Written by: @ChingChaLong02

Mentors: @ZouBlock, @Erjiueth_

In the first part of the Telegram Bot track analysis report, we provided a comprehensive overview of the entire Telegram Bot track. This chapter will delve into the projects to understand the current development status of Telegram trading bots and predict their future trends. Given Banana Gun's leading position in the track (total trading volume), we hope to use a valuation model to verify the actual market value and token price of the Banana Gun project.

At the same time, considering the recent active performance of the Solana ecosystem, we will also explore BonkBot as an emerging project, which has attracted a large number of traders to participate in the meme coin trading frenzy on the Solana platform. We will also discuss some future prospects for the entire Solana Telegram trading bot track from a macro perspective.

In addition, due to the recent craze for Bitcoin inscriptions, a Telegram bot specifically for trading BRC-20 has emerged. This article also aims to understand its model and development.

1. Unibot

Since the launch of Unibot's native token, the token price has risen from a low of $3.13 in May to a high of $200.45 in August, nearly a 100-fold increase. Within just two months of its release, it generated over $6 million in revenue.

This significant financial performance and the rapid increase in token value have greatly increased people's interest in the field of Telegram bots, triggering a widespread frenzy of speculation around Telegram bots.

Users can interact with Unibot in a conversational manner, easily issuing on-chain token trading instructions to complete various trading activities on Uniswap. This includes token exchanges, copy trading, limit orders, and private transactions.

In addition, Unibot also provides real-time alerts for new Ethereum tokens, allowing users to easily add new tokens and quickly engage in sniper trading.

1.1 Historical Event K-Line Chart

In the early stages, the Unibot project initiated a token buyback program to maintain market liquidity. However, during the migration period of Unibot V2 in July, the project team canceled the token burning function as it was found to hinder the growth of liquidity. As a new strategy, the project team reissued the burned tokens and paired them with Unibot/Eth, adding them to Uniswap V2 to enhance liquidity depth.

At the end of the same month, Unibot launched UnibotX, which supports trading in the form of an order book, providing broader trading liquidity for a variety of tokens not listed on major exchanges.

Despite encountering a bear market for Telegram bots later on, and the token price plummeting, the project took advantage of the Friend.tech craze in September to successfully launch its keys trading feature.

In January 2024, Unibot expanded to the Solana platform, capturing a large trading volume amidst the meme coin craze on Solana.

1.2 Economic Model

On May 17, 2023, the project achieved a fair launch of the token, issuing a total of 1 million tokens, all of which became fully tradable from the date of issuance.

Currently, Unibot's income mainly comes from two sources: bot transaction fees and the trading tax of the native token UNIBOT.

For the former, Unibot charges a 1% transaction fee for each trade, with 40% allocated to token holders. The latter refers to a 5% tax on all UNIBOT token transactions, with 1% of the trading volume allocated to token holders, and token holders with a balance of more than 50 UNIBOT are eligible for income sharing rewards.

1.3 Future Prospects

(1) Over-reliance on token trading tax

From the current data analysis, it is evident that approximately 80% of Unibot's income comes from token trading tax. The project's design requires users to pay a 5% trading tax for each $UNIBOT transaction, resulting in users actually bearing a cumulative 10% tax during buying and selling, making it the main source of income for the project. However, this also implies a potential problem: the fees collected through bot services may not be sufficient to sustain its basic income.

Taking Banana Gun as an example, the project has achieved stable income generated through bot services and surpassed the trading tax, thus transitioning to a 0% token tax model. In the long run, Unibot's challenge is how to capture more value through bot transaction fees, as this is the core business of the project. Over-reliance on token trading tax as a source of income is not conducive to the project's long-term sustainable development.

(2) Unibot on Solana

Unibot has also announced the launch of a similar Telegram Bot on the Solana platform. Leveraging its advantage as a well-established project, it features the following prominent functions:

Built-in cross-chain bridge for ETH and SOL: Essentially merging the original Unibot on Ethereum with the one on Solana, becoming the first bot project to support both chains simultaneously.

Collaboration with the trading data aggregator platform Birdeye: Seamless support for all projects displayed on Birdeye for trading. This is considered the ultimate feature to enhance user experience and a crucial turning point for UniBot's future success in the Solana market.

