Simple tips on how to run an automated decentralized trading bot with Hummingbot’s XDC liquidity mining campaign.

Undeniably, liquidity mining has become one of the most popular passive income options for crypto traders due to the rewards and returns it offers. Liquidity mining is a process where crypto holders lend assets to liquidity pools to reap rewards. Crypto trading or market making bots update and speed up the whole process.

A 12-week liquidity mining campaign for XDC was initiated by Hummingbot, an open-source DeFi market-making software platform based in California, on well-known cryptocurrency exchanges – KuCoin and Gate.io. A total reward pool worth $36,000 is flagged for this Hummingbot XDC Liquidity Mining campaign.

We’re excited to welcome $XDC @XinFin_Official with a 12-week 12-week liquidity mining campaign on @gate_io & @kucoincom!
Join on November 29, 2022 and claim your share of the ~$36,000 total rewards pool! 🔥 🚀

Find out more 👉https://t.co/h3sxWh214k. pic.twitter.com/GnnzgndE9n

— Hummingbird (@_hummingbot) November 28, 2022

Hummingbot’s decentralized, community-based market-making system allows anyone to participate in the liquidity mining process. Users not only have the opportunity to get token rewards, but also support the token and the project by draining liquidity based on their trading activity.

Setting up an automated bot with the Hummingbot software is seemingly child’s play. Let’s take a look at the steps involved in this process.

• First the step of installing the Hummingbot software. When installing the DeFi software, the algorithmic crypto trading program can be launched. Users can install the setup as described in the official Hummingbot guide https://docs.hummingbot.org/installation/#source.
• To start the process, the essential command is “Start Pure Market Making”. Users need to connect the API keys associated with their KuCoin or Gate.io trading account to the software. (If you don’t have an existing trading account, it’s also easy to create a new one.)

Next, run the connect exchange_name command to integrate the API keys and passphrases. Upon completion, the message “You are connected to KuCoin/Gate.io” will appear.

• After that, type the word “Create”. Once you are done, the question “What is your marketing strategy?” will be asked. Just type in “pure marketing approach”. After that, the name of the maker exchange – Gate.io or KuCoin – must be entered.
• Next, users specify the appropriate trading pair – XDC:USDT. In addition, inputs such as order percentage (bd and ask), time interval and XDC amount are entered.
• As soon as entries have been made, the bot must be activated. This requires users to initiate the “Start” command.
• Activation sets the configuration of the bot. The team recommends users to check the order book and strategy set.

With these steps, Hummingbot’s automated XDC market-making bot is set up for the XDC:USDT pair. XDC Network can promote decentralization and expand its network in the DeFi industry through this 12-week campaign hosted by Hummingbot.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers