Telegram is infested with bots, and that’s the good news — at least for true believers in cryptocurrency looking around for anything to feel good about.
Driving the news: Unibots is one of a small handful of Telegram trading bots that are seeing profits, excitement and value creation (for now).
Yes, but: These kinds of platforms all tend to be run by anonymous teams, because they are non-compliant and likely quite risky.
In short: These bots make it really easy to trade crypto on your phone. They even enable complex trades, like limit orders, copy trading (doing anything a successful trader does) or even scam insurance.
Be smart: Telegram is a messaging app (like WhatsApp or Signal). It has hundreds of millions of active users all over the world and is extremely popular with cryptocurrency fans.
What they’re saying: “It’s clear that people love trading this way,” Matt Aaron of Cielo Finance, an app traders use to watch other wallets as a way to get trading signals, tells Axios. “It’s kinda like CryptoKitties, as they were to NFTs.”
How it works: Bots like Unibot are basically DEX aggregators with a slick user interface.
By the numbers: From Sept. 4 to Sept. 11, Unibot brought in an average of 73 ethers (ETH) per day in revenue (approximately $116,000). Cumulatively, Unibots has brought in more than $13 million in revenue so far.
Of note: Unibot has lots of risk. While it uses decentralized exchanges to make trades, it is not decentralized. Users have to trust assets with it in order to make trades.
💭 Our thought bubble: It’s unlikely that the app has Coinbase or BitGo level security. A breach is just a matter of time.
Quick take: If you’re reading this and thinking, “But that all just sounds like another place to play the big speculation game,” you’re not wrong.