SummaryLiquidity Mining (LM) program is still seen as the best way to bootstrap new ecosystem and new applications. However, very few people have used empirical studied / data-driven research to assess the true impact of LM.We studied the Uniswap 2020 LM program and found that the LM program did not improve significantly the liquidity nor the trading volume of major AMM pools including USDT-WETH, USDC-WETH, DAI-WETH and WBTC-WETHThe LM program had a similar retention rate than airdrop with a ...