Blum: An Innovative Hybrid Exchange Mini App on Telegram
Though most people know Telegram as a messaging app, its cloud-based program has a lot of intriguing applications for web3 design. Thanks to its integration with The Open Network (TON), Telegram makes it easy for blockchain developers to create crypto projects. If you're interested in new crypto exchanges, make sure to check out Blum, a mobile exchange that uses Telegram's features to offer users a particularly convenient and flexible way of trading crypto. Keep reading to learn all about how Blum works and how you can invest in it.
Key Takeaways:
Blum is a crypto exchange that runs through the Telegram ecosystem.
Blum integrates features from both centralized and decentralized exchanges to create one convenient system for trading crypto.
What Is Blum?
Blum is a crypto exchange that runs through the Telegram ecosystem, integrating features from both centralized and decentralized exchanges to create one convenient system for trading crypto. It currently supports over 30 blockchains and offers features such as derivatives trading.
What Does Blum Aim to Achieve?
Blum aims to harness the power of Telegram mini apps for convenient trading. While many other developers have realized that Telegram is a great way to host online games, Blum believes the flexibility and accessibility of Telegram also make it an ideal infrastructure for trading. Blum aims to create an interface that’s both fast and simple to use. Instead of being required to negotiate complex transactions or lengthy confirmation times, a user simply needs to pull out their phone, tap a few buttons and purchase their desired crypto.
Blum also hopes that its Telegram-based infrastructure will support a gamified experience that boosts user engagement. As Blum's mission statement explains, the company believes that buying crypto should be both profitable and enjoyable. By incorporating features such as leaderboards, Blum plans to build a community in which people will see trading as a form of amusing competition.
How Does Blum Work?
Blum functions on a hybrid crypto exchange model. This means that it doesn't stick entirely with centralized or decentralized methods of running an exchange. Instead, the Blum hybrid exchange takes the best of both models, and combines them into a single concept.
Blum starts with an off-chain order book like many centralized exchanges (CEXs) have. This keeps an ongoing list of all cryptos users want to buy and sell, so Blum can easily identify which cryptos need to go to which users. However, like many decentralized exchanges (DEXs), Blum uses on-chain settlement. Traders can choose a self-custody wallet, so that they send or receive crypto directly instead of having to rely on a third party to transfer their assets.
The final core mechanic of Blum is its Telegram mini app. This is the interface people use to make their orders and interact with Blum's games. The interface is coded with Python and other software, and runs directly through Telegram. People don’t have to download a separate program onto their phone or computer — as long as they have Telegram, the Blum mini app can easily be operated via cell phone or computer.
Features of Blum
Blum's crypto exchange is more than just a simple list of orders. It includes a comprehensive suite of features that help to make trading fun and profitable.
Crypto Trading
The core feature of Blum is its crypto trading. Through the app, users can easily buy and sell crypto. Depending upon your preferences, you can store your crypto in multi-party wallets, self-custody wallets or third-party wallets. Blum's trading system also allows some advanced trading options, such as swaps and simplified derivatives trading.
Gamification and Socialization
Blum has social elements to encourage people to have fun while they trade. You can earn Blum experience points based on various activities, and leaderboards show the points of users around the world. This system turns trading into a competition where you can showcase your successes and get rewards for community engagement. Blum also includes mini games, like Drop, that can be played just for fun.
Blum Crypto Bot
The Blum Crypto Bot is the easiest way to access all of Blum's services. This bot helps to onboard new users and guide you through the system. It can also send you daily prompts and quests that help you make your way up the Blum leaderboard.
The Popularity of Blum
Blum is a fairly new project, but even before its release, it has managed to attract a lot of users. A lot of Blum's early buzz was due to the fact that it was part of Binance's Accelerator Program. This funding and support helped to intrigue the crypto community and get people talking about Blum.
As Blum's airdrop date approaches, more and more people are becoming interested. The company reports that it’s getting around 6 million new users per week. Currently, there are over 60 million people using Blum. It's worth noting that Blum has a particularly active community. While there are certainly some people who signed up just for the airdrop, Blum has a sizable community of actively engaged users, and boasts 5 million followers on X.
How to Farm Blum Points
Blum Points are one of the types of experience points within the Blum ecosystem. Earning points lets you climb the leaderboard, and you can also trade them for various perks within the system. The easiest way to earn Blum Points is simply by signing up to farm with the Blum Bot.
Farming Blum Points requires users to participate in various activities within the ecosystem. For instance, inviting people to join Blum or tapping various buttons each day will earn users Blum Points. The Blum ecosystem also includes mini games that provide points, so you can play the Drop game to farm points. Furthermore, there are various quests you can participate in to improve your Blum Points farming capabilities, and by performing tasks on social media or participating in community events, you can receive additional rewards.
How to Participate in the Blum Airdrop
Blum's upcoming airdrop is an exciting time for community members. The precise date of the airdrop is unknown, but rumor has it that it will take place sometime in October 2024. Users are unaware of exactly how people will become eligible for the airdrop, but Blum has made it known that community participation is essential.
It’s likely that accumulated Blum Points will play a role in airdrop eligibility. This would track with Blum's hints that Blum Points can later on be exchanged for something exciting, and would also follow the pattern set by other web3 games. If this happens, users with more Blum Points from activities like the Drop game will most likely receive a higher proportion of Blum tokens.
Despite little being known about the exact airdrop mechanics, there’s already a lot of demand for Blum tokens. Pre-market trading rates for Blum tokens are currently sitting at around $0.02, and some experts predict tokens will be worth up to $0.08 in the days after the airdrop.
Blum Road Map
Blum's public launch is finally underway, but the company still has a lot of promising plans for the future. Now that the Blum team has released their basic exchange and some of their community engagement features, they're planning to refine their exchange. Blum says it will release swaps, wallets and perpetual contracts sometime in 2024.
In addition to releasing new methods of trading, Blum will also be airdropping its Blum token soon. The token launch will be part of a bigger project involving Memepad, a token/small-cap crypto launch pad, on Blum. This new addition to the Blum ecosystem will let users create their own tokens to trade on the hybrid exchange.
Closing Thoughts
So far, Blum looks like it's poised to capture the attention of emerging markets. Not only does it have an appealing crypto exchange, but it also includes a lot of the gamification that makes Telegram web3 projects so much fun. As the Blum airdrop approaches, savvy investors may want to consider incorporating this project into their portfolios. Of course, while the project seems promising, it’s still imperative that you do your own research before investing in any cryptocurrencies.
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