1.4 Protocol Performance

The trading volume launched on Solana has significantly exceeded that on Ethereum within a week, even tripling it, which is a promising development in the long term.

2. Banana Gun

Banana Gun is one of the popular Telegram trading bots in the market. It provides two main services: trading and sniping. Through the trading function, users can securely purchase tokens listed on the Ethereum blockchain. The sniping function allows users to be the first to buy when new tokens are released. Banana Gun has recently expanded to Solana from initially supporting only Ethereum. Here are some detailed insights into its functionalities:

First Bundle or Fail (FoF):

Aims to target the first purchase (0 blocks) at the start of trading, requiring at least 10 wallets to participate to be effective. Not applicable to MEV or Deadblock releases.

FoF Backup:

If the FoF function does not trigger during MEV or Deadblock releases, the backup function will make a purchase in the next available block and use a backup miner fee.

Slippage:

Allows price fluctuations in the range of 0-99% in releases without a maximum trade limit. Setting it to 100 is equivalent to "infinite" slippage.

Degen Mode:

Enables the purchase of trades as "honey pots" to deter zombie users. If this setting is enabled, the bot will ignore the safety tax setting and can make purchases even if the token cannot be sold.

Max Transaction or Revert:

Limits purchases to the maximum expenditure. If the maximum transaction amount for the token exceeds this amount, the transaction will be reverted.

Minimum (MinToken):

Sets the minimum token quantity or percentage for purchase. If the maximum expenditure does not meet this minimum value, the transaction will fail.

Anti-Rug Mechanism:

Attempts to sell tokens when the tax exceeds the safety setting or there are signs of fraud.

Transfer on Blacklist:

If a user's wallet is blacklisted, this function transfers the tokens to a designated "transfer wallet."

Pre-Approve:

Automatically approves tokens after a snipe purchase for faster selling.

Snipe Settings:

Allows adjustment of the current snipe settings without affecting other pending or future snipes.

2.1 Historical Event K-Line Chart

Smart Contract Vulnerability Leads to Price Drop (September 11, 2023):

A vulnerability in the smart contract allowed users to sell their assets while still retaining tax tokens in their wallets, causing the price of $BANANA to plummet to $0.03 after a few hours of airdrop distribution.

User Milestone Achieved (October 20, 2023):

Banana Gun reached an important milestone of 30,000 permanent users, marking a period of price increase in the future.

Peak Trading Volume (November 27, 2023):

The price continued to rise, and on November 27th, Banana Gun's daily trading volume reached a peak of $18 million, demonstrating high project activity.

Listing on Centralized Exchange (December 5, 2023):

$BANANA was listed on Huobi.

2.2 Token Distribution

The initial token issuance price was $0.65, and it has since increased by approximately 20 times.

The team's shares will be unlocked in two phases as follows: the first phase will start in 2025 and last for 3 years, accounting for 5% of the initial token supply. The second phase will start in 2031 and also last for 3 years, accounting for 5% of the initial token supply.

2.3 Protocol Income Source / Token Use Cases

Bot Transaction Fees:

Fees are charged for trades using the Banana Gun bot.

(1) Manual purchase trades are charged a 0.5% fee. (2) Automatic snipe trades are charged a 1% fee.

From all collected bot transaction fees, 50% is allocated to token holders. This provides passive income to holders, incentivizing the use of the bot for trading.

Additional Cashback:

Users who trade through the bot are entitled to additional cashback.

The cashback amount is calculated using the following formula: Paid fee * Multiplier, where the multiplier ranges from 0.05 to 1. This means the cashback amount can be up to 100% of the paid fee, depending on the random multiplier value.

0% Token Tax Model:

Banana Gun recently announced a significant adjustment in its fee structure, transitioning to a 0% token tax model. This decision was influenced by various factors. Initially, the project used token tax as a source of income during the bear market when the activity of its profitable bots was not as high. With the improvement in market conditions and the stabilization of bot income surpassing tax revenue, the project reevaluated its approach.

However, considering that the funds for token buybacks by the project were mainly sourced from token tax revenue in the past, the project has currently suspended such buyback activities. In the future, $BANANA token holders will play a more crucial role, directly participating in the decision of whether to continue the token deflation strategy.

