Why is the Telegram Bot track so popular? How does the future develop?

Author: Asher Zhang

According to data from Coingerk, the Unibot token UNIBOT surged from $3 in May to its highest point of $148 on July 24, an increase of about 50 times. Judging from recent data, the current number of users of both Banana Gun and MaestroBot has exceeded that of Unibot. In particular, Banana Gun has become more popular due to the announcement of the token pre-sale. Against the background of the overall downturn in the encryption market, the Telegram bot track continues to be hot. So why is Telegram bot so popular? What is the reason behind the popularity of Telegram bot track? How will the Telegram bot track develop in the future?

The market is sluggish, Unibot rises and ignites the bot track

Telegram Bot is a robot that provides various DeFi trading tools on Telegram. After entering the wallet mnemonic, it can execute certain instructions for users, such as token exchange, copy trading, analysis, automatic airdrop trading, asset cross-chain, etc. operate. The initial leader in the trading Bot track was MaestroBot, and its performance was actually average for quite some time. Data statistics show that from November to December 2022, MaestroBot’s average daily income was about 4-5 ETH. From January to 2, 2023 It fluctuates between 6-10 ETH every month.

However, with the entry of Unibot, Unibot has changed the MaestroBot economic model, thus promoting the popularity of the Bot track. Initially, the economic mechanism of MaestroBot, the leader of the Bot track, was to charge usage fees, but Unibot added a new token economic model, making the Telegram Bot track popular. There are two main ways for Unibot to obtain income, namely the robot transaction fee (Bot Fee) and the transaction tax on the native token UNIBOT. In the former, Unibot charges a 1% handling fee for each transaction, 40% of which is allocated to token holders; in the latter, all UNIBOT token transactions are subject to a 5% tax, and 1% of the transaction volume is allocated to token holders. There is someone, and the token holding balance needs to be greater than 50 UNIBOT to be eligible for income sharing rewards.

The transformation of Unibot's economic mechanism has been a great success and has been recognized by industry celebrities. The wealth creation effect of the Telegram Bot track continues to expand. According to data from Coingerk, the Unibot token UNIBOT surged from $3 in May to its highest point of $148 on July 24, an increase of approximately 50 times. Subsequently, the hype of Bot trading projects in the crypto industry started. A large number of Telegram Bot, Discord Bot and other trading robot projects appeared in a short period of time. Bot projects have obvious short-term wealth-making effects. For example, the Loot Bot token LOOT, a robot that helps users earn airdrops, once appeared in a single day. The increase is as high as 4 times.

Regarding the popularity of Unibot and others, Coingecko co-founder Bobby ONG once commented: One of the biggest pain points in introducing the retail industry to cryptocurrency is that it is too difficult to use wallets and interact with DeFi protocols. After trying out Unibot a few weeks ago, I think I now know how the next wave of billions of new users will interact with cryptocurrencies. The idea of Unibot is simple - build a fast and simple wallet on Telegram and tightly integrate with DEX to reduce the risk of buying spam coins and copying traders. For me, it is really much easier to conduct DeFi transactions on mobile phones now.

Why is the Telegram Bot track so popular?

Since the beginning of this year, the main factor for the rise is actually the hype behind technological innovation. The main hot spot of speculation in the first half of this year is undoubtedly Bitcoin Inscription. Dune data shows that the BRC-20 protocol has continued to grow since April 21 (accounting for 4.1% on that day), with non-Ordinals protocols accounting for 84.2%. Subsequently, the BRC-20 protocol has grown significantly, with the highest proportion reaching 65.3%. Subsequently, competitors of BRC-20 began to appear in the market, such as BRC-21, ORC-20, etc.

Different from the pure Meme attribute of BRC-20 tokens, Telegram Bot has certain practical value, and its hype expectations are also more promising. Telegram is one of the most widely used social software in the crypto community. For many new users, there is a huge market demand for auxiliary trading tools such as trading robots. However, judging from the data, Unibot's popularity is largely the result of hype rather than an explosion of actual use cases, because the market as a whole is in a bear market and transactions are still relatively weak. According to data from Dune@whale_hunter, Unibot has captured a total of 3,280 ETH in revenue since its launch in May, worth $6.08 million, and completed a total transaction volume of $85.76 million. Data shows that more than 80% of Unibot’s capture fees actually come from the transaction tax of the native token UNIBOT (users need to pay 5% transaction tax for each UNIBOT token transaction), and less than 20% of the revenue comes from Its declared transaction fee. Most of the transaction currencies completed by the Unibot trading robot are memecoin.

