By George Ward
With the rapidly evolving nature of the crypto landscape, the industry’s latest trend is Telegram-based trading bots, and they have become a huge attraction to millions of crypto traders. These innovative bots blend the functionalities of the popular messaging app with cutting-edge trading features, making it effortless to stake on tokens, just like sending messages to friends.
Attraction For Trading Bots
With the spike in demand for crypto assets and the growing interest in automated trading solutions, Telegram bots have become a go-to option for many traders seeking convenience, speed, and real-time market entry.
These bots allow crypto users to enjoy a lively trading experience by leveraging the power of artificial intelligence to make informed decisions and execute trades at lightning speed. Despite the availability of several innovative bots, the recently launched Unibot (UNIBOT) has become a dominant force in this space.
Even though it was established in May 2023, Unibot’s user base continues to grow at an alarming rate. On-chain analytics platform Dune Analytics revealed that transaction volumes of UNIBOT tokens have surged by 54% in the past week.
Yet, the project’s team continues to make efforts to increase its ever-expanding user base. Furthermore, data shows that the Unibot ecosystem has carried out token trades amounting to $54 million.
As a reward to its loyal community, Unibot has reportedly given back nearly $1 million in revenue to the community through various schemes. Moreover, the distribution of the rewards is balanced such that holders are entitled to 40% of the transaction fees and 1% of UNIBOT’s overall trading volume.
This creates a mutually beneficial relationship between the platform and its dedicated users.
Ease Of Telegram-Based Trading Bots
The rising popularity of these products can be attributed to their ease of use, which contrasts similar services offered by decentralized exchanges like Uniswap. Unlike Uniswap, where users must repeatedly log in to their digital wallets, carefully verify the accuracy of token details, and pay considerable fees to execute their trades, trading bots offer user-friendly alternatives.
With ease of usage as a significant appeal, users find themselves drawn to the simplicity of executing trades quickly and efficiently using these trading bots. In addition, the absence of demanding login procedures and the need for constant verification of token information frees traders from unnecessary stress and delays.
Moreover, some traders argue that on-chain trading platforms do not have a user-friendly interface to enable novice and inexperienced traders to use their platforms effortlessly. Crypto trading via these Telegram bots has allowed users to avoid time-consuming processes or pay huge transaction fees when executing their trades.
According to CoinGecko, the total market capitalization of this sector is currently below $100 million.