On the other hand, the removal of token tax is seen as a strategic move to enhance project attractiveness and efficiency. The advantages of this new model include increased trading volume due to the absence of trading fees, reduced slippage for traders, easier integration with centralized exchanges, and wider token exposure. This broader exposure is expected to attract more users to use the bot, creating a cycle of growth and participation.

After the announcement of this new measure, the annualized yield for $BANANA holders decreased to 21%, approximately one-third of the peak yield of 72%. However, a 21% annualized yield is still an attractive return for token holders. The removal of token tax is expected to increase bot trading volume, which should in turn increase the bot-generated trading fees.

This strategy is expected to provide stable and substantial annualized returns in the long term. This approach seems to strike a balance between immediate income reduction and the prospect of sustained, healthy returns driven by increased bot activity and wider token adoption.

2.4 On-Chain Data

Through in-depth analysis of the on-chain data for $BANANA, we can gain detailed insights into the token's distribution and liquidity transfers, which are crucial for a comprehensive understanding of the overall health of the token.

The on-chain data provides key indicators for evaluating the health of any cryptocurrency, including the distribution of token holders, trading frequency, and changes in liquidity trends.

Through this data, we can more accurately assess the token's market acceptance, holder diversity, and market liquidity stability, providing strong data support for investment decisions.

Apart from the top ten addresses, the data shows that close to 60% of the tokens are locked in the UNCX Network, and 10% of the team tokens are also locked. It's important to note that even though over 70% of the liquidity remains unlocked, the linear unlocking schedule in the future needs to be monitored.

The chart above shows the token distribution of $BANANA, indicating that even the top ten holders individually hold less than 1% each, suggesting that the token is not overly centralized or susceptible to malicious manipulation.

Since December, the number of smart money addresses has steadily increased, leading to an increase in the total holdings of smart money from 56,143 to 71,327.

In comparison, the top ten holders of $UNIBOT hold a higher proportion, totaling close to 20%.

In summary, the token distribution of $BANANA shows a certain degree of dispersion and health, despite some locked tokens, and the trend of "smart money" also shows an upward performance.

2.5 Comparative Analysis

To more accurately estimate the fair value of $BANANA, we have used comparative analysis, selecting blockchain projects similar in scale and nature to $BANANA for comparison. The main evaluation indicators of interest include the Price-to-Sales ratio and the Price-to-Earnings ratio.

The selected projects include two categories: one is trading bot projects similar to $BANANA, such as Unibot and Maestro Bot; the other is decentralized exchange projects, including Uniswap, Sushiswap, and Pancakeswap.

Considering the interrelatedness between trading bot projects and decentralized exchanges (the former being replicas of Uniswap), this increases the reliability of the comparative analysis. Through such comparisons, we can more accurately assess the market value and investment potential of $BANANA.

The analysis above shows the valuation of different projects based on the Price-to-Earnings and Price-to-Sales ratios. As the operating time of the three trading bot projects has not yet reached one year, their expenses and income have been annualized for comparison.

In this scenario, Banana Gun's annualized total revenue reached $21.08 million, demonstrating its outstanding revenue-generating ability. Particularly noteworthy is that due to the project's mechanism providing a relatively high proportion of income to token holders, the annualized total income for token holders also reached $9.22 million, which is outstanding compared to similar projects like Unibot and Sushiswap.

Furthermore, from the perspective of the Price-to-Earnings ratio, Banana Gun's ratio is relatively lower compared to the average of similar protocols, implying that its value may be underestimated by the market.

After valuation, based on the Price-to-Sales ratio, the potential price range for $BANANA is calculated to be $10.12 to $10.37. Similarly, based on the Price-to-Earnings analysis, we estimate the potential price range for $BANANA to be $13.73 to $23.52.

2.6 Future Outlook

（1）Listing on Solana

Source: Banana Gun Twitter

Banana Gun has also launched its Telegram bot on the Solana platform, following in the footsteps of Unibot. Unlike its cross-chain service for SOL/ETH, on Solana, Banana Gun chooses to reward $SOL to $BANANA holders. Users can connect a Solana-supported wallet to claim these rewards.

Source: Dune Analytics @whale_hunter

The data above indicates a strong user response one week after the launch on the Solana platform, attracting approximately 1,700 new users and surpassing a total of 4,000 users in a single day. This achievement is attributed to an important promotional strategy: users can earn 50% of their trading fees by referring new users on the Solana chain in the first two weeks.

