Introduction of the Hummingbot Governance Token: HBOT

Introduction of the Hummingbot Governance Token: HBOT.

Press release

As announced in this October post, CoinAlpha has established the Hummingbot Foundation (“Fund”), a new, independent, open source platform that will enable a decentralized, community-led software development model aimed at Hummingbot, an open one -Source toolbox for building crypto trading programs.

Like our spiritual predecessor, the Linux Foundation, do we believe that caring for the community is key to expanding Hummingbot to every exchange and blockchain, and enabling traders to build any type of bot?

The foundation’s mission is to democratize high frequency trading by enabling decentralized maintenance and community governance on the open source Hummingbot code repository. CoinAlpha has transferred control of the official Hummingbot code repository to a Github owned by the Foundation, and the URL of the new repository is https://github.com/hummingbot/hummingbot.

Starting with the Hummingbot 1. release, scheduled for January, Hummingbot users and community members will be able to control many aspects of the Hummingbot code base and the Hummingbot Foundation. With the approval of the Interim Board of Directors, the Hummingbot Foundation is introducing the Hummingbot Governance Token (HBOT) as a means of community governance.

The Hummingbot Governance Token (HBOT) was deployed on the Ethereum blockchain with the following details:

Editor: Hummingbot Foundation
Contract address: 0xE5097D9baeAFB89f9bcB78C9290d545dB5f9e9CB (Etherscan)
Name: Hummingbot Governance Token
Symbol: HBOT
Total supply: 1,000,000,000 VND

The HBOT token is a standard ERC-20 token. It has a fixed total supply so that no more HBOT tokens are created.

The only use case for the HBOT token is to allow holders to choose how the Hummingbot codebase changes over time. All pull requests must be approved by the HBOT owner so that they can be merged and included in the official version. Please see the official Hummingbot Fund Governance Report for more information.

Distribution of HBOT. Tokens

The aim of the HBOT distribution plan is to get the HBOT token into the hands of managers whose long-term goal is to grow the Hummingbot project. With this in mind, Hummingbot Base has authorized the distribution of HBOT tokens and the plans are as follows:

Hummingbot Community Group (40%)

Retroactive distribution (4%)

Hummingbot Base allocates 4% of the total HBOT token offering (or 10% of the community team) for distribution to historical Github code contributors, as well as to users and traders who have participated in Hummingbot Miner.

Github Code Contributors

Allocation per developer: 75,000 HBOT. Tokens
Total Qualified Developers: 62
Total Allocation: 4,650,000 HBOT tokens or 0.465% of the total HBOT token offering
Eligibility: Code contributors to the Hummingbot codebase from v0.46., With the exception of people who were a full-time CoinAlpha employee at the time of posting

Hummingbot miner users

Per Miner Allocation: Based on rewards earned, subject to an 800,000 cap. Average: 14,017 HBOT tokens.
Total number of eligible miners: 2,522
Total Allocation: 35,350,000 HBOT or 3.535% of the total HBOT-. Token Offering
Eligibility: Earn at least $ 1 equivalent of liquidity mining rewards on Hummingbot Miner, from launch (March 2020) through December 13, 2021 at 11:59 p.m. UTC

Community activities in the future (36%)

Of the total HBOT token supply (or 90% of the community pool), 36% is set aside for distribution by the foundation to support future activities of the Hummingbot community. The distribution of this HBOT token is controlled by governance proposals that are voted on by the token holders about the fund. The Hummingbot Foundation plans to issue an equivalent amount of community tokens over four years (i.e. 9% of the total HBOT token supply per year).

CoinAlpha investors (37.9%)

The foundation has given 37.9% of the total HBOT token offering to CoinAlpha shareholders who have been helping develop the Hummingbot codebase since 2017 (year).

CoinAlpha team (21.1%)

The foundation has dedicated 21.1% of the token allocation to CoinAlpha team members, consultants and service providers. Similar to investor tokens, team tokens can be blocked for one year. In contrast to investor tokens, team tokens will follow a linear release schedule for the next three years (years two to four).

Hummingbot Base Team (1%)

The remaining 1.5% token allocation is reserved for current and future Hummingbot base team members. They are subject to a one-year blocking period with a three-year linear activation plan.

HBOT. Token entitlement

The only official world wide website where recipients can claim tokens is at https://declare.hummingbot.org

In order to ensure that the recipients of Retroactive Distribution receive their HBOT tokens securely, the Foundation transfers HBOT tokens directly to the Ethereum wallet of each recipient and bears all fuel fees.

Delivery time:

Start date: December 17, 2021
End date: February 28, 2021 23:59 UTC

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.