This article aims to outline the current macro situation of Telegram trading bots and highlight some noteworthy projects.
Since the emergence of Telegram trading bots, the barrier to entry for trading has significantly decreased, allowing on-chain transactions to be easily conducted via mobile devices. Telegram trading bots, acting as on-chain brokers, have driven strong price increases for multiple projects’ tokens and sparked a wave of enthusiasm for Telegram bots.
- Sector Overview
Since the advent of Telegram trading bots, we have witnessed significant increases in the token prices of various projects. Notably, Unibot saw its price rise rapidly starting in July 2023. According to data from CoinGecko, the price of Unibot’s token surged from a low of $3.13 in May to a high of $200.45 in August, representing nearly a 100-fold increase and leading a surge in Telegram bots.
However, as the hype around Unibot began to wane, Banana Gun emerged. Following its airdrop announcement in September, its token price climbed from about $9 to a peak of $18. Although its momentum is not as strong as Unibot’s, Banana Gun has managed to maintain a certain level of excitement within the Telegram trading bot ecosystem.
Emerging Forces to Watch
A notable emerging force is BonkBot, based on the Solana blockchain, which once had daily active users reaching approximately 35,700. This not only surpasses established projects like Banana Gun and Maestro but also stands out compared to performances in the decentralized exchange (DEX) sector.
In the competitive DEX arena, BonkBot’s 7-day average daily user count is second only to Sushiswap, ahead of seasoned projects like Maverick Protocol and Trader Joe. This surge is undoubtedly fueled by the recent popularity of the Solana ecosystem and the enthusiastic trading of meme coins on Solana, which has further driven BonkBot’s trading activity.
BTCBot.pro, a Telegram bot for the BTC ecosystem, has also been live for nearly a month. Due to the unique nature of the BTC ecosystem, BTCBot.pro offers functionalities different from those of Telegram bots on ETH and Solana, making it worth studying.
Overall, the Telegram trading bot sector is clearly not a passing fad. However, the landscape of this field is continuously evolving. This article aims to outline the current macro situation of Telegram trading bots and highlight some noteworthy projects.
According to data analysis, since its launch, BonkBot has outperformed other trading bots in terms of trading frequency and user numbers. Particularly in trading frequency, BonkBot’s performance is significantly higher than that of Banana Gun and Maestro Bot, with a trading frequency approximately 10 times greater.
This notable achievement is attributed to BonkBot’s efficient design on the Solana blockchain, known for its high TPS (transactions per second), which supports more frequent trading operations. Additionally, with the recent rise of meme coins in the Solana ecosystem, BonkBot has solidified its dominant position in the Telegram trading bot market.
Following the success of BonkBot, similar clones like Sol Trading Bot have also launched on Solana. In terms of trading volume, these clones have already caught up with projects like Banana Gun and Maestro Bot, and have even surpassed them in trading frequency and daily users.
As for Unibot, existing data indicates that its market advantage has weakened. However, it is worth noting that the project has started deploying on the Solana blockchain, which has slightly boosted its trading volume trends. Clearly, projects utilizing Solana as their infrastructure may be key to initiating the next wave of Telegram trading bot enthusiasm.
Although Solana bots are performing excellently, it is also important not to overlook the strong performance of Banana Gun before the Solana hype. It has closely followed BonkBot in several key metrics.
- Historical Overview
With the booming development of the cryptocurrency industry, Telegram bots, as intelligent trading tools, have gained increasing attention within the cryptocurrency community. As early as 2017, Telegram bots already had the capability to automatically respond to messages and execute user commands.
With the rise of the cryptocurrency industry, Telegram became one of the most commonly used instant messaging tools among cryptocurrency enthusiasts. Against this backdrop, trading bots based on Telegram began to emerge, capable of automating operations such as token swapping, copy trading, data analysis, automated airdrop trading, and cross-chain asset management.
- Market Landscape
Telegram trading bots, as automated systems within Telegram, assist users in executing trades on decentralized exchanges. Users interact with these bots through the application’s messaging interface.
Different Telegram trading bots offer unique features, but most provide common trading functionalities, including stop-loss and take-profit orders, copy trading, and multi-wallet support.
