With the continuous growth of the crypto market and its technology, new tools have been surfacing that offer cryptocurrency enthusiasts more ways to interact with the market. Particularly, Telegram crypto bots have been generating momentum, according to a research conducted by Binance Research. These bots boast plentiful features such as trading, airdrop farming and automated token operations, together with offering a seamless way of execution.
Daily volumes of crypto trades made through these bots reached a new record in July, exceeding $10 million. However, questions arise on whether this is a solid trend or just fleeting excitement. “It’s too early to tell if recent growth in Telegram bots-enabled crypto activity suggests a trend reversal or is “merely a blip” before activity rallies again,” stated Jie Xuan Chua, CFO of Binance Research.
In July alone, Telegram bots have attracted more than 6,000 daily unique users and collected over 15,500 ETH (nearly $28 million) in all-time revenue. Among these bots, the Unibot (UNIBOT) token, serving as the governance token on the eponymous trading bot, was a significant contributor to the recent burst of activity, accounting for over 77% of the market in terms of its market capitalization.
Despite the surge in activity and resulting revenue, potential users should tread carefully. As with many nascent technologies, Telegram crypto bots can also be laden with security risks linked to the safety of assets and smart contracts. Therefore, the potential users should conduct their own exhaustive research before interacting with “any Telegram bot.”
The increasing popularity of Telegram bots is a fascinating development in the ever-evolving crypto ecosystem. As Binance’s CFO pointed out, it’s certainly possible that they could become an integral part of the cryptocurrency landscape in future. Nonetheless, the results are very much still in flux, and the emerging sector must continue to evolve and address potential vulnerabilities. Despite the lingering scepticism towards these tools, it’s clear that for those who are willing to explore this new frontier, bots could provide an intriguing, and potentially lucrative, avenue of engagement.
Source: Cointelegraph
