficient open-source software ecosystem that aids the genesis and functioning of high-frequency trading (HFT) crypto bots. The platform is linked to leading DEXs – such as UniSwap, dYdX, PancakeSwap, and CEXs – such as Binance, Coinbase, Kraken, and so on.
Liquidity mining is one of the characteristic mechanisms salient to decentralized finance (DeFi). Notably, this concept originated from IDEX in 2017. It is often regarded as the lucrative passive income option at traders’ disposal. DeFi users earn rewards passively by depositing volatile crypto assets in the smart contracts-powered liquidity pools.
Every trader adopts a liquidity mining strategy to leverage their market positions. The DeFi liquidity providers (LPs) with better Annual Percentage Yield (APY) are the most preferred ones. On other hand, for crypto projects, liquidity mining is a potential route of growth marketing and a mechanism to boost decentralization.
Essentially, this 12-week campaign powered by Hummingbot aids XDC Network to foster decentralization and expand its community in the DeFi sector. Recently, the technical team of XDC unveiled the current status of XDC 2.0 – formerly XDPoS 2.0, its revolutionary project.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2022/12/xdc-liquidity-mining-campaign-led-by-hummingbot-is-a-best-move-for-bringing-larger-community-to-provide-liquidity