Skip to main content

Bitcoin.com Offers $15,000 in Rewards To Boost VERSE Token Liquidity

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.

Bitcoin.com was attracted to the Hummingbot Foundation’s mission to “democratize high-frequency trading,” a mission aligned with Bitcoin.com’s, which is to create more economic freedom in the world.

“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.”

The full discussion between Bitcoin.com’s Corbin Fraser and CoinAlpha CEO Jason Tomlinson, where they discuss the intricacies of market making and liquidity mining, can be found here.

About Bitcoin.com

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.

About Hummingbot

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.



from Bitcoin News https://ift.tt/Ao9UEVC
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more