This deep dive is number two in a series of posts diving deep into every detail about BKT’s Liquidity Mining Program. We’ll explain every phase with the biggest amount of information possible, but please don’t hesitate to share your thoughts with our Discord Group or email our support! Now onto the next phase!

Before we start

First and foremost: New features were launched for this new phase.

Since July 27th, the fee tiers have been reset to BKT1. Now, ALL Blocktaners have to actively choose their Fee Tier (and multiplier) by staking the amount of BKT required per tier. This is IMPORTANT because accounts that have not yet performed this action are under the Starter Standard fee tier which is not participating in the program (no matter which fee tier they had prior to this date). More information about fees, limits and order sizes here.

Heads up: there is a new fee-sharing program starting on August 1st.

Phase 2: Volumes

Just like phase 1, all order books are valid – what changes is how the number of points will be calculated. This time, however, volumes matter!! The dollar equivalent amount executed per trade times the multiplier of the blocktaner at the time of the respective trade will count towards the shared pool. $100 traded x 1 (BKT 2 Bronze)  is 100 points, for example. Points depend on the multiplier according to your Fee Tier, just like last time.

Fee Tier

Points Multiplier

Any other fee tier 

0

Starter

0

Bronze

1

Silver

2

Gold

4

Ultra

8


Example:
James trades $1 of volume 10 times and therefore has $10 of total volume traded. He is in fee tier BKT 5, so his activity will count as 80 points.

Alice is in fee tier BKT 2, and completes 10 trades of $100 value each for a total of $1000 of volume. Her activity would count as 1000 points.

Differences from Phase 1:
During epochs 1 and 2, blocktaners just needed to hold a minimum BKT balance to participate and points were the result of the number of trades times the Blocktaner multiplier at the time of the trade.

Starting from the 3rd epoch, blocktaners are required to stake a minimum BKT balance to participate and points will be the result of the size of the trade times the Blocktaner multiplier at the time of the trade.

Like last time, users are free and encouraged to trade however they please – using their strategies of choice. Here are a few tips we’ve gathered for the astute blocktaner:

  • Beware of self trading: it’s a fraudulent practice and could have your points deducted. Always check your parameters twice, be it on Hummingbot or traditional trading.
  • Market/Limit orders: Limit orders define a quantity for a set price. Market orders consume every order on their way, whatever the price is. Always pay attention to the type of order you’re setting.
  • Spread: Difference in price between the cheapest selling order on the book and the most expensive buying order, market orders can suffer price slippage depending on market depth.
  • Fees: every transaction has fees, according to the blocktaner Fee Tier. Always keep them in mind when preparing your strategy, as they might affect your final price and/or volume of order.

Now that you have every tool in hand for your Liquidity Mining needs, it’s time to put them to work! Every token counts, and more importantly – volumes matter. Good trading!