Founded by former executives of Binance, the decentralized exchange Blum has already attracted 10 million users through a Telegram game mining points model (although the proportion of bots is uncertain). Can it replicate the glorious achievements of Notcoin?
(Previous context:
Take the popular NOTCOIN and UXLINK as examples, what does it mean for Web3 social media to be widely adopted?
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(Background:
Wow! Notcoin’s daily price increase exceeded 70%, soaring past $0.02, with trading volume surpassing Bitcoin
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Table of Contents
Founded by former Binance executives, selected for Binance Labs Accelerator Program
Exchange with only games attracts tens of millions of users
Game airdrop difficulties, TON emerges as the biggest winner
Recently, the TON ecosystem’s Notcoin mining game has experienced a surge. In addition to NOT, similar games like Hamster Kombat and tapswap have also exceeded 30 million users.
Among the top 10 channels on Telegram globally, currently 5 are crypto community channels. Among them, Blum is a rapidly rising community, with over 76.3 million current channel subscribers, a monthly increase of 6.6 million subscribers, ranking fifth globally on Telegram.
Founded by former Binance executives, selected for Binance Labs Accelerator Program
In March of this year, Gleb Kostarev and Vladimir Smerkis announced the establishment of the Blum exchange. Kostarev previously served as the regional head for Binance in Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia, and New Zealand, while Smerkis was the CIS regional manager. Additionally, Degenie, the former design head of Binance and Trust Wallet, currently serves as Blum’s VP and is also one of the co-founders.
According to the official introduction, Blum is a decentralized exchange that offers token trading from centralized and decentralized platforms, as well as simplified derivative trading. It has launched a mobile application and a mini application within Telegram.
Blum will provide futures trading and the ability to purchase tokens from various networks. Furthermore, Blum does not hold user funds; users can create an MPC wallet or connect existing wallets such as Ton Wallet, Trust Wallet, Metamask, etc.
In March of this year, Blum was selected for the 7th season of the Binance Labs MVB Accelerator Program. However, it is understood that being selected for this program does not mean that Binance Labs will invest in it. According to Bloomberg, in March, Kostarev revealed that they were negotiating funding and hoped to complete it within the month. As of now, the official funding status has not been disclosed.
Exchange with only games attracts tens of millions of users
In fact, Blum’s trading functionality is not yet online, but it has already attracted 10 million users through a points mining model based on playing games. Blum’s gaming mode consists of several parts.
1. Similar to traditional airdrop processes, users need to subscribe to the official social media accounts or invite friends to earn points.
2. Blum has launched the Drop game, a game mode where users click to catch falling coins to earn points.
3. Farm mode, where users do not need to deposit tokens but automatically earn points over time.
According to information from the official TG channel, Blum is currently in the stage of collecting points from users, which can be exchanged for tokens. On May 24th, Blum officially launched the Witch Denunciation Program, where informers can receive a 1% points reward.
Perhaps to limit the excessive recruitment of users through cheating methods, Blum currently limits each user to inviting 10 friends to receive rewards. According to their official roadmap, trading and self-custody wallets will be opened in the second quarter of 2024 for Public Launch.
Game airdrop difficulties, TON emerges as the biggest winner
Recently, the TON ecosystem’s small game projects have achieved impressive results. Hamster Kombat announced on June 6th that its user base had exceeded 100 million, with a daily active user count of 31 million, while tapswap announced that its player base exceeded 30 million.
This has allowed many projects to see the explosive potential of quickly converting Web2 users on Telegram. However, as of now, TON’s ecosystem has only one successful project, Notcoin, that has achieved success in the token economy through small games. Most players currently participating hope that the rising small games can replicate Notcoin’s success.
From another perspective, several popular small game projects have yet to launch token airdrop programs. The main reason for this is that the user base is too large, resulting in minimal rewards from sharing points. Additionally, many games did not set up mechanisms to filter out bots during the initial traffic acquisition process, leading to the presence of a large number of bot accounts behind this data.
tapswap announced that the pool launch release has been delayed until July 1st, with the main reason for the delay being the discovery that many bots had obtained unrealistic shares. Hamster Kombat had announced on May 31st that it would issue tokens on TON, but as of now, no specific time has been announced.
Currently, TON’s public chain is benefiting from the small game craze. According to data from tokenterminal, TON’s chain currently has over 4.8 million monthly active users, with a 223% monthly growth.
This data was less than 500,000 in mid-March, but after the small game boom sparked by Notcoin, the data increased nearly tenfold in three months. The popular applications Hamster Kombat, tapswap, and Blum have yet to launch their airdrops. Once the airdrops are officially implemented, the activity levels during the pre-and post-airdrop periods may see a significant drop, and it remains to be seen whether a curse will unfold in the TON ecosystem.
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