For example, in the first week, if the trading bot earned a total fee of $400,000, with $300,000 coming from referrals, Banana Gun will redistribute $150,000 to the referrers in the form of SOL tokens. This is a strategy by the project to attract new users in the initial phase, and its success is reflected in this data.

Considering the price increase of Unibot after its launch on Solana, it is reasonable to expect an upward trend in the value of $BANANA in the future.

Furthermore, providing significant income incentives to holders of $BANANA in the initial two weeks is undoubtedly an attractive incentive mechanism. This strategy is likely to have a positive catalytic effect on the price of the $BANANA token in the short term, sparking interest and investment enthusiasm in the market.

In this way, the trading activity of the $BANANA token is likely to significantly increase, thereby increasing its market liquidity. This income incentive strategy may also attract new traders to enter the market, further enhancing the market value of $BANANA.

（2）Collaboration with DEXTools

Source: Banana Gun Twitter

The collaboration between Banana Gun and DEXTools is a significant development for Banana Gun. DEXTools, known for its commitment to lowering the barriers to entry for the general public in trading pairs, has chosen Banana Gun as its partner. This collaboration is particularly bullish for Banana Gun for several reasons:

• Increased Exposure and User Base: The collaboration with DEXTools, which has a large user base, significantly increases the exposure of Banana Gun. This may attract more users to the Banana Gun ecosystem, potentially leading to an increase in token holders and active traders.
• Increased Trading Volume: By directly integrating Banana Gun's trading functionality on the DEXTools platform, DEXTools users can easily trade and execute limit orders. This convenience is expected to increase the trading volume of Banana Gun, enhancing token liquidity and market activity.
• Enhanced Market Position: This collaboration strengthens Banana Gun's position in the market as a reputable and technologically advanced trading option. Being chosen by prominent platforms like DEXTools highlights the quality and reliability of Banana Gun's technology and security features.
• Potential Price Appreciation: Increased usage, higher trading volume, and enhanced visibility may lead to price appreciation for the Banana Gun token. As more traders and investors learn about and participate in Banana Gun through DEXTools, the demand for the token may increase.

3. BONKBot

BONKBot is a Telegram trading bot based on the Solana network, allowing users to trade in the simplest and fastest way possible. The token used in the project is $BONK, which was initially a free airdrop to the Solana community during Christmas 2022.

Since then, the adoption of $BONK has grown exponentially, with its use cases covering DeFi, gaming, payments, and other areas. As the official partner of the $BONK community, BONKBot provides users with a range of features:

Minimum Holding Value:

Users can set the minimum holding value displayed in their portfolio. Tokens below this threshold will be hidden. This feature is particularly useful when users do not want to sell certain tokens, even in the event of investment failure (commonly known as "being stuck"). Click to edit.

Automatic Buy-in:

When users paste a token address, the system immediately executes the buy-in operation, eliminating the confirmation step.

Button Configuration:

Users can customize the buy and sell buttons on the dashboard. When buying or selling tokens, simply click each button to edit.

Slippage Configuration:

Users can customize the slippage settings for buying and selling. Slippage is the difference between the trading price and the execution price, and proper configuration can help control trading costs better. Click to edit.

MEV Protection Feature:

BONKBot, in collaboration with Jito Labs, provides advanced MEV protection for users, which defaults to accelerating transactions and defending against front-running attacks. MEV protection offers two modes for users to choose from:

• Turbo Mode: In this mode, transactions are sent through Jito to ensure front-running protection at the fastest speed. If regular transfer speed is faster, the transaction will not initiate MEV protection.
• Secure Mode: This mode ensures transaction protection under any circumstances, even if it means a potential slowdown in transaction speed. Users can speed up transactions by increasing the bribe amount.

When enabling the MEV protection feature, users can independently choose the above modes and determine the priority level of transactions: medium, high, or very high. For advanced users requiring more precise control, BONKBot also offers the option to customize transaction priority levels.

3.1 Historical Event K-Line Chart

$Bonk was initially a meme coin airdropped to Solana community members and later adopted by multiple projects. However, its significant price increase is mainly attributed to the recognition and adoption by centralized exchanges. The mention and listing of $Bonk by the two major trading platforms, Coinbase and Binance, greatly propelled the development of the Bonk ecosystem and led to broader adoption.

