The platform of dYdX has entered into a partnership with Hummingbot to launch the much-awaited bounty hunt program. The Ethereum-based protocol for derivatives and short selling, dYdX, has joined hands with Hummingbot to distribute prizes worth $15,000 among the community members, creative hackers, and developers of Hummingbot who will take part in the bounty hunt challenge. dYdX serves as the platform for P2P shorting, options trading, and lending of Ethereum-based tokens.
The dYdX protocol is compatible with cross-exchange market-making, pure market-making, and arbitrage strategy. The platform allows margin and spot trading and offers one of the most liquid order books of all decentralized exchange forums. On the other hand, Hummingbot is the foremost open-source cryptocurrency trading bot that operates with more than twenty exchange forums like Binance, Coinbase, and Huobi. Hummingbot is now a part of the team at dYdX. The open-source trading software of Hummingbot allows users to develop and operate personalized cryptocurrency trading strategies.
The bounty hunt challenge shall take place in three phases. The first phase is called the New Strategy Bounty. In this phase, the participants have to develop an innovative strategy to be used by leveraging the advantages of dYdX. The prize pool for the first phase is worth $10,000. The second phase of the challenge requires the participants to create video content and blogs for teaching the different ways of using dYdX and Hummingbot. The Content Bounty phase comes with a prize pool of $2000. The Tips Phase of the Challenge offers rewards to the participants who make meaningful contributions from the prize pool worth $3000.
The two platforms together seek to promote the decentralization of market-making by empowering the community members to contribute to the trading efficiency and liquidity of the crypto markets.