Bitcoin.com is offering $15,000 in rewards to amplify liquidity and trading volume for its ecosystem token VERSE on Kucoin, a top-tier centralized cryptocurrency exchange. The campaign, which is structured around Hummingbot’s Liquidity Miner platform, facilitates a more decentralized market-making process for the VERSE/USDT trading pair on KuCoin. It does this by incentivizing individuals to provide market-making services via open-source software.
“Market making is traditionally a black box,” said Jason Tomlinson, CEO of CoinAlpha – the innovative creators of Hummingbot – in a Jan 18 interview with Bitcoin.com’s Head of Financial Services Corbin Fraser. Tomlinson continued, “[The Hummingbot Liquidity Miner] is a very unique platform that allows anyone to bring any amount of money and actually participate and be a market maker using the open source Hummingbot client.”
Starting on 16 Jan at 00:00 UTC and running for 12 weeks, the current campaign offers rewards in Bitcoin.com’s ecosystem token VERSE and Hummingbot’s governance token HBOT. The rewards will be allocated to participants over the course of the program, equating to $1,250 per week.
Instructions for harnessing Hummingbot’s open-source code to set up a bot, or bots, to support market making and earn rewards for doing so can be found on Hummingbot’s site here.
This is the second campaign of its kind offered by Bitcoin.com in partnership with Hummingbot. The initial campaign ran for 12 weeks starting in October 2023. It attracted 47 unique liquidity providers, which significantly added to the market depth for the VERSE/USDT pair.
“Traditionally, only affluent individuals or companies have had access to market-making and high-frequency trading,” said Bitcoin.com’s Corbin Fraser. “This rewarded campaign is helping to democratize access to these opportunities. At the same time, it promotes the growth of liquidity and trading volume for the VERSE token. This is important for enhancing its utility in the Bitcoin.com ecosystem. As a key player in the DeFi world, VERSE serves as a global access point, empowering people to operate in the financial domain independently and with assurance, thus furthering economic freedom.”
Bitcoin.com is building products that give everyday people access to a vast world of opportunities to generate personal prosperity without limits. Since 2015, Bitcoin.com has been a global leader in introducing newcomers to cryptocurrency, featuring accessible educational materials, timely and objective news, and easy-to-use fully self-custodial products for buying, spending, trading, investing, and earning with crypto.
About Verse VERSE is the rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem. Launched in December 2022, the VERSE token is designed to expand access to decentralized finance and help unlock the economic freedom it provides. Since launch, VERSE has experienced rapid integration into web3 platforms, as evidenced by August and September’s partnership/integration overviews.
Hummingbot, since being open-sourced in 2019, has firmly established itself as the premier open-source market-making bot, championing accessibility and inclusivity in liquidity provisions. Serving a diverse user base, from token projects and small trading firms to individual traders, Hummingbot offers a suite of tools that allow for the creation, backtesting, deployment, and management of automated trading strategies.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.