Surging Interest in Telegram Bots Sparks Speculation on Binance Listing

By 0xK2 08/5/23 4:06 AM

In the fast-evolving world of cryptocurrency, new innovations are constantly emerging, and the latest one to gain significant attention is Telegram bots. Recently, Binance Research released a report shedding light on these bots, which enable crypto users to execute various activities conveniently via their mobile devices in a user-friendly manner. This development has sparked speculation about whether Binance might consider listing related tokens, adding to the buzz surrounding this new trend.

Telegram bots have captured the interest of the crypto community, driven by surging token prices and media coverage by key opinion leaders. These bots offer a wide range of functions, including trading, sniping, airdrop farming, and more, making crypto activities accessible and straightforward on mobile platforms.

Examples of Telegram bots and features offered | Source: Binance Research

The numbers speak for themselves, as the cumulative lifetime volume of trades facilitated through Telegram bots has surpassed an impressive $190 million, with a record daily trading volume of $10 million recorded on July 23, 2023. Moreover, the revenue model of these bots involves charging users transaction fees and, in some cases, purchase or sales “taxes” for transactions involving the bot’s native token. As a result, total revenue generated by Telegram bots has reached a remarkable $28.7 million.

One of the factors contributing to the growing interest in Telegram bots is the ease of use they offer, particularly for non-sophisticated DeFi users. These bots provide an alternative medium to execute crypto activities via mobile devices, offering a smoother experience compared to some existing clunky front ends that might require additional steps.

Furthermore, advocates of Telegram bots argue that they could play a crucial role in onboarding new users to the world of crypto. With Telegram boasting over 800 million monthly active users, this large user base represents a significant market for potential crypto expansion. As interest in these bots surges, the market capitalization of bot-related tokens has already exceeded $150 million, with many tokens experiencing exponential growth in a short period.

Among the notable players in this space, the UNIBOT token stands out, representing over 77% of the market based on market capitalization. The rising interest is further evident in the increased Google search queries related to this sector.

However, it’s important to acknowledge that interacting with Telegram bots comes with its fair share of risks. As this sector is still in its early stages, users must exercise caution and conduct thorough due diligence before engaging with any bot. Some of the potential risks include the security of assets, as bots might require access to private keys, and smart contract vulnerabilities, which could lead to critical issues.

To mitigate these risks, users are advised to trade in smaller sizes, keep minimal funds in the wallet linked to the bot, and consider using a separate wallet for bot interactions. Nevertheless, it is crucial to stress that these risk mitigation techniques should not be considered financial advice, and users must conduct their own research and due diligence.

In conclusion, Telegram bots have emerged as a significant trend in the crypto space, offering users a convenient and user-friendly way to engage in various crypto activities on their mobile devices. While their potential to attract new users to crypto and facilitate seamless trading is promising, users must remain vigilant and informed about the associated risks.

Following the Binance blog publication, Top Telegram Bot Tokens Experience Surging Growth: UNIBOT Up 10%, MEVFree Token Soars 40%, and Boltbot Gains 35%, according to Coingecko.