Judging from the recent popularity of Banana Gun and MaestroBot, it is still the result of hype. As one of the trading Bots, Banana Gun has basically similar general functions to other trading Bots and does not have any major innovations. Compared with Unibot, it is mainly a change in the token mechanism. Generally speaking, it is still a new currency hype. Token holders of UNIBOT must have more than 50 UNIBOT to be eligible for income sharing rewards. Under Banana Gun’s token mechanism, token holders can obtain revenue sharing on the official DApp, that is, robot revenue (40% after recommendation) and 50% of tax revenue; in addition, users can purchase or block through Banana Gun When launching a new game, you can get a certain number of token rewards. MaestroBot, as the leading Telegram Bot, has not yet issued coins. The market expects it to eventually issue coins, and there are strong expectations for airdrops in the market.

Telegram BoT’s Mainstream Project Inventory

The Telegram BoT track is developing rapidly. Specifically, it can be divided into DeFi category, data analysis category, airdrop ambush trading category and others.

DeFi Class

Unibot (trading), Banana Gun, WagieBot (trading and tracking), Boltbot (trading), 0 x Sniper (trading), NitroBot (trading), Xbot (custom trading), ASAP (Discord only), SwipeBot ($ETH, $ARB, $BSC artificial intelligence trading), Bridge Bot (cross-chain), AI DEV (AI trading, token issuance), All In (AI trading)

Data analysis class

Cipher Protocol (analytics), NeoBot (analytics and tracking), Meowl (analytics and tool suite), TokenBot (social trading), Trace AI (AI analytics), Scarab Tools (analytics), BlackSmith (AI analytics), TrackerPepeBot (AI analytics) and contract security detection), DAGMI (tracking), First Sirius (analysis), The DIG (token and NFT analysis), WallyBot (wallet analysis),

Airdrop ambush transaction

Farmer Friends, LootBot, alfa.society (with airdrop prompt)

other

EnigmaAI (customizable AI for trading on CEX), NexAI (a bunch of AI tools), 0 x 1 (multifunctional), MagiBot (privacy)

There are many projects on the Telegram track. Here is a brief introduction to some distinctive projects. UniBot provides limit orders, mirror sniping and other functions, SwipeBot focuses on ease of use, and OxSniper has anti-MEV protection; LootBot solves the problem of inefficiency of manual harvesting airdrops by automatically participating in airdrops and harvesting, which is innovative; GenieBot uses AI Technology answers various encryption knowledge questions from users.

Development trend prediction of Telegram Bot track

The market as a whole is very optimistic about the future development trend of Tlegram Bot. Here are some opinions of big V’s for readers’ reference.

Crypto analyst Asher said that there are several potential profit directions for the Bot track in the future: 1) MaestroBots earns US$1.1 million per week. The possibility of launching tokens in the future is very high, and it is very likely that there will be a new wave of Bot airdrops. Wealth creation effect; 2) Unibot's new trading terminal Unibot The currency is welcomed by the market, and the craze for listing CEX is rising. In addition, Twitter Bot is becoming mainstream, and the influx of new users is expected to further promote the development of the Bot track.

Crypto Veda (@thcryptoskanda) tweeted that Telegram Bot is the first feasible large-scale deployment solution for Crypto’s decentralized front-end. It may be the second great evolution of Ponzi after DeFi.

BTCdayu (@BTCdayu) tweeted that the BOT track has been very popular recently, with Master BOT taking the lead, and UNIBOT and Banana competing fiercely. There is no need to worry about who is the leader. The cake has not been made yet, and it is not time to divide the cake. When the market is the coldest now, the income of front-row BOTs is very high. What if the market is hot? The same number of users can be increased by 10 times, and then the flywheel will begin. Greater transaction volume - higher revenue - higher currency price - more transactions - more users.

The future market demand for Telegram Bot is expected to be very large, but the business continuity of trading Bots is currently questionable. Take Unibot as an example. Currently, Unibot's income mainly relies on taxes earned from token speculation. The most traded Unibot tokens are memecoin tokens; Secondly, the degree of decentralization of trading bots is not high, and their security has been questioned. To use trading bots, mnemonics need to be imported into these "centralized applications". If a hacker attack occurs, users face high risks. In addition, trading Bots face legal risks. For example, Telegram Bots are directly involved in capital transactions, and there is a risk of being regarded as securities transactions, and may involve money laundering.