Taking BONKBot as an example, it chooses to use $Bonk as the primary token for its trading platform and has implemented a mechanism to use trading fees for token buybacks and burns, which not only enhances the utility of $Bonk but also provides support for its value. In this way, trading activity not only supports the operation of BONKBot but also indirectly promotes a healthy cycle in the $Bonk economic model.

3.2 Economic Model

Source: Bonk Whitepaper

The above is the token distribution of $Bonk, and as a project that rewards $Bonk, BONKBot uses 1% of the trading fees for the following purposes:

Source: BONKbot Documentation

• 30% goes to the team behind BONKBot
• 20% is used for referral fees
• 10% is used for immediate $BONK burns
• 10% is allocated for Bonk community contributions
• 10% is used for infrastructure costs and future development
• 10% goes to the BonkDAO multisig wallet
• 10% is used to fund BonkLabs

3.3 Protocol Performance

The protocol's trading volume and trading revenue have significantly increased with the hype around meme coins by BONKBot, with daily revenue reaching a high of $750K, but has recently declined.

The main trading pairs on BONKBot are SOL/PONKE, SOL/USEDCAR, SOL/OMNI, SOL/$WIF, and SOL/BORK, which belong to various types of meme coins.

3.4 Future Outlook

（1）The Craze of Solana Ecosystem Meme Coins

The flourishing meme coin culture within the Solana ecosystem can largely be attributed to the influence and style of Solana founder Anatoly Yakovenko.

A pivotal moment marking Solana's embrace of meme coins was when Yakovenko appeared at the Solana Breakpoint event dressed in "Silly Dragon" attire, showing friendly gestures to the meme coin community. This gesture highlighted Solana's welcoming attitude towards meme coins, fostering an environment for their thriving development.

Following this event, $Silly, as one of the leading meme coins on Solana, along with $Bonk, gradually evolved into an important aspect of the Solana community culture. As long as this culture persists, tools like BONKBot, which facilitate quick and easy access to tokens, remain highly valuable.

This is especially true for speculative traders attracted to high-risk, high-return meme coin trading platforms. The Solana market also sees the emergence of new meme coins such as $WIZ and PONKE, and BONKBot's utility aligns perfectly with the speculative and dynamic nature of the meme coin market within the Solana ecosystem.

（2）Driving DEX Raydium on Solana

BONKBot has become a key catalyst for Raydium, as evidenced by the fact that approximately 95% of BONKBot trades are conducted through Raydium's Swap feature.

This correlation is further highlighted by data showing a significant increase in Raydium's locked volume with the growing trading volume of BONKBot, emphasizing the core role BONKBot plays in driving Raydium activity.

Furthermore, any major updates to Raydium, such as the addition of new trading pairs, will directly benefit the development and utility of BONKBot. These enhanced features on the Raydium platform may expand BONKBot's trading capabilities and efficiency, further strengthening its importance within the ecosystem.

The mutually beneficial relationship between BONKBot and Raydium indicates that the growth and evolution of one will promote the development of the other, creating a mutually beneficial dynamic that supports growth and vitality for both within the Solana ecosystem.

4. SolTradingBot

SolTradingBot is another mimicry of BONKBot. It also operates as a Telegram Bot, but it has some unique features, such as:

DEX Integration:

Integration with major DEXs: SolTradingBot has integrated with Jupiter, Orca, and Raydium, the three leading decentralized exchanges on Solana.

Enhanced Liquidity Access: Users can access extensive liquidity pools on these DEXs to efficiently execute trades at optimal prices.

Diverse Token Opportunities: Provides a wide range of trading options, from established cryptocurrencies to emerging projects.

Multi-DEX Strategy: Allows users to leverage the unique advantages of each DEX platform to optimize trades.

4.1 Protocol Performance

The project was launched in December and coincided with the peak of speculative trading in Solana meme coins. In less than a month, by December 26th, its trading volume had surpassed UniBot and Banana Gun.

The highest trading volume tokens also include some popular meme coins, such as SOL/SFAR, SOL/OMNI, SOL/BORK, SOL/PONKE, and others.

