Hummingbot – Creating the Miner App
“In two years time, someone like a Coinbase Pro user looking for good rates of return will easily discover great rates on different markets. They’ll provide liquidity through Hummingbot after a smooth on-boarding experience. Recommending it over traditional investing or savings apps as a result.” Given that we are targeting users who are already familiar with market making and trading, the onboarding and set up were very smooth. In addition, everyone was excited to try it out so as long as the rewards are high enough. The latter will be a deciding factor whether it will still make sense in two years, but we are generally optimistic. A few small changes need to be made to make sure everyone understands exactly how the rewards are calculated and what the numbers on the activity dashboard mean.
1. Can we show the best rates and trading pairs that engages users to pick one and use Hummingbot even though it’s more complex?
Yes, as long it’s simple enough to follow instructions. Obviously, this process is an add-on to running Hummingbot for market making but even still, most of the friction points are not perceived as those. The most difficult point almost everyone commented on was the actual configuration of a bot. Some watched YouTube videos and went through the docs, others did their own research. But once they were set up the rest was very easy. For entirely new users this might be different and a little more handholding could be useful to guide them through the configuration of a very basic strategy and an easy set up. In that context we also need to make sure that it’s completely clear that this visual interface is not for the market making and its returns, but only the liquidity mining.
2. Can we make the onboarding process simple enough?Yes, definitely. The onboarding process is as simple as it can be. As mentioned above, a bit more guidance for configuring the bot would be appreciated, ideally in a very easy to follow (screenshotted) step-by-step way. If we want to make this accessible for users outside of the current Hummingbot community, we might need to improve a few descriptions and potentially add the email sign up, in case they don’t have a wallet yet.
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