Exciting new features for our Bot Creators

A little bit of background

We announced this update during the Wealth Fest '22, hosted in the DeLaMar Theatre in Amsterdam. It was an event about all things related to Web3 and, of course, included company-wide updates. To top it all off, we were proud to present one of our wins for 2022: our new, exciting upgrades for bot creators. 

The new features

So, without further ado, we proudly present the astonishing new features that our entire Bots family worked so hard to achieve. 

API V3 & Shorts

As of now, we have a new API in place. This means:

• Thanks to Open Information, it’s now possible to see what’s going on inside a bot. 
• You are no longer restricted to trade against the base asset; you can trade between any listed asset pair. 
• The profit and loss graphs are way more understandable now. 
• The maximum number of possible customers for one bot has been raised to 200.000(!)
• We have introduced the option to short, which makes it easier to make a profit in a down-trending market. 

One of the most exciting new features for our bot creators is that this new API allows them to deploy short bots on the platform. For now, we will start by making this shorting option available for a small selection of bot creators. But very soon, by the end of November 2022, shorting will be available for all our bot creators. 

Fee Structure

Within the new API V3, we have also designed a new fee structure. To put it briefly, the trading fees per trade have become lower. Which means the total fee per trade has been lowered. 

Additionally, we will no longer calculate the performance pool on your bot's performance for the last month but rather for its performance over the previous six months. 

Also, we’ve increased the percentages on different amounts of rotations. You can read more about the new fee structure in the new terms and conditions. 

Improved BOTS testing phase

We will introduce an improved BOTS testing phase by the start of 2023. This new improvement will allow us not only to simulate all the market conditions and drastically shorten the time it will take to get your bot from the testing phase to going live in our app. 

Let us also answer some of the questions you may have as existing bot creators or as potential new ones:

• How does this update affect the existing bot creators?

We’ve outlined how the new features will affect our existing bot creators below:

API: As of now, new bots can already be deployed using the new API.

Good to know - The migration of the current bots on the platform will start soon, shortly all our bot creators will all be informed on the steps to take. If there are still remaining questions or remarks about the BNF API, please feel free to schedule a call with Sean, the Product Manager in charge of the BNF API.

Testing phase: No action is required from you, our bot creators, when it comes to testing. Once we successfully roll out the new testing phase, rather than a bot taking up to 12-16 weeks to get live in the app, the TTM (time to market) will significantly decrease.

Overall, make sure to keep an eye out on your email or join our Discord channel so that we can keep you informed on all new features.

• Why did we come up with a new fee structure?

Our new fee structure is by far the biggest benefit for both users and creators. Simply put, as the trading fees are lowered, there is more money to be made! Additionally, as we mentioned before, the performance of a bot has now become more important for bot creators. And this in turn, means better performing bots for our users!

• Want to know more about becoming a bot creator?

If you’re a programmer who has the necessary trading experience, this may just be the right opportunity for you. We currently have over 300 bots in our app, but we’re also constantly looking for new talent. Once your bot gets the green light from us, we will help you bring our users’ attention to your bot. Find out in more detail how you can become a bot creator with us: https://www.bots.io/bot-creators/guide  

We’ve also updated the terms and conditions

Perhaps not as flashy as our previously mentioned announcements, but with new features come, of course, new terms and conditions. Make sure you read them:

• Bot Creator Terms & Conditions
• Bot Creator 'Short' Feature Terms & Conditions
• BOTS performance policy

‍What’s next?

At BOTS, we’re always thinking of ways to improve and give our users and bot creators the best experience. And although we’re incredibly proud of the new features we have launched, we’re already working on improvements. So stay tuned for more updates!