We are pleased to announce a new partnership with Hummingbot. The partnership and campaign is part of NEM’s next step into DeFi as we continue to strengthen our network and look to increase accessibility to the XEM token.
The liquidity mining campaign will reward traders for providing liquidity and will initially focus on the XEM token, but may also include the XYM token once Symbol is launched.
Liquidity mining rewards users for providing liquidity for specific token pairs, which will initially be XEM/ETH and XEM/BTC. Participants earn rewards by placing maker orders in XEM tokens and adding to order book depth. Hummingbot aims to create a fair, open, and transparent liquidity mining system for both participants and token projects.
Rewards are calculated in line with the risks participants take: the longer and more consistently participants place orders with tighter spreads and larger sizes, the more rewards participants earn. Participants and token projects will have access to real-time data on the campaign and market-making activity.
The NEM liquidity mining campaign will start on November 3, 2020 12:00am UTC, and both the NEM and Hummingbot communities will soon be able to share an initial $15,000 reward pool in XEM by participating in market making for the XEM token. The exchange to participate on is Binance.com
For those community members that are interested in liquidity mining and how to earn rewards, Hummingbot is hosting a conference on the 16th October to provide more background – https://liquidity2020.dystopialabs.com/
We will also announce an AMA to introduce Hummingbot and answer questions about liquidity mining. To ask questions in the AMA, please tweet to @NEMOfficial.
There will also be an instructional video released shortly to explain why and how to join the campaign, with terms and conditions to follow.
NEM Group supports the development of NEMNIS1 and Symbol from NEM , which launches towards the end of 2020. Symbol is the next-generation enterprise-grade blockchain solution from NEM, purpose-built for Enterprise adoption. NEM NIS1 (XEM), is NEM’s original blockchain and launched in 2015. NEM Group comprises three separate entities: NEM Software, NEM Trading, and NEM Ventures which together will contribute to the development of blockchain technology for generations to come. NEM NIS1’s native currency is XEM, which can be ‘harvested’ using its POI (Proof-of-Importance) algorithm.
NEM Group is a global blockchain development company headquartered in Gibraltar and led by CEO, David Shaw.
Learn more at NEM.io.