Since the inception of the Hummingbot Foundation, we have paid out 282 bounties to 92 unique developer wallets. Bounties have been an unqualified success in leveraging the global developer community to maintain the Hummingbot codebase by fixing bugs and adding key components.
To continue on this path, we are excited to announce a new change to the Bounties process. Now, bounty recipients can choose whether to receive their payments in HBOT, our native governance token, or the USDC equivalent amount.
By allowing recipients to receive bounties in stablecoin if they wish, we aim to lower transaction fees while still enabling long-term supporters to accrue HBOT.
From the moment we open sourced Hummingbot as a CLI-based market making bot back in 2019, people have asked "wen GUI???"
While we knew that a graphical user interface would make Hummingbot more user-friendly, we chose to spend our limited resources on improving Hummingbot's exchange connectors and strategy template library.
Launching a new process that connects skilled community developers with stakeholders seeking dev work
Last year, we introduced the Bounties process, which has successfully addressed numerous issues and funded vital technical improvements in the Hummingbot codebase. Bounties have been $HBOT-denominated rewards provided by the Foundation to developers for resolving bugs or adding enhancements (such as new connectors, strategies, etc.) to the Hummingbot codebase. Given its significant impact and cost-effectiveness, we believe it's time to expand the Bounties program to the broader Hummingbot ecosystem.
Here are the milestones that Bounties have achieved:
68 bounties paid, resulting in 53 bug fixes and 15 new features and exchange connectors, including Kucoin Perpetual, PancakeSwap, and SushiSwap.
Largest bounty paid: 2,000,000 \(HBOT (\)10,000 currently) for the Orchestration Module.
Total funds spent: 13,337,000 \(HBOT (\)67,000 currently).
Now, we believe it's time to open up these bounties to the broader Hummingbot ecosystem, so we are recasting them as Community Bounties.
Community Bounties offer a platform for those seeking development work on exchange connectors, strategies, bug fixes, and more to connect with skilled developers capable of building these solutions. As with past bounties, Hummingbot Foundation will oversee the entire lifecycle of Community Bounties, including scoping, assignment, QA/engineering review, and code merge / payment.
In December, we shared our ambitious technical roadmap for 2023, detailing the features and improvements we planned to introduce throughout the year. Today, we are excited to provide an update on the progress we've made, the milestones we've reached, and the exciting plans we have for the remainder of the year.
Two years ago, we decided to open source the technology stack that powered our quant hedge fund and launch Hummingbot. Back then, everyone thought we were crazy, stupid, or both.
Today, Hummingbot has become the leading open source trading bot project in crypto, with 12,000+ Discord community members, 1,700+ stars, 700+ forks, and 80 contributors. With integrations to 20+ exchanges and an expanding list of protocols, Hummingbot helps both individual and professional quant traders all over the world skip the low-level drudgery of building and maintaining integrations to centralized and decentralized exchanges alike.
The Open Defi Network is “a global initiative to develop the decentralized financial ecosystem and advance the collaboration of DeFi projects across borders and blockchains.”
As a part of the cryptocurrency space, we strongly believe in the power of decentralization and community-driven projects.
We're thrilled to announce a new partnership with Perpetual Protocol, an Ethereum-based decentralized exchange of perpetual contracts for any asset. With this partnership, Hummingbot users will be able to earn arbitrage profits from reconciling price differences between Perpetual markets and spot markets.
The Perp connector is included with the v0.37.0 release of Hummingbot that will be shipped on March 8, 2021, along with a new perpetual-to-spot arbitrage strategy.
Since we launched the perpetual market making strategy, a new strategy to exploit arbitrage profits between perpetual and spot markets has been highly requested by our community. This new strategy allows users to arbitrage price differences between the perpetual contracts exchanges, such as perp.exchange powered by Perpetual Protocol and Binance Futures, and other Hummingbot supported spot exchanges such as Binance, Coinbase Pro, and Huobi.
The Hummingbot Miner platform has been live for one year! 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. It was a data-driven approach for rewarding a decentralized group of market makers for providing liquidity and harnessing the collective trading power of communities.
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!
We are excited to launch the 4th Hummingbot governance proposal!
Votes for this current proposal will be based on Hummingbot Miner rewards, giving the ability to vote to community members who have been participating in and supporting currently active Hummingbot liquidity mining campaigns.
Which of the following community-developed exchange connectors should be included into the core Hummingbot code base in the release v0.37.0?
☐ Altmarkets.io
☐ IDEX
☐ Binance Cloud
Similar to our previous governance votes, the Hummingbot core team will review, test, and incorporate the exchange connector for the winning exchange into our core code base, which will become an officially supported connector.
We have just released a new feature in Hummingbot Miner that allows users to track the real-time orders created by their bots registered for liquidity mining!
Users participating in liquidity mining will quickly notice that the Hummingbot Miner system typically requires about 30 minutes to start displaying their rewards. For example, if you registered for liquidity mining and started running a bot now, you would only see rewards on the dashboard approximately 30 minutes from now. The reason for this delay is that the Hummingbot Miner system needs to collect all users’ order data, process and sequence this data, and then apply the calculations for allocating rewards to each individual user. Only after this entire data pipeline process is completed for all miners is the system able to display each individual user’s order and rewards data.
This long feedback loop is not ideal, since miners have to wait 30 minutes to know if they are even earning rewards at all in the first place. And if there’s a problem with their bot or the orders they’re creating, any fixes or adjustments would require another half an hour to confirm if such changes have resolved the issue.
