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We are excited to announce that we are extending and expanding the Liquid Pool Program (LPP) to include the BTC/JPY pair.
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We are excited to announce that we are extending and expanding the Liquid Pool Program (LPP) to include the BTC/JPY pair.
In an effort to improve liquidity and deliver the best trading experience for our users. Liquid updated our Liquidity Pool Program:
- Starting March 28, only liquidity providers who have achieved a minimum of 500k USD volume per market in the prior week will be eligible for the QASH rewards
- We will tighten the requirements for max spread from 50 bps to 25 bps for the remaining 2 weeks on our Liquidity Pool Program starting March 21.
QASH Rewards
A total of 530,000 QASH will be made available for the Liquid Pool Program:
- 6 pairs (BTC/USD, BTC/EUR, SOL/USDT, ETH/USD, ETH/EUR, BTC/JPY)
- 20k QASH will be distributed per pair per week for 4 weeks
- The market participant that provides the most liquidity during this period will be granted a 50,000 QASH reward.
Liquid will burn the amount of QASH distributed as rewards to liquidity providers.
What is Liquidity Pool Program?
LPP is a rewards program that incentivizes liquidity providers based on their liquidity contribution to the selected pairs (see the list below).
The performance is monitored and calculated on a minute-by-minute basis (using randomized sampling) and aggregated into a final score for a given market.
Orders below a certain minimum order value per market are not eligible, and orders over a certain maximum spread are not eligible. Please see the requirements in the table below:
| BTC/USD | BTC/EUR | SOL/USDT | ETH/USD | ETH/EUR | BTC/JPY | |
| Min Order Value |
5000 USD |
3000 EUR |
5000 USDT |
5000 USD |
3000 EUR |
575,660 JPY |
| Max Spread (mid-market) |
25 bps Both sides |
25 bps Both sides |
25 bps Both sides |
25 bps Both sides |
25 bps Both sides |
25 bps Both sides |
| Reward Pool | 20,000 QASH / Week |
20,000 QASH / Week |
20,000 QASH / Week |
20,000 QASH / Week | 20,000 QASH / Week | 20,000 QASH / Week |
Program Details
| Start Date & Time | End Date | Calculation frequency |
|
Start Date: Monday, March 7th 2022 Valid orders Start Time: 00:00 JST |
End Date: Sunday, April 3rd 2022 Valid orders End Time: 23:59 JST
|
Minute-by-minute w/ random sampling
Weekly distribution of rewards by Thursday 18:00 JST |
How Reward is Calculated
| Final Score |
QEPOCH * (UptimeEPOCH)5 Where: QEPOCH is the sum of all QMIN in a given epoch. |
| QMIN |
=MIN (QBID,QASK) |
| UptimeEPOCH | = % of time of the given duration where MM was quoting on both bid and ask sides with orders >= min depth and <= max spread |
| QBID |
(BidDepth1/Spread1)+(BidDepth2/Spread2)+(BidDepthN/SpreadN)+... |
| QASK |
(AskDepth1/Spread1)+(AskDepth2/Spread2)+(AskDepthN/SpreadN)+... *for each ask order with AskDepth > Min Depth & Spread < Max Spread |
** Note: Quoine Pte. Ltd. reserves the right to adjust the scoring based upon the minimum amount.
For Frequently Asked Questions, please refer to the original announcement.
For any additional questions please reach out to bizdev@liquid.com.
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