These bots replace the user interfaces (UI) and user experiences (UX) of Web3 wallets and DEXs, simplifying the otherwise complex decentralized crypto trading process.
These bots leverage advanced algorithms and infrastructure to conduct fast trades, often referred to as “Uniswap Snipers.” They cater to users’ needs for trading efficiency and convenience. While all these bots share the common trait of fast trading speeds, they differ in their specialized functions. For example, UniBot offers limit orders and mirror sniping, SwipeBot focuses on ease of use, and OxSniper features MEV protection.
Key Uses of Trading Bots:
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Token Trading: Trading bots integrated with Telegram allow users to easily obtain tokens by copying and pasting contract addresses into the message box. Some bots provide real-time updates on profits and losses during trades and speed up token sales through pre-approved transactions.
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Setting Stop-Loss and Take-Profit Orders: Users can set stop-loss and take-profit orders with these Telegram trading bots, allowing trades to be automatically executed based on preset parameters. This feature is particularly useful for trading new tokens that have not yet been listed on CEXs, although trading such tokens carries higher risks.
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Anti-Scam and MEV Monitoring: Some Telegram trading bots have anti-scam and anti-MEV (Maximal Extractable Value) features. The anti-scam function can detect upcoming transactions in the mempool if a token developer plans to exit, executing a sell order quickly to prevent exit scams. The anti-MEV function guides purchases through private relays to ensure that purchases are not broadcasted in the mempool, thus preventing MEV or sandwich attacks.
Additionally, trading bots can detect malicious transactions that may prevent token sales. If such transactions occur, the token may be considered a “scam” and the bot will quickly close positions to avoid falling into traps.
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Copy Trading: Users can automatically copy trades from specific wallet addresses using certain Telegram bots. These bots act as intermediaries between the user’s account and selected traders, executing trades based on the signals of the copy trading target. However, it’s important to note that copy trading involves liquidity risks, as insufficient market liquidity may lead to trade execution difficulties, increasing transaction costs.
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Sniping: Some trading bots can perform liquidity sniping, method sniping, and multi-wallet sniping. Liquidity sniping involves automatically buying tokens when the bot detects an increase in liquidity. Method sniping executes buys based on the “method ID” of the developer’s pending transactions. Users can also perform sniping with multiple wallets through Telegram trading bots.
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Airdrop Mining: Traders can create automated tasks through bots to achieve airdrop goals. Bots dedicated to airdrop mining often operate across multiple chains, identifying promising airdrop opportunities. However, caution is advised when participating in unverified airdrops to avoid scams and fraudulent activities.
- Technical Implementation Path
The functionality of Telegram bots has been around for several years, but recently there has been growing interest in integrating Telegram bots with Web3 technologies such as blockchain and smart contracts. Unibot is one of the leading platforms in the development of Web3 Telegram bots, offering a suite of tools and services to help developers create, manage, and organize bots that can interact with decentralized applications (dApps) and blockchain networks.
With the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), the Web3 Telegram bot ecosystem has become increasingly vibrant. These bots can be used for a variety of purposes, such as automating trading, asset tracking and management, and providing social functions. By utilizing the Telegram Bot API and Web3 technologies, these bots can integrate with blockchain networks and other Web3 applications, offering users more flexible and powerful functionalities.
The Telegram bot ecosystem is primarily built on the Telegram Bot API, a set of HTTP-based API endpoints that allow developers to interact programmatically with the Telegram system.
The Telegram Bot API is language-agnostic, meaning it can be used with any programming language capable of making HTTP requests. Common languages for creating Telegram bots include Python, JavaScript (Node.js), and PHP.
Source: Medium @Srikari Rallabandi
Telegram bots are essentially programs that interact with the Telegram system using the Telegram Bot API. These bots can be programmed to respond to messages, commands, and inline queries. To create a bot, you need to register with the Telegram system, which provides you with a unique token. This token is used to authenticate the bot within the system and to send requests to the Bot API.
In terms of infrastructure, bots run on servers rather than on users’ devices. This means they are always online and can respond to user messages in real-time. The servers can be cloud-based or local machines, depending on the developer’s preference.