Hummingbot Community, 9 Nov 2022

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From YouTube: Hummingbot Monthly Community Call 010 | November 2022

Description

Meeting Info:
- Schedule: November 9, 2022 : 10:00 AM EST / 2:00 PM UTC / 10:00 PM HKT
- Duration: 60 minutes
- Location: Hummingbot Discord (https://discord.gg/hummingbot)

Agenda:
- Hummingbot Botcamp (November Cohort)
- CEX Connector Bounty Program
- AML Policy for HBOT Bounty Recipients

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Can you hear me uh this is Michael uh from hummingbot uh we're gonna kick off our monthly Community call um just give us a few minutes to get the technical stuff in order. um I'm gonna check if my team can hear me uh and then um and then we'll get started so uh just give us five minutes. I'll also wait five minutes for everyone to join so um yeah, just stay tuned.

A

Thank you, uh okay, um so I I think I am uh starting right now, uh one second, so um sorry yeah. uh Let me just ask my team if they can hear me on Discord, uh Discord, okay, great uh so yeah, it looks like it's uh going well. So, um let's get started in about uh three minutes: uh we're gonna go through uh update on hummingbot uh as well as update on. uh Basically everything. That's happened uh to in terms of releases. Metrics um uh uh connect, community and promotions in the next uh 45 minutes.

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Okay, I'm gonna, try to load up, get a live stream on my on my here, so that uh I can also um see any questions. People ask so we're going to do an EMA at the very end. um So what that means is, um if you guys have questions please post them um in the YouTube live stream.

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um Normally we do this call on our Discord, but because we're going to present a presentation, uh that's why I saw on YouTube today and I think we're going to transition to YouTube live stream for all weekly calls uh going forward.

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uh Going forward.

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Okay, okay, let's see chat, but uh okay, all right, I think it's working. uh Let's see! Okay, I! Don't know why um I actually don't see a live chat for some reason.

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um Interesting Live Chat is disabled on the stream yeah, okay, I, actually yeah. It looks like we've. Disabled, live chat here for some reason. um So, uh okay, uh let me try to figure out why the live chat is not working for this one.

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um Okay, uh well I'll get started, um I, think uh yeah, um I, think. If people have questions I would say: try to post them on uh Discord in the community called chat channel uh and then we'll use that for questions at the end of AMA. uh Since live chat, uh looks like we didn't. We weren't able to figure out how to disable enable it for this time around uh we'll get it fixed next time.

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Okay! um Well, let's get started, uh and then, um if you have any audio or technical issues, let me know as well on Discord and I'll kind of go through this deck.

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So today, a few things um we're gonna try to have a standardized format for these monthly calls and try to make it as informative as possible to the community. uh So first I'll give you an overview of hummingbot and kind of the purpose of these weekly calls.

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um I'll then go over the metrics in terms of how the hummingbah and the foundation have done over the past month. Then I'll talk about releases. uh Basically, we do a monthly release every month um and then we're going to bounties, which we use to uh incentivize developers to contribute to the code base. uh We also work with exchanges on promotions for the community and finally, we'll cover uh a set of any questions. People from the community have so uh starting off.

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uh um Let me give you an overview of what home Outlet is and kind of like, basically where we are today.

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So, as most of you know, uh hummingbot is open source market making software uh we connect to over 50, centralized and decentralized exchanges, and we try to create a single general purpose, open source code base that people can use and build whatever strategies and scripts that they want. So the idea is that people can contribute strategies, other people can continue connectors and then overall, the code base is more powerful.

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We launched about three years ago. So since then, we've become the leading open source, uh crypto trading bot um and we've had over 1 million GitHub clones and downloads since we first started.

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But what really drives us is really our community uh I believe we have the largest community of market makers crypto both individual as well as professional.

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um Now hummingbot is something that a lot of projects are themselves instead of having to hire expensive market makers like jump uh or Alameda research, and even a lot of smaller market makers are running their operations on top of honeybot, including some of the largest names in the industry like 3j and system nine, um and when I was in Lisbon for Solana breakpoint last week you know I met up with volt packs um and robotter, who is now who built Our, Salon integration and who are actively using healing Bots to Market, make for new token projects on Solana.

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So, um but what we do at home Foundation is. uh We are essentially a gal that allows the community to decide how the code base should evolve. uh They do that through either having pull requests or form discussions that again then turn into proposals on Snapshot that people can vote on um and once they're approved. Then our team works for the developers to merge that change or fix into the code base and include that in a monthly release.

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So when people vote they vote using the h-spot token, um and uh so that token is really the key. It's like the community governance token. uh So it really allows people to really control how the code base evolves by approving proquests by approving bounties to Grants Developers for improving it um and any surplus in the treasury is also controlled by token holders.

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um So they can use it to either for Grants or other purposes, and they also elect the board of directors at the foundation every 12 months. So in the past um I think we've been. You know a bit haphazard about communicating to the community, uh but starting about about a few months ago, we started to organize weekly developer calls.

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So now we've had a call every every week and now I think because we're seeing a lot of interest in community to learn uh about how helping out Works uh we now we're going to do uh essentially a lesson every single week. uh So today um is a monthly Community call, but then every every come every other week every week. Besides that we do a community, you know presentation either about um an aspect of the code base or as a presentation from some community members.

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So uh the way we're going to do it is every second Wednesday uh of the month will be the general Community call and then um every Wednesday Beyond besides that every other week uh it's some type of more developer oriented call um that talks about you know some. You know aspect of the code base and tries to teach a mini lesson to uh people who join the call. uh We also might start experimenting uh with incentives for people to join the calls.

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uh Perhaps some you know, nfts or h-bot token rewards, uh because we do want to try to increase the level of participation uh and engagement with the community.

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So um now, let's go into metrics uh so second part here and uh with metrics. We want to try to kind of basically explain and communicate um everything to um to to this. uh So let's go into kind of what the numbers look like for hummingbot and the foundation over the past month.

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So we publish a dashboard, a public dashboard that shows the reported volumes for coming about clients on a real-time basis. So this is what our volume should look like for the past week, as you can see, um It's relatively spiky, which is consistent with how the crypto markets are, but on average we typically see about 50 to 100 million dollars per day the volume throughout the code base.

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Most of that volume are centralized exchanges with binance um being the biggest, but there is a massive long tail of other exchanges, as you can see here, there's probably at least 100 exchanges. Oh actually, yeah, probably like over in the last month, looks like there were probably over about 80 exchanges being used with coming back. uh So most of these are official versions, but we have seen a lot of forks as well from people using it.

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um We are starting to see some usage of the decentralized exchange connectors, um mostly for testing purposes, but as we expand the connectors there and improve the user experience on the Gateway module, we think that this same kind of, like you know Trend, will happen and decentralized exchanges will be a larger and larger part of the volumes uh in the future.

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This this dashboard is publicly accessible. So if you go to uh our website our docs website docs.com.org reporting, uh you can also see a link to this dashboard.

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uh So now, let's talk about revenues, um so our main Revenue source to date has been Partnerships with exchanges that gives a fee share for how much volume is delivered and used by users. uh Unfortunately, this number has actually been decreasing throughout this year. So at the very beginning of this year, when we launch a foundation, we were collecting about fifty thousand dollars per month from our exchange Partners, um as volumes overall have dropped in the industry.

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That number has gone down and unfortunately, hit a um a year-to-date low, uh fifteen thousand dollars per month in October, so um obviously we're trying to grow. This number we're working with exchanges to do various promotions which incentivize the community to deliver more volume, um but ultimately um I think the long term. We need to move away from this Revenue stream to sustain the foundation, and the reason is because um it's not just that. You know these are great Partners but uh there's kind of like because it's actually hard to rely on.

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uh As you can see, we actually have a number of Partnerships with exchangers who have never paid us anything, and so uh the time it takes on our side to try to kind of, like you know, uh get exchanges every month to kind of pay us. What we deserve uh is a very cumbersome process, and so that's why uh the foundation is also looking to start some additional revenue streams as well. uh One of the ones we're most excited about is bot Camp.

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uh So we're we're, starting with very small cohorts uh where we teach people how to do Market, making in a virtual online course, uh but there's been a massive kind of level of interest in that. So we're pretty confident that we're going to fill this cohort very quickly and start doing monthly cohorts. You know on a monthly basis and really expand. You know not just the user base, uh but the number of examples of scripts and code base and also tap on a secondary working stream.

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uh In addition, we're pretty excited about uh starting to flesh out another Revenue stream, which are Partnerships with RPC providers. uh We've realized that you know on the deck side, when you're trading with hummingbot on the on a decks, the latency you have with your node, really matters, uh because what happens is when time zone was volatile. That's actually when there's a lot more congestion of the node and that's when having kind of like a better node connection or even a dedicated node uh might make more sense.

