Jessy, Golden Finance
On September 11, Blum, a multi-chain hybrid trading platform on TON, received investment from Binance Labs. The project was founded by former Binance executives and will be launched in March 2024. According to official statistics from the project, it has accumulated 60 million users in just six months. The biggest difference from other DEXs on other chains and traditional CEXs is that Blum's product form is a Mini APP built into Telegram (there is also a mobile APP form, which has not yet been launched). It supports token transactions on more than 30 blockchains, as well as derivatives trading and other functions.
At present, its trading products have not been truly launched, and users can only play small games and earn points on the platform. However, it is this simple operation mode that has accumulated nearly 60 million users. In comparison, Binance has more than 200 million users and Bitget has 30 million users. Blum has accumulated a large number of users through TG games, and its appearance also represents that the product ecology within TG has advanced from the simple and crude "dot-dot" mode to the 2.0 development stage of "more useful for Web3".
The mini-games are pretty standard, but the innovative products are good in trading.
Currently, Blum has not launched the trading function, and the current product is not much different from the popular mini-games on TG.
Users can earn points by signing in, completing certain tasks on the platform (such as following a designated X account, viewing designated videos, playing designated games, etc.), and inviting friends. After signing in daily, users can click on the automatic earning function to automatically earn points. (Project link: https://t.me/blum/app?startapp=ref_6j4rbLf4Mn)
Blum points earning interface
Blum also attaches great importance to community building and attracting users of Generation Z. It launched the "Tribes" feature, which allows users to build their own "tribes", form their own teams, and earn points together.
Compared to those small game projects on Telegram that have successfully broken through the circle with "clicks" and attracted tens of millions of users, Blum actually goes a step further than these game projects and attracts users in the form of small games. The game itself is not the purpose, but only a means to attract users to the platform in order to let them use the services of Blum's exchange.
In terms of how to earn points, Blum is not much different from other TG games. It is precisely through these repeatedly verified forms: simple and brainless games, social invitations, etc. that it has accumulated a large number of users.
It has also been selected for BNB Chain's MVB (Most Valuable Builder) program. Of course, this may also be related to the fact that it was founded by former Binance executives Gleb Kostarev and Vladimir Smerkis. Kostarev is a former vice president of Binance and has served as Binance's head of Eastern Europe, CIS, Turkey, Australia and New Zealand, while Smerkis served as general manager of the CIS region.
Blum's main business (although it has not yet been launched) hybrid exchange is not an innovative track. Compared with pure DEX and CEX, hybrid exchange concentrates the advantages of both, such as having the performance and functions of centralized exchanges, while also having the characteristics of on-chain transparency and user self-custody, etc.
Blum also mentioned in the official introduction that one-stop transactions can be easily achieved within this product, whether it is a meme token or an emerging early token, especially those that have not yet been listed on CEX. Blum has also simplified the DEX trading process.
From this perspective, relying on Telegram, a super traffic platform, Blum was created for Web2 users to enter Web3. It simplifies the transaction process of traditional DEX and CEX and lowers the threshold for newcomers to participate in cryptocurrency transactions.
Blum’s product design is actually a relatively perfect closed loop. It attracts people through simple forms such as mini-games, and then uses points reward airdrops, inviting friends to reward points, etc. to achieve product fission-like dissemination, thereby accumulating a large number of users. According to official news, Blum currently has more than 60 million users.
Telegram Web3 ecosystem moves to the next stage
At present, all major CEXs are very interested in the traffic on Telegram. The tokens of various mini-games are basically launched at the same time on mainstream exchanges. Mini-games on TG can bring new people to exchanges, so exchanges are willing to cooperate with these mini-games. Open any popular TG mini-game and you will find that whether it is linking a wallet or directly linking an exchange, it is full of several major exchanges and their Web3 wallets.
Take Cati, the token of Catizen, which was launched on major exchanges on September 20, as an example. According to the detection of Ember, the circulation of Cati is 30.5% of the total tokens, and 17% of Cati has flowed to major exchanges. It can be seen that a successful TG game can bring a large amount of user traffic to the exchange.
It seems that Blum is far-sighted. From games to exchanges, he has done it all in one place. However, many small games with huge traffic are actually facing the dilemma of "users are attracted, then what?"
Notcoin, which was the first to go viral, started incubating games, and other small games helped exchanges attract traffic, etc. These are all efforts made by these simple and crude "click-click" games to iterate. However, these efforts can only make the game last longer. Traffic is one-time, and after the exchange's business is listed, it will be difficult to continue.
If you want to survive for a long time, the project itself must have core competitiveness. Blum's product design may become the next development direction of the mini program on Telegram. In games, points can be used to attract traffic, but the product itself must be able to meet people's needs, especially the needs of users in the Web3 industry. Take Blum as an example. The transaction demand is definitely a rigid demand of Web3 users, and borrowing the form of Telegram Mini Dapp actually lowers the transaction threshold and facilitates user use. From the perspective of product conception, it can also be regarded as an innovation of current transaction products.
Although there are still few TG mini-program products like Blum, we believe that Bots and Mini APPs on Telegram will be "more useful" for Web3 in the future.
