The Liquidity Mining whitepaper, published in October 2019, introduced a decentralized, community-based approach to market making: rather than token issuers hiring a single professional market maker, anyone running open-source market making bots can earn rewards for providing liquidity on token pairs that need it, with compensation tied to spread, order size, and time spent quoting.
The whitepaper covers the historical context of market making, the state of crypto market making in 2019, existing compensation models, and the mechanics and simulation-based economics of the liquidity mining model.