[Liquidity Mining open beta] Known issues (updated on Feb 14)

Hey everyone,

We’re planning to use the 4-week open beta period to make the user experience for liquidity miners as polished as possible. Since there’s a lot of heavy-duty data infrastructure needed to collect and process real-time order book data, we have a few known issues that we’re tracking currently:

  1. Rates of return may be wrong: currently, markets are showing extremely high returns, like tens of thousands percent per year. While this is partially due to very few liquidity miners at the outset, there’s probably a bug here as well that we’re still triaging.

  2. Mid-price miscalculation bug: there’s a sporadic bug that may cause a market to temporarily stop accumulating earnings due to a frozen mid-price used to calculate order spreads.

  3. 0x Mesh markets are still WIP: we are conducting final testing on the liquidity mining infrastructure to support campaigns on 0x Mesh. We anticipate starting open beta for those markets in approximately 2 weeks.

  4. System probably doesn’t scale: One of the main things that we are testing during the open beta is how many users and order volume the system can handle. The current system will probably slow down a lot as more users use it, so please bear that fact in mind as you test the beta.

Also, we’ll be conducting regular user testing starting next week. If you’re interested in participating, please sign up with this form.


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Feb 4 update

High rates of return
We investigated why mining returns are absurdly high for some markets. One factor is the small number of users at the outset - as more users run MM bots, the returns will go down.

The other reason is that there was a bug that caused our mid price calculator to get stuck, causing a number of markets to not pay any rewards. In our system, unpaid rewards are rolled over to the next snapshot. Basically, users would see lots of zero snapshots followed by a huge one when the mid price calculator got unstuck. We rolled out a fix today and will continue to test it tomorrow.

System scaling
Beta tester demand was higher than we anticipated, so we are seeing some API rate limit issues and are taking steps to ensure that the system can scale.

Feb 11 update

Updated returns

We changed the way that we communicate rates of return to make them more intuitive. Now, we display 1) the amount of rewards paid every hour, 2) the average open order volume for the past hour, and 3) the annualized rate of return.

Updated sign-up modal

The sign-up popup box now tells you which Ethereum wallet you’re using and adds a check box to ensure new users pro-actively agree to terms.

Better performance and scalability

The majority of the changes we are making are on the back-end: handling larger number of users, not hitting rate limits, improving how quickly the Activity view shows rewards allocated to currently running bots, etc. This will be an on-going process as we scale number of users.

(WIP) 0x Mesh support

We are in final testing to support liquidity mining on decentralized exchanges, starting with 0x Mesh. We plan to start beta testing for markets on 0x Mesh on February 24.

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Feb 14 updates

Here are the latest changes we made to Hummingbot Miners:

Total market metrics

We now display aggregate metrics for:

  • total payouts in the last hour
  • total open order volume of running liquidity mining bots (avg of past hour)
  • avg annualized return earned in the past hour

Do these metrics make sense? Let me know if you have any questions on them, or if there are other metrics you’d like to see.

First payout completed

Yesterday, we sent payouts for the first weekly epoch of liquidity mining. In total, we sent about $5500 in Ropsten testnet USDC to 50 different bots. See the full list of transactions.

Delete API keys

Now you can delete your read-only API keys after you’ve entered them.

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