Hummingbot is democratizing algorithmic trading through open-source software that lets you build and run customizable trading strategies. Automate your cryptocurrency trading on centralized exchanges and decentralized protocols. The organization gives everyone in the world algorithmic trading superpowers that were previously available only to large financial institutions. Hummingbot believes this will lead to a more open, fair, and inclusive global financial system.
Hummingbot is leveaging the Algorand network because it found that previous usage of Ethereum ERC20 payments for liquidity mining payments had growing gas costs that made their business model extremely inefficient and prohibitive, with ordinary token transfers sometimes even exceeding $10! As part of ongoing efforts to optimize Hummingbot platform, alternative payment gateways have been evaluated. The Algorand blockchain already supports USDt Tether as well as USDC stablecoins natively, giving us an optimal method for paying out stablecoins. Algorand USDt is already supported by a growing number of major centralized exchanges. Hummingbot is initially rolling out Algorand USDt payment method for the Algorand liquidity mining campaign and are exploring ways to extend this for other liquidity mining campaigns. The efficiency of the Algorand blockchain allows us to pay out any amount of rewards earned to miners. In contrast, Hummingbott imposes a $50 minimum payment amount for rewards paid out in ERC20 tokens.