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So we, as we kind of grow out the Dex connector base um we're going to explore Partnerships with RPC providers like anchor in order to uh kind of like. Essentially, you know the same way that we do central exchanges. You know have some type of volume or sign up based uh incentive for the users.

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um So uh so, on the expensive side, currently we have a 13 person head count um at the foundation uh right now, our monthly expense rates. This is the the salaries and also all month expenses. The foundation are about fifty thousand dollars. So, as you can see, you know when we first launched with when exchange feature was 50k. uh That's when we're breaking, even but today, as the exchange feature, has gone down, uh we're not quite breaking even anymore, so we've started to dip into the grant that we received from Cornell.

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However, um it's our goal to become sustainable uh and even grow a surplus every single month. So that's why we are actively pushing to grow secondary revenue streams uh like bot, Camp uh and like RPC provider Partnerships, in order to become self-sustainable as an organization, uh we also hold a lot of each bar in the treasury.

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um Currently we are giving out in terms of death grants, but the long-term goal is to work with the community to identify other community-based use cases for the h-spot token and to try to create more utility to the Token over time.

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Speaking of the token uh we had, we had many questions about the hbot token. Specifically, um you know why. Why the why it's only trading on a small Market on uni swap uh and why it's not listed on an essential exchanges.

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Yet, so let me take a few minutes to explain why, uh before we move into the rest of the presentation, so uh currently we expect that the HVAC token we listed on essential exchanges sometime in q1 of next year, and the reason is because we've been working with our lawyers to ensure that we get a proper legal opinion as the status of the hbi token.

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uh Our lawyers have requested that we make certain changes in the government system to allow the token to be more decentralized and to give the community more power, uh and so they want to kind of see that before they issue the memo, one of the big changes we made recently was to end the delegation system that H5 currently has. So.

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This is a system that we put in place when the foundation first launched in order to give the folks who had locked up tokens some ability to vote their tokens uh because otherwise, um you know, if only the people who had tokens were able to vote, um basically means that the vast majority of the h-spot holders would not be able to participate because their tokens were locked up.

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um However, uh this this it was kind of all or none thing, because we did through snapshot. So once the HVAC token holders have are able to actually vote their tokens if they can release them to the wallets, uh I, don't think we'll. We really need this. Those are just many more so about a few weeks ago we did a poll and the community agreed, and so the development system will be ending in March 2023..

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So because the system is ending, we we leave that um we will be able to list the hbot token sometime in q1 uh next year.

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uh In addition, um unfortunately, we did um Bridge some hbot tokens over to Avalanche uh and uh um uh unfortunately it was right before the Nomad hack uh that we actually use um Nomad to bridge tokens over. So uh if we did end up losing about one percent in the token Supply, due to the hack, uh however, um those tokens have already kind of Hit the market and the the the the tokens kind of where backed up it was before.

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However, we do want to make sure that any of our users who um Bridge the tokens over to Nomad we'll better get them back. uh So we're talking Nomad right now about how uh h-spot holders on Avalanche can kind of get compensated for the heck. So there's really two possibilities. The first possibility is that the Nomad Bridge may be rebooted again, and therefore users who have H5 tokens of avalanche side, can then Bridge them back to ethereum.

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um There's a possibility. If that doesn't happen, is that we have received a number of h-spot tokens uh in the recovery address, uh and so any users, if, if the bridge is, will not be rebooted and if users can't get the tokens back, then we will essentially use those recovery tokens to compensate users. uh So there should be a resolution for this issue in the next um I believe in the next two to three weeks.

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So I hope that gives you an overview of Honeywell from a Metro's perspective. uh Now, let's talk about uh what was in the last release and what's coming up in future releases, I'm coming back.

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So in the last release, which is your point about 1.9, um we really focused on kind of adding more example, scripts uh into the code base related to botcamp, so for for bot Camp, um we did a beta cohort in September, uh so uh people added a number of good examples like uh uh we added simple scripts that serve as reference points for Pure Market making and for cross-change Market, making uh and website community members submit scripts, which um we we believe will be good examples for other people in the future.

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So we added uh the Triangular Arbitrage script, um the adjusted mid price and a simple RSI example, which some of these will be in 1.10 because they weren't included in time for 1.9.

