The Condor Blog
Research and writing from the Condor team — onchain liquidity, market structure, and market making.
Analyzing 1 Year of XRPLiquid Data
65 weekly epochs, $234 million in volume, 3.5 million filled orders, and 55,706 XRP in rewards — what a year of XRPLiquid taught us about liquidity incentives on the XRP Ledger.
Michael Feng
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The Solana Liquidity Landscape
Why we focused our market making business on Solana first. A new DEX doesn't fragment liquidity — it joins a block-by-block auction for the same taker flow. A tour of the routers, maker infrastructure, and asset mix behind the deepest spot market in crypto.
Michael Feng
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Introducing Condor: The Open Source Harness for Trading Agents
An open source harness that connects LLMs to the Hummingbot trading infrastructure: use natural language to execute trades, run trading bots, and deploy autonomous trading agents across 50+ exchanges and blockchains.
Hummingbot
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XRPLiquid Beta Launch: $100,000 Season 1 Reward Pool
XRPLiquid launches in beta with a $100,000 Season 1 reward pool — earn XRP by trading in supported XRP Ledger markets or running automated Hummingbot strategies, with rewards distributed weekly.
Michael Feng
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Demystifying Liquidity Mining Rewards
How liquidity mining rewards are actually calculated: snapshot weights, spread density functions, and the math that turns open orders into weekly payouts.
Hummingbot
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Introducing Liquidity Mining: A Marketplace For Market Makers
Why market making is broken for long-tail tokens — and how a marketplace model connects token issuers who need liquidity with a distributed network of individual market makers.
Hummingbot
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Liquidity Mining Whitepaper
The original liquidity mining whitepaper: a decentralized, community-based approach to market making that rewards anyone for running market making bots on token pairs that need liquidity.
Hummingbot
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The Thin Crust of Liquidity
Why liquidity in crypto is a thin crust: fragmentation across hundreds of exchanges leaves everything outside the top coins trading in barren, illiquid markets — and why market makers matter more than most people realize.
Michael Feng
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Hummingbot Whitepaper
The original Hummingbot whitepaper (December 2018): why liquidity is scarce for all but the top digital assets, and the design for open-source software that lets anyone run market making bots on centralized and decentralized exchanges.
Hummingbot
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