Telegram bots have gained significant attention in recent weeks as surging token prices and coverage by the media and key opinion leaders drive interest to the space.
By offering users a range of functions such as trading, sniping, airdrop farming, and others, Telegram bots enable crypto users to execute crypto activities easily via their mobile devices in a user-friendly manner.
The cumulative lifetime volume of trades facilitated on Telegram bots has exceeded US$190M, with a record high of US$10M in daily trading volume recorded on July 23, 2023.
The revenue model of Telegram bots involves charging users a transaction fee and, in some cases, a purchase or sales “tax” for transactions involving a bot’s native token. Total revenue captured by Telegram bots has surpassed US$28.7M.
It is too early to gauge organic demand, as much of the current activity has been driven by skyrocketing token prices. Nonetheless, we will likely see continued developments, at least in the near future, as projects compete for market share.
Users should conduct their own due diligence before interacting with any Telegram bot. This report does not constitute an endorsement or recommendation of Telegram bots by Binance Research.
Telegram Bots: Exploring the Landscape
Binance Research (JieXuan Chua, CFA)
Aug 4th, 2023