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uh In addition, um we added a new Central exchange connector for Eve exchange. uh This is um this is a new kind of you know like a exchange, it's recently launched um and uh and coin alpha, build connector, and they thought that April would benefit from having this connector in the open source code base. So uh it was added in the last release.

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uh Also, um we have a new community tool, so this actually came from a video that uh one of our leading uh liquidity miners Bojack uh did for the community about uh I think about five months ago, where he presented on YouTube a system where he uses to manage multiple Bots um and to track the performance using this tool that he had built himself. So um now he has open source Tool. uh So now it's available to everyone in the community.

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So if you look in a community tools, repo, you should find uh this tool um and there's also a video on our YouTube, which shows you how to use it. uh In addition, there's also the homily post process Tool, uh which is also there which helps you analyze, how about trade logs? So if you're looking for kind of ways to kind of help, you something up better I, do encourage you to look at the community tools. Repository GitHub, so um so in 1.10 we actually have a lot more things coming.

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uh So this is the release that will be uh scheduled for the end of this month and because of the recent kind of like bounties that we're now using to fund maintenance in the connector, um the um you know, we have a bunch of new Central exchange, connectors um new desk connectors, as well as new swimming strategies coming out in the um in the uh in the code base.

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So um so that's that's really kind of like where yeah we're uh we're kind of focused um I, see a question on the community call channel uh that uh yeah. So the the calls on YouTube uh yeah, so I think um if someone could post a link, I think the kids already posted a link um yeah, but we're doing the call on YouTube today in order to present this this deck.

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uh But if you have questions, please post them on the community called chat, Channel Discord, uh because that's where you know like uh we're gonna, take questions. um It's positive confusion I think next time around we'll probably try to do everything in YouTube uh so that we have just one link that everyone can use.

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So um the 1.1 release is really going to be a big one, because you know we're adding a bunch of uh new functionality in terms of both the connectors and strategies and scripts to The Code base. So our QA team is currently hard of work on on reviewing all these connectors and others. uh So some of these connectors May kind of slip until 1.11, uh but we are going to try to get as many uh connectors merged in to 1.10 as possible.

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That does include the FTX professional connector, uh which obviously, given the news last night, uh may not be as useful as it was before, uh but uh you know as an open source code base. You know this is this is kind of why we're open source, uh because you know we connect to every exchange, and so hopefully the folks who uh you know aren't not able to use fta's Perpetual uh can use gate. I o Perpetual for all the other connectors that we have goodness.

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um If you want to see exactly where things are related to, what's coming in every release, uh I encourage you to check out our pull request status board. uh This is a public board on our GitHub, uh so we have a link here, but you can also go to it.

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If you can just go to YouTube and click on projects, so each column shows you uh the the real-time status of a pull request in a code base, so we have um the ones in the far right or where the pull requests merged in to version 1.9.

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um The ones in the development 1.0 column have already merged into uh the next release, and you can also see the pull requests that our team is currently reviewing uh the ones that are on Deck as well as uh any the ones that need Dev work later on.

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So um so this should give you a real-time view, so uh we'll try to update this every uh we try to update this every day, just so the community knows exactly what's coming and when those changes will be in the next release.

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So uh now, let's talk about the bounties so recently uh about three months ago, we started to incorporate bounties to help uh developers. You know, contribute into the code base, uh so we have both bug bounties that people can pick up for fixing bugs, as well as improving bounties, larger pieces of work uh that we fund.

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um You know using using hbot tokens as well um similar to the pull request board. There is a bounties board on our GitHub uh so as it is also a GitHub project- and um this shows you the real-time status of the open downies, which ones have been assigned uh and which downings have been submitted by the community and that we're currently reviewing, uh which ones we've merged into the code base uh and which ones we have actually paid developers ready.

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So uh actually it looks like we have some outstanding boundaries to pay out, so we typically do try to do that. You know once a week uh or so uh so we'll make sure to make these payouts in the next week, but this process is really designed to allow the community to help contribute the code base and earn hbot tokens for doing so.

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So um this is really focused on bugs and um kind of, like really, you know targeted improvements to barriers, uh kind of exchange connectors.

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In addition, we also have a number of you know come out larger boundaries that we give out to um to community members as a result of approved something about Improvement proposals or hips.

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So we have a number of kind of like larger projects being worked on by members of the community, um so we still have um by the way this actually comes from the h-bot tracker sheet, which is another public artifact that community members can look at uh it's available on our doc sites. Docs.Hummingbot.Org.