4.2 Economic Model

Data Source: SolTradingBot Doc

Currently, there is only very preliminary information about token distribution. The data indicates that tokens are primarily allocated for liquidity funds.

4.3 Future Outlook

（1）Clear Roadmap

Although the functionality of SolTradingBot has not yet reached its most complete state, the project has a clear roadmap and plans to achieve different stages in 2024. For a Telegram Bot project that has already established itself in the market, continuing to enhance user experience undoubtedly helps to capture a larger market share in the future.

Source: SolTradingBot Website

Here are several key milestones considered crucial:

Comprehensive Ecosystem: Introducing additional features such as advanced analytics, risk management, and portfolio tracking indicates a trend towards creating a more powerful trading tool.

Innovative Features: Introducing the Sniper Monitor feature for precise trade execution may set SolTradingBot apart from competitors, providing traders with a unique tool to enhance trade decisions.

Strategic Partnerships: Exploring further partnerships within the Solana ecosystem may lead to increased utility and integration, expanding the robot's coverage and capabilities.

Platform Evolution: Researching support for new assets and potential expansion to more DEX platforms.

（2）Grounding for SolanaTradingBot

In terms of functionality, the various projects in the Telegram Bot space are generally similar, so there is no need for two almost identical projects. This is especially true within the Solana ecosystem, where many projects aim to enter or establish themselves in the future.

Although SolTradingBot had a good start in its first month, it needs to clarify its market positioning. Considering that the project was relatively late to launch, there is a risk of being overshadowed by BONKBot if its future roadmap cannot be realized.

5. BTCBot.pro

Solana and ETH use account models, while BTC uses the UTXO model. The differences in these underlying data structures result in significant differences in their related assets and ecosystems. In this section, we will discuss the innovative features of BTCBot.pro and the potential impact on users and the industry.

BTCBot.pro is a Telegram Sniper Bot product in the BTC ecosystem, launched on December 23, 2023. It currently focuses on minting and trading BRC-20 tokens and has introduced practical features to address the current challenges in the BTC domain.

Due to the significant differences between the BTC ecosystem and the ETH EVM and Solana ecosystems, the overall design logic also differs significantly. The BRC20 domain is currently divided into primary and secondary markets. In the BTC ecosystem, the primary market refers to the issuance of BRC20 tokens, while the secondary market refers to the trading of BRC20 tokens.

5.1 BRC20 Primary Market

Challenge 1: Delayed Block Confirmations

After submitting batch minting confirmations, there is often a sharp increase in transaction fees, leading to transactions not being confirmed on the blockchain in a timely manner, resulting in users not receiving their tokens after minting.

Corresponding Solution: BTCBot.pro's AutoBoost

BTCBot.pro addresses this issue by automatically monitoring and boosting transactions. It can identify minting transactions that are unable to be confirmed in the next block and bundle them together for boosting.

This multi-stage bundling method significantly increases the likelihood of these transactions being confirmed in the next block, with a success rate of up to 99%. This approach brings the following benefits:

• Adapting to fluctuating transaction fee prices
• Ensuring blockchain confirmation of minting
• Ensuring users receive their tokens in a timely manner

Challenge 2: Inability to Refund

Despite users being able to increase the likelihood of successful minting by paying high transaction fees, there is no mechanism for users to receive a refund if they do not receive their tokens due to delayed confirmations. As a result, users pay high transaction fees but may not successfully mint their tokens.

Corresponding Solution: Automatic Gas Fee Recovery

BTCBot.pro automatically analyzes transactions in new blocks. If a user's minting process is not completed, it will continue to boost up to 20 minting transactions. If the process has already ended, BTCBot.pro will stop and automatically refund the user. This eliminates concerns about losing transaction fees if minting is unsuccessful. Overall, it offers the following benefits:

• Effective management of transaction fees
• Relieving users of the burden of paying high transaction fees for unsuccessful minting

BTCBot.pro's AutoBoost and automatic gas fee recovery together provide comprehensive solutions to the challenges faced when minting in the Bitcoin Ordinals ecosystem. These solutions not only enhance the chances of confirmation but also ensure users receive their tokens and effectively manage gas fees, optimizing the user experience.

