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Announcements

Hummingbot Unveils New Connector to XRP Ledger in Version 2.0

Today, Hummingbot is excited to announce the release of a new connector to the XRP Ledger (XRPL), available in the latest release 2.0. The XRP Ledger (XRPL) is a decentralized, layer 1 blockchain with reliability and stability proven for over a decade, trusted by businesses and builders globally for the efficient tokenization and exchange of crypto-native and real-world assets.

Hummingbot 2.0 introduces the highly-anticipated Dashboard, a new entry point that makes the platform more accessible and user-friendly. Dashboard allows users to easily create, backtest, and deploy their trading bots through an intuitive visual interface, streamlining the strategy configuration and bot management process and enhancing the overall user experience.

This new XRPL connector cements Hummingbot as the open source exchange API connector standard across both centralized and decentralized crypto exchanges. Hummingbot users can now leverage the robust and decentralized infrastructure of XRPL to enhance their crypto trading and market-making strategies.

"The integration of the XRP Ledger in Hummingbot v2.0 marks a significant milestone for our community," said Michael Feng, Board Member at Hummingbot Foundation. "XRPL's origins in cross-border settlement align perfectly with Hummingbot’s mission to empower market makers across the world with open source standard software."

The XRPL connector is designed to seamlessly integrate with Hummingbot, allowing users to take advantage of XRPL's fast transaction times and low fees. This integration will enable traders to execute strategies with greater precision and speed, optimizing their performance across various markets.

About Hummingbot

Hummingbot is an open-source software framework that helps users create and deploy crypto algo trading and market making bots. By integrating with various exchanges and blockchains, Hummingbot provides both individual and institutional users with powerful tools to automate operations. In the past year, Hummingbot users have used the software to generate $27 billion of trading volume across 200+ centralized and decentralized exchanges. Learn more at hummingbot.org.

About the XRP Ledger

The XRP Ledger (XRPL) is a decentralized layer 1 blockchain renowned for its decade-long reliability and stability in tokenizing and exchanging crypto-native and real-world assets. Designed to support businesses and builders, it is powered by XRP, a cryptocurrency purpose-built for payments trusted by over 1,000 visionary builders and businesses worldwide. Learn more at XRPL.org.

Improvements to the Discord Support Program

Fourteen months have passed since the introduction of the Discord Support Program, an initiative designed to foster active involvement and collaborative problem-solving within the Hummingbot Discord community channels. This program has enabled the Foundation team to engage community developers and users in mutual support, freeing up our resources to focus on areas such as enhancing documentation, creating user guides, and improving the Hummingbot codebase.

But with the introduction of new Hummingbot features like Dashboard and V2 Strategies, newer members of our community have struggling to keep pace with troubleshooting and issue resolution. In response, the Foundation team has intensified its engagement with community members on Discord by answering questions. Moreover, we are committed to keeping our community members abreast of the newest Hummingbot developments on the roadmap, including the imminent launch of the Condor Telegram bot, custom screeners, and advanced AI capabilities.

Key Changes

In order to increase community participation in answering questions and making the program fairer and more transparent, we're excited to announce some changes to the Discord Support Program, such as the new Discord Leaderboard in HBOT Tracker!

Announcing Botcamp and the Expanding Hummingbot Ecosystem

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In late 2021, Hummingbot Foundation was launched as an experimental decentralized autonomous organization (DAO) to build a self-sustainable, professional-grade, free and open source operating system for algo traders and market makers, owned by the community of HBOT token holders.

In an industry perceived by outsiders to be zero-sum and mercenary, Hummingbot aimed to prove that crypto algorithmic trading could be positive-sum, given the proper incentive structure. Our mission is to give everyone access to free tools and knowledge that help them make money by doing the same basic job, providing liquidity and making markets more efficient, as the world's most secretive, sophisticated quantitative hedge funds.

It's been a long road filled with landmines and near-misses (like FTX!), but Hummingbot Foundation expects to be economically sustainable going forward, thanks to our partnerships with leading exchanges and blockhain protocols. Economic viability allows the Foundation to focus on decentralizing governance and leveraging the community to expand the value of the Hummingbot codebase.

Announcing Botcamp

Vitally, the Foundation is also sustainable in large part due to Botcamp, an educational side business that the Foundation team started to train algo traders and market makers using Hummingbot.

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Botcamp's signature product is a 5-week intensive bootcamp that teaches students how to help them build their own custom trading strategies. Since October 2022, Over 200 students across five cohorts have taken Botcamp, and many of the sample scripts in the open source Hummingbot repo were contributed by Botcamp students.

Today, we’re excited to formally announce Botcamp as a separate for-profit company that provides education and training programs for market makers and algorithmic traders using the open source Hummingbot software framework.

Botcamp's products include:

State of the Foundation 2024

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As 2023 winds to a close, reported volumes from Hummingbot clients have reached an all-time high of $140M per day. Widespread usage of Hummingbot across 114 exchange venues spanning both official releases and unofficial forks shows that Hummingbot is becoming the industry standard for market maker connectivity.

Since it has been two eventful years have passed since the inception of the Hummingbot Foundation and the issuance of the HBOT token, we wanted to update the original Hummingbot Foundation whitepaper. Specifically, this post has three objectives:

  1. Provide a retrospective on the Foundation’s journey over the past two years,
  2. Propose changes to the Hummingbot governance system, and;
  3. Offer a preliminary HBOT allocation budget for 2024.