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But uh so this shows you uh all the approved hips uh the snapshots for them, how much H5 was allocated, distributed and undistributed, uh so um the um so some large ones I want to call out. um We have a team from um a star from the community called robotter. That's been working on a Solana integration for a long time uh and please report that it is. Finally, uh you know ready for prime time in fact, they're already, using it to Market, make and support new token Launches on serum.

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uh In fact, we just did a demo uh on Monday, uh where we showed that working in production and we'll get the video for that uh presentation posted on our YouTube in the next few days. They're also going to be starting to. They also got HIV approved to build a ripple connector, so they'll be doing that on Ripple um and um in addition, we also have approved hips for other new chains like near uh Chronos um and Cosmos they'll be coming soon. All be worked on by other members of the community.

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um I also want to give everyone updates on the orchestration project uh that we approved by hip a couple months ago. So uh you know: we've uh we've been following up with the two developers: clippinagi and Julius Roger, who are working on that they've actually made a good amount of progress, so uh we're gonna do a ketchup call with them next week and but we're looking forward to having something that the community can test in short order.

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So we're really excited about this bounties process and we believe that this is the main way that we will encourage and developers to support the community going forward.

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um I do see a question on the um the community call Channel and since it's really at the down keys I'm going to cover it now, uh but um you know so. If you have any questions, please post them on the call chat, so um Community member preze uh asks um I saw on the proposal discussion that someone pointed out um GMX as a decentralized Exchange.

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There are others like gns Etc and given recent developments on F6 insolvency, I think dexes will be more and more important as future as trust and sex is broken. We'd like to hear your opinion on it and how the h-spot community can focus more on that um I completely agree. uh So um obviously, what happened last night was a big shock to the community uh crypto community at large um and speaking for myself. Personally I was actually using FTX. You know, as my main Central exchange trading venue, so um I have no idea.

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What's going to happen to my funds on FTX and I'm sure the same thing is true for many other customers on the FTX I agree. This shows the kind of a the inherent uh lack of trust that you can have in non-transparent, centralized exchanges in other institutions and underscores why we as a community we need defy. We need exchanges where it's transparent, uh where you can see the trades and the order book on chain and I. Do think. That's why you know a lot of our downkeys and efforts going forward.

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We've focused on the decentralized side, so um I think I'm, really looking forward to building integration having Community built Integrations for these new exchanges, launching uh whether it's on Solana, uh whether it's on near uh whether it's you know we're also talking to a bunch of other order book exchanges. Now um you know on other chains as well, but uh I think that um if we can build that out and create the ability for people to provide liquidity to those decentralized exchanges, I think it should unlock.

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Hopefully, uh you know using real dexes and hopefully allows Community to move away to centralize the changes all together, so uh yeah I think that I'll say just given everything else it just. um It makes me personally much more. You know, excited uh and I feel like it's much more. This is this is why uh dexes are absolutely necessary.

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So, um let's move on some more fun stuff now, uh so um you know, I also want to talk about some of the promotions, we're starting to do with various exchanges uh as well, so um so this is something that we started doing recently as well, because we realized that we have a large community and we can, you know, work with exchanges to create benefits uh for the community. Then that gives the community. You know a bigger Edge and also um you know, allows drives more volume to hummingbot.

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So it's really a win-win for us, the community and the exchange. So uh we uh we're just concluding one of the first ones we're doing so. uh We organize a trading competition with gate.io, where there's a 16, 000 price pool um and- and so everyone who's- you know. Basically um you know- do this for a month are gonna, basically uh join this product training competition.

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um In addition, we're also going to give out a a voucher, a thousand dollar value, voucher to Buck Camp to the winner of this training competition. So um so yeah we're cut this kind of experiment that we uh took on with Gates, but I think we had over something like you know: 70 or 80 people participate uh and they generate a lot of volume. So I think this is a pretty big success and we're gonna try to do something very similar with other exchanges as well.

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uh So we also have a um we're, also working with kucoin on a zero fee promotion. This one actually was finished um so I think it was um this one I think we're gonna, evaluate and see if it makes sense, uh but uh yeah I think whether it's you know fee discount promotions or trading competitions. We're gonna try to do these more with different exchanges as well, um and then uh we have. We went active with whoa B right now, where any hotel user is signs up for 4B will get a 50 fee discount rebates.

