HummingBot
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Summary
•Title - HummingBot Connector
•Details - This Project will build a HummingBot connector for Switcheo protocol. Allowing community members to participate in "liquidity mining"Description
•OwnersPacific Validators - proposing and working to build necessary components.
•Key objectives and value to Switcheo TradeHub and its stakeholders.
Allow Switcheo users to use Hummingbot and create a path for a good partnership. This should bring a lot of volume to Demex as Hummingbot users can make liquidity easier. No more running out in pools. Market making just got easier.
Hummingbot uses "liquidity mining" where projects offer prize pools for which their community miners can compete to receive. Users earn rewards on top of their market making profits. Hummingbot also added derivatives trading capability to the bot which fits Demex. Currently, Hummingbot partners with binance.
Hummingbot already supports 9 centralized and decentralized exchanges. They have 1,000+ installs per month (users)
For example, in 3 months, "approximately 70 individuals were responsible for up to 15% of the Harmony $ONE token's overall trading volume on Binance" - Hummingbot site•Share how you plan to carry out your project
Development will be done by our tech team and shared with devs
•Elaborate on the long-term plans for your project and how it will be maintained after launch
This project is intended to be built and released. It is meant to increase volume for Demex and help create markets we need.
Risks and Benefits
•Discuss the potential drawbacks of your project and any mitigations
Not sure•Discuss any auxiliary benefits that may arise from implementing the project
Higher visibility on other platforms. They already have users. Easy to bridge those users over to Demex.Project Roadmap and Key Deliverables
•Define a realistic timeline and roadmap for your projectstill working on this.... just an introductory proposal so far....
•Elaborate on key deliverables and specifications within your roadmap
same.
Budget
•Share the total budget required for your project (in USD) - not sure
•Breakdown the budget for each project deliverable stated above for the fund release process (e.g. 10% to Deliverable #1, 20% to Deliverable #2)
Switcheo TradeHub Wallet Address
Ideally this is a Validator that can act as escrow to help split funds until a multi-sig wallet is available.
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Very happy to see this being driven forward - increasing volume and liquidity is obviously important and hummingbot integration would be a great additional tool for enabling individual community members to do their bit in contributing to liquidity and order book depth on tradehub. Deep order books are hugely important in order to reduce price slippage and is a key requirement for serious traders looking to place large orders.
Hummingbot would also enable arbitrageurs to more easily maintain price parity between tradehub and other exchanges.
As an aside, building a connector would be the first step in any potential partnership between switcheo and hummingbot if they were to participate in a liquidity mining campaign - this proposal would obviously remove that initial hurdle.
Recommend people read the following for background info on community-led market making and it’s potential:
https://hummingbot.io/blog/2019-11-liquidity-mining/ -
@DREtheWanderer said in HummingBot:
•Elaborate on key deliverables and specifications within your roadmap
same.
My suggestion atleast:
- Data Source & Order Book Tracker
- User Stream Tracker
- Market Connector
- Required Connector Configuration
As referenced: https://docs.hummingbot.io/developer/tutorial/
Switcheo TradeHub Wallet Address
Ideally this is a Validator that can act as escrow to help split funds until a multi-sig wallet is available.
Maybe propose each at each key deliverable. No escrow needed.
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Bot trading is getting more popular every day, and for me, as a true, I thought that this type of service was really interesting to try. Yeah, I was pretty certain to get a lot of profit with one single click through this crypto bot and sit back and do nothing.