Challenge 3: Data Monitoring

The start time for minting high-quality projects in the BRC20 domain is uncertain, and users cannot monitor their computers continuously for minting. Therefore, a monitoring function is set up, where users can set parameters such as the number of token holders, progress, and transaction frequency. When these parameters are met, a message will pop up, and users can choose to submit a minting quantity for minting.

Corresponding Solution: Automatic Minting Sniper

After setting parameters such as the number of token holders, progress, transaction frequency, and minting quantity, if the "automatic minting" function is enabled and the account balance is sufficient, BTCBot.pro will automatically mint according to the set parameters.

5.2 BRC20 Secondary Market

Apart from a few BRC20 tokens listed on centralized exchanges, most BRC20 token transactions require the use of trading markets on platforms such as OKX and Unisat. In the current BTC minting domain, although it is FT (fungible token), the trading experience is very similar to NFT (non-fungible token). Due to the unique mechanism, each order has different prices and quantities, and it is only possible to trade one order at a time, unable to split transactions in a timely manner.

Whether on Unisat or OKX trading markets, a buyer can only execute a trade by consuming the limit-priced and limited quantity orders placed by a seller. This lack of liquidity in the decentralized BRC20 trading domain prevents the placement of limit buy orders and the introduction of market makers, which BTCBot.pro aims to address.

BRC20 Sell Order Functionality

Before BRC20 tokens are listed for sale on trading platforms such as OKX or Unisat, they need to undergo a minting process. For example, if you want to sell 2000 $abcd (a BRC20 token), you need to convert 2000 $abcd into a minting and then set a price for this minting, which is then listed on the trading platform for orders to be executed. Placing limit sell orders does not incur any fees; users only need to pay the minting gas fee.

On BTCBot.pro, when users use the "limit sell" function, they can simultaneously place orders on platforms such as Unisat and OKX without incurring any additional costs. This increases the probability of sell orders being executed for the same minting.

BRC20 Limit Buy Order Functionality

This is the first time that the limit buy order functionality has been introduced in the BRC20 domain. The buy order functionality has the following four characteristics:

1. Zero Cost

After setting the price and purchase quantity, users can modify or cancel limit buy orders at any time without incurring any gas fees. Similar to the sell order functionality, the buy order functionality applies to Unisat, OKX, and other trading markets. Currently, the buy order functionality has been launched on Unisat.

2. Slippage Control

When the price of a token falls within the user's set buy order range, the transaction will be triggered. However, the BTC gas fee at the time of order execution will affect the overall price of the token.

For example, if the quantity of a token in an order is 100, priced at 1 USD each, but the current transaction requires a gas fee of 9 USD, BTCBot.pro will automatically calculate the comprehensive cost as: (100+9) ÷ 100 = 1.09 USD. At this point, the transaction slippage is 9%.

If the user's slippage setting is 10%, the buy order will be triggered automatically; if the setting is 5%, the transaction will not be triggered, thus avoiding an increase in the comprehensive cost of token purchase. The larger the quantity of tokens in an order, the smaller the transaction slippage.

This "slippage setting" is unique to the BTC ecosystem and differs from the slippage setting used in AMM mechanisms such as Uniswap.

In AMM mechanisms, the size of the liquidity pool affects the slippage, while in the current BRC20 domain, the BTC transaction gas fee affects the slippage. Through the slippage setting, users can filter out the orders they truly need and effectively control the comprehensive cost.

3. Order Book Management

Most current BRC20 trading platforms cannot use the limit buy order functionality, so market makers or institutional participants such as project teams cannot effectively manage the order book and can only manage it with market orders.

This significantly affects the trading activity and depth. The limit buy order functionality can address this issue, allowing project teams or market makers to manage the order book on BTCBot.

4. Automatic Matching

In BTCBot.pro, users can see the amount and quantity of limit buy orders. Token holders (sellers) can observe the order depth and choose at what price to sell, while buyers can acquire chips at a lower cost through bidding (similar to Bid). In BTCBot.pro, both buyers and sellers can automatically match trades.

Economic Model

The main source of revenue for the project is transaction fees, ranging from 0.4% to 1% based on tiered rewards and referral program discounts.

• Tiered rewards can reduce fees by up to 50%.
• The referral program allows the inviter to receive a 10% fee reduction when a new user uses their referral code.
• This means a minimum of 60% fee reduction is possible.
• 50% of the transaction fees will be distributed to holders of 200 or more $BPIX.