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um You know if you use our referral code for I, believe it's the uh I think a two or three month period. All right. This is still active. So any users who wants to pay lower fees and will be uh just sign up using referral code and uh you should be able to get limited fees for a significant Marathon.

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Some upcoming promotions um we're also working on a trading uh competition similar to the gate, one with the sendex, uh and we should announce that in the next one month.

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uh In addition, I want to mention the minor raffle so um So, currently we're working with coin Alpha to promote um you, know the a usage of the minor platform and the way we're doing that is, there's a weekly raffle where people who have volume on a minor platform uh get raffle tickets and they earn each spot giveaways uh at the end of the week.

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This is actually something that coin off is running, uh but we're working with them to ensure that that to get the word out and to allow everyone in the community to join that raffle.

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uh So that's really it um so I think. uh Hopefully that gives you everyone a uh some insights into. uh What's going with hummingbot in the last month, um we're gonna try to do a very similar format every month, just really keep everyone informed. uh This is also gonna, be posted on YouTube, so um I guess. If anyone has more questions, please post them on the community call chat on YouTube if you're on YouTube uh and uh and we'll try to answer your questions in the last uh 10 minutes or so of the presentation, foreign.

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I think um maybe I can just talk a bit about kind of. Like you know, uh what's happened in the crypto Market in the past. uh You know a few few days, I just added my own personal thoughts. So you know I, I, think trust and transparency is the most important thing that we can have in the industry.

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uh You know and that's actually why I I I was a huge supporter of FTX and uh the folks there um I still am I I know a lot of the folks very well, which is why you know that's why I trusted them with my own money uh and I was, you know, I still I Trail every exchange, but the one that I was you know doing. The most trading on I had the most money on was FTX, um and so you know when this whole thing went down.

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You know when there was a coin desk. Article um I think last week about potential insolvency in Alameda, I, think I think I I, along with many other people in crypto, who you know felt like we were insiders dismissed it. uh We felt it was fud uh because you know Alameda and FTX have always been known as upstanding actors and and like kind of the good guys in the industry.

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So- um and you know, until five o'clock yesterday um I was I- was actually considering buying even more uh fct.

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um You know to to show my kind of like you know, support uh for the token, um but uh but unfortunately you know it turned out that um you know they were actually doing something. You know that was not good uh and so the way I think about it is that you know if you're in exchange um exchanges have one job which is to take customer deposits into a lot of customers to trade with one another.

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That's how they make money because they make fees off of every trade. We make that's why exchanging the US you know are regulated so that they cannot do anything because we're deposits, um you know uh those they have to be locked up and held safely uh because of lack of regulation in international markets. There's no kind of safeguards there, and uh the only thing that could have happened. uh You know given what's happened. Is that the um you know if FTS could not be withdrawals?

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uh In my opinion, the only plausible information is that they were taking customer deposits and moving them off the exchange and doing something else with them. So um I'm sure the news will come out later on, but um but uh I don't think you can look the binance or any other. You know person uh to kind of to cause this. um If an exchange cannot meet customer deposits, um they are doing flawed fraudulent activity period.

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So um I mean honestly, it was like uh it was a shock to me. I I I really thought that they were the good guys. I really thought I could trust them. You know and uh I'm sorry to everyone in the community that you know you use the FTX connector through hummingbot. It had funds on there uh just like we did, um but but I think this.

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You know, as I mentioned before, I think it's just underscore the need for, for you know, open transparent exchanges uh which are either regulated, centralized exchanges or their transparent, open, decentralized changes. We can see everything's happening and I think um you know. Hopefully, you know I'm, seeing this happen already on the decentralized side, uh where we're seeing more and more decentralized exchanges that are, you know, faster, more usable, uh with more liquidity than ever and I hope that hummingbot we can play a role in helping those decentralized changes.

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Actually, you know become viable, so uh that's not feeling this subject, um but uh let me take some more questions from the community call chat and then we'll end it. uh This call here so sucer asks uh he's in he's. Just put an observation: uh if the foundation makes money from the trading fees, uh but recent promotions are for zero fee trades, how would that benefit the foundation?

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That's a good question. Actually, so um part of it is I think that uh well we we believe that these zero fee promotions are going to help drive more users into the community. um Some of those UFC commotion potion that we did. You know it was um you know like, even though it may have brought down some of the kucoin fees. We did.

