The Rise of Telegram Bots: A New Cryptocurrency Narrative?
and also why I am regretting fading UNIBOT at 3$
When a friend of mine told me about this Telegram Bot to buy crypto I first laughed.
Who the fuck would use it? A telegram bot? To buy crypto and shitcoins?
Of course, I faded it, nonetheless thanks to the kind reminders my friend sent me I eventually dived into it.
And what I found out is pretty impressive.
This short piece provides an introduction to Telegram Bots, their value proposition, as well as a list of the most promising bots, with of course, a focus on UNIBOT.
Telegram Bots
I can’t mentally associate telegram with trading crypto.
What can I do? I am a crypto boomer.
However, it took me 10 minutes of using one of these bots to understand their value proposition more clearly. Why Telegram Bots?
One time when I was working at IntoTheBlock in Madrid, I forgot my laptop at home.
My Luna position was skyrocketing in a matter of a couple of hours. I was FOMOing and so I asked if I could leave the office an hour before to go home and sell my position (LOL the perks of crypto right? Imagine asking this to your web2 boss: hey boss can I go home got some crypto to sell?).
Long story short I took too long and pretty much lost all my gains.
And this happened several times - on planes, at parties, on holidays.
Now imagine I had a freaking Telegram Bot on my phone: a couple of clicks and boom, I sold my coins.
If this seems unimpressive to you - then you are not a hardcore trader eh eh
Furthermore, spot trading is only the beginning as we can expect them to slowly roll out support for perps, options, and even P2P markets.
Why is this a big deal?
The holy grail killer app of crypto will be a dApp abstracting all the backend complexities of crypto and allowing users to operate as if they were just using a simple app or fintech app.
What’s more iconic and significant than allowing users to trade from their phones directly, from the Telegram app?
This is the closest we have been to a product that could onboard the next 10 million crypto users. No brypto jargon, and no complicated stuff.
Ansem is completely right - how do we expect noobs to navigate the terrible UX of native DEXs / perps?
Furthermore, as xCurve (the founder of UNIBOT) has mentioned, the Telegram interface is only the starting point.
The same could be done on Discord, Whatsapp, Notion, or even SMS.
I have to be honest at this point I am pretty much sold on it.
What Problems Are Solved Thanks to Telegram Bots?
Trading UX often sucks
Complex operations (while Bots allow you to trade with a couple of clicks)
Abstracts complexity
Allows a Levelled Playing Field on Sniping and more Complex Strategies
Tailored to both degens and noobs
Trade from anywhere
Most of the Telegram Bots’ success has to be attributed to UNIBOT, the leader in the sector.
If you want to get familiar with Unibot, feel free to read my previous thread on it:
The best part of it is that (UNIBOT in this case), they are extremely profitable and redistribute a % of the protocol fees to holders, leading to a 110% APY.
As the market heats and volatility increases, volumes rise.
This is already a pretty impressive chart - What happens if we have a bull market?
However, as we can observe from the chart above, less than 10% of the total comes from product use, while the overall majority of fees comes from the 5% buy/sell tax.
Of course, as it always happens, there are a lot of other bots trying to follow in the footsteps of UNIBOT, with some specializing in sniping new tokens, or liquidity at block 0.
We don’t really know what to expect from this narrative - whether it will last or not.
Without any doubt, these developments could have pretty big consequences in the crypto world: imagine if everyone starts sniping Uniswap listing from their phone.
What do you think about Telegram Bot?
Have you ever traded with UNIBOT?
Food for Thought
Of course, this article would be intellectually honest if I didn’t mention some limitations and risks.
Well, the main risk here is security.
Do you really want to connect your wallet to a telegram bot?
Do you feel sure going around with your wallet in your phone?
Debatable.
Personally, I am not super keen on it.
What happens if your phone gets hacked or stolen?
Food for thought…
My friends.
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Unibot is a force.
I'm sold on it too.
But how are they different from Maestro?