15 Sep 2023
The Telegram Takeover
How the crypto space adopted Telegram as their go to platform for building trading bots.
In the ever-evolving world of cryptocurrency trading, one platform has risen to prominence as a hub for innovation and automation: Telegram.
Although primarily known as a popular messaging app, Telegram has evolved into a powerhouse tool for crypto enthusiasts, offering a versatile ecosystem for building and deploying various types of bots.
With over 800 million monthly active users, Telegram has transcended its role as a mere communication tool and has become an indispensable instrument for traders, investors, and developers in the cryptocurrency space.
Whether you're a seasoned trader, DeFi enthusiast, or simply curious about the crypto world, understanding the Telegram takeover and the pivotal role of bots within it is essential. It's an opportune moment to delve into the world of Telegram bots, especially as we've recently witnessed the emergence of a tokenized Telegram meta-environment.
Join us as we explore the roles of these bots and uncover the crypto revolution fueled by the Telegram takeover.
Why Use Telegram Trading Bots Over a Dex?
In the world of cryptocurrency trading, Telegram trading bots have emerged as a superior alternative to decentralized exchanges (Dexes). They provide a significantly enhanced user experience, offering several advantages:
Swift Transactions
Telegram bots have demonstrated their ability to execute transactions on the blockchain faster than decentralized exchanges. They achieve this speed by relaying transactions through enhanced private servers, such as BloxRoute. Additionally, manual trading on decentralized exchanges is inherently slower due to their subpar user experience.
Risk Management
Many Telegram bots come equipped with comprehensive risk management features, including stop-loss and take-profit orders. They also incorporate anti-rug and anti-MEV (Miner Extractable Value) functions, which are crucial when trading meme coins.
Real-Time Alerts
Telegram bots provide real-time alerts for potential trading opportunities across various cryptocurrencies, ensuring traders stay updated on market trends and movements.
User-Friendly Interface
Telegram bots boast simple and efficient user-friendly interfaces, catering to both seasoned traders and newcomers to the crypto scene. This user-friendliness is a stark contrast to the often complex and unintuitive interfaces of decentralized exchanges.
Categories of Telegram Bots
Before we delve any deeper into the role of Telegram bots in cryptocurrency trading, it's essential to understand that Telegram has evolved beyond its conventional use.
It has become a preferred platform for a wide array of activities, from networking and messaging to community building and product hosting.
Within the realm of crypto, Telegram bots primarily serve three distinct categories:
- Community Management
- Blockchain Analysis
- DeFi Trading
Telegram's unique support for bot accounts sets it apart from other social media tools. Bot accounts, distinct from regular user accounts, can be effortlessly created and managed. They have the capacity to join group chats, interact with users, and autonomously execute tasks.
Capitalizing on Telegram's user-friendly platform and available open-source libraries, developers have chosen Telegram as a means to scale rich applications for their products and services, reaching vast user bases.
Community Management
Telegram, alongside platforms like Discord, has proven to be one of the best environments for communities to converge. It provides an ideal space for developers and community members to collaborate on building and promoting new projects or protocols.
A multitude of bots specialize in managing various aspects of these communities. Some focus on group and member management to foster a conducive environment, prevent attacks, and thwart scammers. In bustling Telegram groups with thousands of members, it's commonplace to find group management bots like Rose or GroupHelp that shoulder the responsibilities of moderation, including providing automated responses to frequently asked questions.
To safeguard Telegram communities from the intrusion of other bots and malicious actors, safeguarding portal bots act as gatekeepers, filtering entry into groups. Furthermore, there are bots designed specifically for facilitating blockchain-integrated buying competitions and promoting products with outreach campaigns, offering valuable tools for community members to utilize collaboratively with product owners.
Blockchain Analysis
Telegram bots extend their utility beyond trading; they are instrumental in conducting in-depth blockchain analysis. These bots focus on analyzing specific token contracts to assess their safety, identify noteworthy connected wallets, monitor wallet behavior, and even combine these functions into comprehensive analysis tools.
For instance, the TTF bot excels in various tasks, including the analysis of taxes generated from Initial Coin Offerings (ICOs). This functionality allows users to gain insights into how ICO funds are allocated, verifying if they align with the marketing and development claims made in the ICO whitepaper.