Introducing V2 Strategies

We are excited to formally introduce the V2 Strategy Framework! After months of testing by us and our community, we are confident that using this new framework to design and deploy strategies will improve your algo trading P&L!

V2 strategies bring unparalleled modularity, real-time adaptability, and backtesting capabilities to your trading arsenal, allowing you to design and deploy powerful, custom strategies with only a few tweaks to the template.

Revolutionizing Strategy Design with Modularity and Flexibility

V2 Strategies marks a departure from the more rigid structure of V1 strategies. It's crafted to enable users to create powerful, custom strategies, even those who may not have extensive Python programming experience.

Key Features:

  • Composable: The core of V2 strategies lies in their modularity, allowing users to create complex and customized trading strategies using simple modifications in the provided templates.
  • Real-Time: Leveraging real-time market data, V2 strategies dynamically adjust spreads and shift prices. This responsiveness to market changes optimizes profitability and minimizes risk, surpassing the capabilities of the static V1 strategies.
  • Backtestable: A crucial component of any trading strategy is the ability to test and refine it. V2 strategies excel in this aspect, offering comprehensive backtesting tools that enable detailed simulations with historical market data, accessible through the Dashboard.

Launching USDC Payouts for Bounty Recipients

Update

Starting in August 2024, Hummingbot Foundation bounties will be paid in HBOT by default, unless contributors indicate a preference for USDC in their onboarding form. If users select USDC, a 10% processing fee will be applied.

Since the inception of the Hummingbot Foundation, we have paid out 282 bounties to 92 unique developer wallets. Bounties have been an unqualified success in leveraging the global developer community to maintain the Hummingbot codebase by fixing bugs and adding key components.

To continue on this path, we are excited to announce a new change to the Bounties process. Now, bounty recipients can choose whether to receive their payments in HBOT, our native governance token, or the USDC equivalent amount.

By allowing recipients to receive bounties in stablecoin if they wish, we aim to lower transaction fees while still enabling long-term supporters to accrue HBOT.

Kicking Off the Hummingbot Dashboard Community Project

by Hummingbot Foundation

From the moment we open sourced Hummingbot as a CLI-based market making bot back in 2019, people have asked "wen GUI???"

While we knew that a graphical user interface would make Hummingbot more user-friendly, we chose to spend our limited resources on improving Hummingbot's exchange connectors and strategy template library.

Introducing Community Bounties

Launching a new process that connects skilled community developers with stakeholders seeking dev work

Last year, we introduced the Bounties process, which has successfully addressed numerous issues and funded vital technical improvements in the Hummingbot codebase. Bounties have been $HBOT-denominated rewards provided by the Foundation to developers for resolving bugs or adding enhancements (such as new connectors, strategies, etc.) to the Hummingbot codebase. Given its significant impact and cost-effectiveness, we believe it's time to expand the Bounties program to the broader Hummingbot ecosystem.

Here are the milestones that Bounties have achieved:

  • 68 bounties paid, resulting in 53 bug fixes and 15 new features and exchange connectors, including Kucoin Perpetual, PancakeSwap, and SushiSwap.
  • 32 unique developers have earned bounties.
  • Smallest bounty paid: 10,000 \(HBOT (\)50 currently) for Priority 3 bugs.
  • Largest bounty paid: 2,000,000 \(HBOT (\)10,000 currently) for the Orchestration Module.
  • Total funds spent: 13,337,000 \(HBOT (\)67,000 currently).

Now, we believe it's time to open up these bounties to the broader Hummingbot ecosystem, so we are recasting them as Community Bounties.

Community Bounties offer a platform for those seeking development work on exchange connectors, strategies, bug fixes, and more to connect with skilled developers capable of building these solutions. As with past bounties, Hummingbot Foundation will oversee the entire lifecycle of Community Bounties, including scoping, assignment, QA/engineering review, and code merge / payment.

Introducing Discord Support Bounties

The Discord Support Program program was launched on December 12, 2022 with the aim to foster active participation and problem-solving among members in Discord channels. During its 7-week trial period, it was exhilarating to observe a significant number of users earning HBOT rewards for providing valuable responses to community questions.

💡 [HGP-27] Community Incentives: Answer Questions & Resolve Issues

The level of engagement and support demonstrated by the members was exceptional, and we are overjoyed to express our deep gratitude to our top three contributors: SoothsayerX, MementoMori, and random-dude, who served as inspiring models of devotion and commitment. We also recognize and extend our appreciation to other noteworthy contributors such as ctraderxt, hbminerfan, wojak, Lawnel, JOE, yancong, and Lazydayz137.

Over the 7-week trial period, the community generated a total of 618 responses, earning a combined total of 945 points and rewarding 350,000 HBOT as incentives. This is an outstanding achievement and we eagerly anticipate seeing more community engagement in the upcoming months as we progress on our technical and governance roadmaps throughout this year.

Introducing the Hummingbot Governance Token: HBOT

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HBOT Tokens empower holders to decide how the Hummingbot codebase changes over time through voting on proposals.

As announced in this October post, CoinAlpha has established the Hummingbot Foundation (the "Foundation"), a new, independent open source foundation that will enable a decentralized, community-led software development model for Hummingbot, an open source toolbox for building crypto trading bots.