Tracking Foundation HBOT Purchases¶
In October 2024, the Hummingbot community approved HGP-64, which authorized an experiment for the Foundation to re-purchase HBOT tokens using fee share revenues earned from our partnership with OKX. Today, we're excited to announce the launch of a new HBOT Purchases tab in the HBOT Tracker that will transparently track these purchases.
HGP-64 Recap¶
Hummingbot Governance Proposal 64 (HGP-64) was proposed to address the challenge of focusing the Hummingbot community's trading efforts. While Hummingbot supports 50+ exchange connectors, only a few exchanges have active fee share agreements with Hummingbot Foundation.
The proposal established that 50% of fee share revenue from the top vote-getting exchange during Q4 2024 would be allocated to HBOT repurchases, aiming to concentrate community attention on driving volume to a single exchange.
The proposal received overwhelming support, with 74M HBOT participating:
| Exchange | Votes (HBOT) | Percentage |
|---|---|---|
| OKX | 62M | 84.07% |
| KuCoin | 5.1M | 6.94% |
| Gate.io | 4.7M | 6.37% |
| Binance | 1.9M | 2.63% |
| HTX | 0 | 0% |
| None | 0 | 0% |
The community's choice was OKX, so the Foundation will be purchasing HBOT with 50% of the fee share revenue generated by OKX in Q4 2024.
Initial Purchase¶
We are pleased to report that the Foundation has completed its initial HBOT purchase. In the first six weeks following the approval of HGP-64, the OKX partnership generated 4,033 USDC in fee share revenue for the Foundation. As per the proposal, the Foundation has used 50% of this amount (2,016 USDC) to purchase HBOT tokens from the market. We will continue to use 50% of OKX fee share revenue for HBOT re-purchases until January 2025.
Foundation HBOT purchases will be tracked in the new HBOT Purchases tab of the HBOT Tracker spreadsheet, which shows transaction details such as:
- Exchange fee share revenue
- Percent used for HBOT purchases
- HBOT quantity purchased
- Average USDC/HBOT price
- Transaction links
Looking Forward¶
The Foundation is committed to maintaining the economic value of HBOT by carefully balancing token distributions and purchases. Through initiatives like bounties, grants, and now strategic token purchases, we aim to foster a healthy token economy that aligns the interests of all Hummingbot ecosystem participants.
We encourage the community to monitor these purchases through the HBOT Tracker and participate in future governance proposals that help shape the economic future of the HBOT token.