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We think there's the the more valuable thing is that it actually gets people to make money coming by, uh because the more people that are making moneybag the more that they kind of like learn how to use it, and hopefully that kind of grows uh the user in the back end, but in general I would say um I think just this exchange fee share kind of partnership. We have Central exchanges, it's not just that.

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It's um it's hard to grow, uh it's also a very unreliable stream of revenue for us and the main reason is because the exchanges we have no transparency into what the strangers do so we've actually seen cases this year, where the volumes on Exchange we're seeing them kind of like stay the same as before, but the feature we're collecting from The Exchange has dropped significantly, um and- um and so it's almost like, we have no way with no recourse against exchange.

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uh We just need to kind of hope and pray that they pay us your fair share, uh which is not just not a very comfortable position to be in, and so that's why. We think that um the long-term solution is uh a.

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We are going to expanded user base to try to grow that in the long term, but the long-term solution is to add other revenue streams uh like education with bot, Camp uh RPC provider, Partnerships that reduce our Reliance on Central exchanges from a revenue perspective, um so um yeah and then I think P 838 says we should always pay attention. Criticism, uh I, totally agree, I, think that you know it's. It's uh I think there's a tendency to kind of like get hired on Supply.

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If you will, uh you know even for us like we, we try to make sure that you know I think it's our job, whether it's your small kind of token project like us or a large one like you know, FTX I, think I think you can also have to kind of you know take with the grand saw that we don't know. You know this is finance industry.

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Everything moves incredibly fast, um and so the best thing we can do is just you know, try to be open and uh try to take advice from as many as possible.

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um So one question uh see um someone says: uh data list, 76 more people usually tell me about Minor will dilute the rewards uh and the users, um but will the increased use as a mining platform drive up the rewards in the future? uh Absolutely yeah? So so we actually, we actually see this a lot where minor is a two-sided Marketplace. uh So so the more you know the obviously I think um like most two-side marketplaces, there's always one side that drives it and so for minor. It is the reward side.

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uh So what we found is, you know obviously yeah the the more rewards there are. The more people are available to chase those Awards. However, it does help if there's more users, because what attracts the coins to do campaigns a minor is seeing um how much liquidity, but also how many people are providing liquidity to the Token.

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um So uh that's why we've seen Avalanche be a consistent customer of the minor platform, uh but even for the new tokens joining you know, what they want to see is basically liquidity and volume.

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uh So I think the more people that participate, uh the more that those smaller coins will renew their campaigns and hopefully the more rewards we see on a minor platforming feature, uh but it is very much like a two-sided Marketplace uh where you have kind of like reward, pools, liquidity providers, and so hopefully we can kind of keep on growing both sides of the equation. Now, to be honest, we have seen the total reward pool on the mining platform drop from something like I think it was like 50k a game a year down to 20K.

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uh Now some of that is just you know. The market markets are kind of coming down price, uh but we have. It is consistent, so uh we are seeing more and more coins being added to the minor platform in part. The coin Alpha is also kind of expanding as well and continue to kind of, like you know, um do add more Biz dat and sales people uh to sell the minor platform to the market.

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So we do think that, um as the coin Alpha Team grows and as hummingbot grows, we'll be able to keep on growing the minor plasma as well foreign.

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We have many supported sex decks, but only a few give out fees have we push all and most rejected us us as an h-bot, um so it's actually a mix there, so part of it is. uh uh We need bandwidth to kind of go after all these changes, and uh we only have 13 people with Foundation um so and we actually just recently started this promotional kind of thing.

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um So the the thing with fees is that uh actually uh one thing is that we actually have agreements with many exchanges, but a lot of them um just haven't paid anything. So just I'll show you the the the list again. um So this is. This is one thing we found, which is that uh you know like it's, not just about which exchange you actually kind of connect to, but also the ability to actually collect from exchange afterwards.

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So a number of exchanges uh when we first started we we signed agreements with like biffinx, uh bitmart and probit, and even though we do see volumes and exchangers, um they haven't paid anything now we have talked to them, uh but but this is really about I, think you know um these a lot of essential exchanges. uh You know because they have, they have no visibility in. What's going on their side, uh it's almost like yeah, we kind of like wait for them to pay us, so we are trying to grow this a little bit.

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But ultimately you know like if you look at some of these numbers. Some of these numbers like it's not even worth you know going after um so for us, what we found is that the um the minor platform is really driving volumes.

