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Liquidity Pool Program Extended - BTC/JPY Pair is Now in Scope

We are excited to announce that we are extending and expanding the Liquid Pool Program (LPP) to include the BTC/JPY pair. 
Liquidity Pool Program Extended

Table of Contents

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

  • 4 x weekly programme = 10,080 x 4 = 40,320 minutes)

 

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.
Participate in the program

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