5.3 Future Outlook

1. Impact of Nakamoto Upgrade and Bitcoin Halving

It is expected that the minting market will remain hot before Bitcoin undergoes the Nakamoto upgrade and the upcoming halving event. This provides significant growth opportunities for trading platforms like BTCBot.pro, especially in attracting new users and increasing trading volume.

2. Development of Order Book Functionality

BTCBot.pro's roadmap indicates its goal to implement order book trading functionality in the Telegram Bot. This initiative will not only facilitate user trading but also significantly improve liquidity in the BRC20 token domain.

By implementing this feature, BTCBot.pro is expected to gain a competitive advantage in the market, particularly in terms of user experience and trading efficiency. Additionally, the addition of order book trading functionality will make the platform more attractive, drawing more users and investors. With increased liquidity, BTCBot.pro may become a leader in the BRC20 domain, further solidifying its market position.

The development of this feature will need to consider the convenience of the user interface, trading security, and system stability to ensure the delivery of a high-quality service experience.

3. Development of Copytrading Functionality

The introduction of monitoring smart money and copytrading functionality mentioned in the project will be crucial. These features will not only increase the platform's attractiveness but also provide a novel way to participate in the BRC-20 market, attracting more professional investors and everyday users.

4. Support for More Protocols

While the BRC20 protocol is currently the hottest in the BTC ecosystem, other standards such as ARC20, SRC20, Runes, and the continuous development in the NFT domain, as well as the development of BTC layer 2 networks, are also receiving attention from BTC OG and developers. Following more protocol standards and a wider range of asset categories will be a key focus for the future of BTCBot.pro.

6. Conclusion

While each Telegram Bot project has different positioning and targets different blockchains and markets, it is still important to evaluate each project by comparing some performance standards.

6.1 Fee Structure

In terms of fee structure, BTCBot.pro offers more flexible options and provides fee discounts based on the principle of "the more work, the more reward," making it one of the most cost-effective options. In comparison, Banana Gun's manual trading also offers a 0.5% cost-effective choice.

For example, if a user conducts a 20 ETH transaction on Banana Gun and the transaction is balanced (i.e., buying and selling 20 ETH each), they need to pay fees based on the total transaction volume. On UniBot or Bonk Bot, users would pay 0.2 ETH for both buying and selling, totaling 0.4 ETH in fees.

On Banana Gun, however, users only need to pay 0.05 ETH for each transaction, totaling only 0.1 ETH, whether buying or selling. In comparison, the 1.6% trading fee on SolTradingBot shows a more significant difference in buying and selling.

This significant difference in fee structure highlights the significant competitive advantage of Banana Gun and BTCBot.pro for cost-conscious users. Considering that traders may conduct multiple trades over the long term, this fee difference could potentially save users a significant amount of money over time, making them more popular compared to other options.

6.2 Blockchain Technology

As mentioned earlier, the Solana blockchain has become a recent hotspot for Telegram Bot activity, primarily due to Solana's reputation for high throughput (high transaction speed per second, TPS), capable of handling a large number of small asset transactions, which increases fund liquidity and turnover. This is a significant advantage for users conducting high-frequency trades using trading bots.

Source: Medium @Pontem Network

In comparison to Ethereum-based Banana Gun, Solana's high TPS is not only suitable for high-volume traders but also particularly suitable for retail investors with less capital.

Due to Ethereum's high gas fees, Solana's low transaction fee structure allows small investors to conduct more frequent trades without worrying about high fees, effectively capturing market value.

Therefore, leveraging these advantages of Solana can attract a wider user base, especially retail investors interested in high-frequency, hot trades, further enhancing its market competitiveness and attractiveness.

6.3 Integration with Decentralized Exchanges

By integrating bots with decentralized exchanges, liquidity can be significantly increased and slippage reduced, ensuring precise execution of bot functions. For example, such integration can ensure that limit orders set by bots can more accurately capture market prices.

The Telegram Bot domain is still in its early stages, with a market value of approximately 337 million USD. In comparison, the market value of related domains such as decentralized exchanges is as high as 15.52 billion USD, nearly 50 times the market value of Telegram Bot. As the market matures and integrates with Telegram's large user base, the development potential of Telegram Bot is extremely vast.

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