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So if you look at the top exchanges here, binance gate, um kucoin and ascendex have been the largest kind of contributors and to me, the correlation with the minor platform is, is the key, so in some ways, I think that, in order to grow, The Exchange feature volume, I think actually growing minor volume, minor, Wars and minor volumes is actually the best way to do that, because the correlation between minor volumes and the exchange feature points um so Lana asks.

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um Do we have some figures showing how hung about users affect the liquidity on each exchange? We support some metrics allowing us to sell to the market maker community. um It's a good question actually so. Well, we have that on the minor platform, that's kind of why we're able to sell that to issuers uh in terms of the metrics showing to sell to the market maker, Community um I would say the marketing Community the market, Community well uh I. Think it's uh well a I would say on the tracking side.

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uh We actually don't track the liquidity aspects, um so this is more because we've right now, the only data we track is um the aggregate trade volume. uh That's reported, and one reason for that is because we've had pushback from certain users, especially the larger ones, that they didn't want to send us a lot of information. uh So so right now, essentially the only data points we currently collect are the exchange name um and the aggregate volume. So we don't collect any of that.

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We don't take any details on orders uh or anything else like that. So so I think like I would say, I. Think the real question is: how do we expand the homo Community? um You know get more fees flowing through the system, you know.

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So we can, you know, hire more people, grow their team and try to support the community better uh and to grow everything, um so so I think actually I would say that's kind of why we're trying all these initiatives, whether it's uh you know, bought Camp to education, educated, Community um promotions, to allow exchanges and create more reasons to be coming by, uh but but I think um so we're trying a bunch of things, uh but ultimately, I think you know we're going to try to see which of these initiatives actually work and stick with the ones that actually work.

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So the ones that personally I'm personally most excited about number one is probably botcamp, because I do think that there's a very steep learning curve for hummingbot and if we can teach people get them comfortable and confident in you know using Market making tool like coming by then that's the key in growing the the users who are successful through the product and the second thing I'm excited about is really these trading competitions, um because I do think, there's something about competitions, and it's also.

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Some of the exchanges are naturally doing so um so I think you know, for instance, the the gate one that we did I think has been a smashing success um and we're already seeing that ascendex wants to do something very similar and so I think that the more of these like training competitions, we can work on with exchanges. The more it'll also just increase the rationale for people to uh to use a tool.

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um So uh what a bit long, but it looks like there's more people are typing, so I'll Stick Around for another uh 10 minutes and try to answer as many questions I can from you guys.

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See Sarah uh says um he recommends some type of public shaming for non-paying exchanges, Hall of Shame um and see if we can get a community to reduce the trade there and see if it affects liquidity on the exchanges on a project level. That is actually not a bad idea. Actually, uh I think that uh that's something that we can definitely Implement, because there are some exchanges that um you know nothing. You know probit, for example, uh where we're seeing like hundreds of million Vlogs this year, we have an active agreement with them.

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We have literally not seen a single die from an exchange. um I I think it's a great idea and um yeah. Let us work on this and see if we can, uh um you know get something that will hopefully get these exchanges to pay. The fair share.

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um But yeah I see that from the Discord it votes that uh this is definitely a popular idea and I. Think it's a great one. Thank you through Sarah for suggesting that.

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um So uh see yeah, so any more questions uh ask them now and then uh well otherwise, we'll uh you know any part in the call uh pretty shortly.

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Also, if you're wondering where I am right now uh I'm, actually in Porto uh Portugal, um so I was a Lisbon for the salon event uh you know or the brick, but basically to demo, coming back I'm working on Solana on Monday uh and then uh I'm, currently Porto uh Portugal, where uh one of our designers works and so because we're also going to improve the email websites uh a lot in the um the next uh few weeks and we'll add more pages.

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So the page I think in the docs, like the the about page, the Community page and exchanges page we're going to add to the website and try to you know make that the home um of the hummingbird Community more.

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um So it looks like we're wrapping up so um so I think uh yeah, if you guys have any more questions, uh put them in the chat and we'll try to answer them. Maybe asynchronously. uh uh But uh you know I I want to thank everyone for joining this call. uh We had a lot of questions, and hopefully this is a good template.

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If you have any feedback for you know other topics you want to cover in these General calls or other you know, like uh kind of things, I didn't bring up, uh please let them uh post it on the community called chat and we'll try to iterate and improve on this process. uh Every month, thanks everyone and uh Happy Trading.