One might wonder why such sophisticated analysis tools are confined to Telegram's ecosystem. The answer lies in the fact that most Telegram bots are launched via ICOs on the Ethereum network. Consequently, their initial users and investors often come from the meme coin space. Given that many crypto communities primarily operate on Telegram and rely on it for marketing and announcements, it makes perfect sense to conduct quick blockchain analysis within the Telegram environment.
Projects like DeFi-Robot recognized this and as such offer an array of powerful tools accessible all via Telegram. They even have developed advanced and exclusive launch scanners empowering users to filter all new contract on the blockchain using up to 71 parameters.
Furthermore, established builders in the space like those of the TUF Team, recognize the value of working products within Telegram's ecosystem and as such are now adapting their web app-based products to be more Telegram-friendly.
DeFi Trading
With Telegram's open-source, fast, and reliable architecture, it has been harnessed for years. For instance, the Cornix bot, although initially its own standalone application, seamlessly integrated with Telegram to connect to Signal Groups. This integration allowed its users to trade directly from multiple exchange accounts while following their favorite influencers.
The emphasis on usability within Telegram has not gone unnoticed, particularly within the ERC-20 token trading sector. Consider the Maestro Sniper Bot, which has been covered by Flagship in Revenue and Telegram Bots.
With this single bot, the Maestro team generates over 4 million dollars in monthly revenue from its users, whilst offering users of decentralized exchanges a fresh alternative and an improved user experience as they shitcoin.
Shitcoin Verb: to invest in a crypto asset or cryptocurrency that is not Bitcoin.
This is where the most significant transformation has occurred within the DeFi sector. Telegram bots have revolutionized the user experience for blockchain enthusiasts and traders operating on decentralized exchanges. Users transitioning from centralized exchanges to decentralized ones often find themselves frustrated by the limited functionality of dexes. Telegram bots have successfully filled this void, enabling users to perform a wide range of actions not currently supported by platforms like Uniswap.
For instance, consider the cumbersome process of making a trade on Uniswap:
- Load the Uniswap website.
- Connect your MetaMask wallet.
- Insert the contract address.
- Set your desired slippage.
- Click "approve" and wait for the first transaction to be mined (typically 15 seconds).
- Click "trade" and wait an additional 15 seconds to see your transaction.
In contrast, using a Telegram bot like Maestro Sniper Bot simplifies the process. Users only need to paste the contract address and click a single button to initiate a trade. Furthermore, they receive a live trading monitor displaying profit and loss margins, market cap data, trade duration, and more.
While many projects attempted to replicate Maestro's success, and some drew inspiration from it, Maestro Sniper Bot initially specialized in sniping, as evident from its name. It was not just a simple buy-and-sell trading bot with stop-loss (SL) functionality.
Sniper bots did not originate on Telegram and were initially challenging to obtain as they were custom-made and required substantial knowledge of running servers, Ethereum nodes, and using Command Line Interface (CLI) tools. During that era, sniping was an easy and highly profitable trading strategy. However, with the influx of Telegram-based snipers and a basic knowledge of analyzing contracts with other Telegram bots, the market has become saturated.
As a result, most Telegram trading bots now focus on providing users with essential features like opening and closing trades, implementing trading stop losses, anti-rug functionalities, and more. Bots like MaestroSniper and UniBot have taken center stage, providing valuable tools for traders navigating the complex DeFi landscape. Despite market fluctuations, the demand for Telegram bots continues to grow, with thousands of new projects emerging to meet the needs of the crypto community.
One recent standout is BananaGun, which has rapidly gained recognition as a top-tier sniper bot in the market. With the launch of its native token, $BANANA, despite the initial launch hiccup due to an error in the contract, BananaGun is worth watching. They are poised to integrate a revenue-sharing function that will benefit $BANANA holders, further solidifying their position as the top banana (gun).
Conclusion
In summary, Telegram's transformation from a messaging app into a cryptocurrency powerhouse, driven by its versatile bots, has left an indelible mark on the crypto space.
The adoption of Telegram bots has reshaped community management, empowered blockchain analysis, and elevated the DeFi trading experience. These bots have not only bridged the gap between centralized and decentralized exchanges but have also simplified complex processes, making them accessible to a wider user base.
As demonstrated by the success of projects like Maestro Sniper Bot and the emergence of BananaGun, the demand for Telegram bots remains robust, promising continued innovation in the crypto landscape. The Telegram takeover of crypto is undeniable, and its bots are at the forefront of this revolution.
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.
