As part of the Hack Seasons conference, we managed to get a hold of the CEO of Blum.io, Gleb Kostarev. We spent very little time dilly-dallying and dove right into the most sought-after information about the project.
From Blum’s hybrid model to attract younger generations and developments with the TON blockchain, we’ve covered all bases! Don’t do yourself a disservice and miss out on this fundamental look into the inner workings of one of the most high-profile startups of recent times.
How do you ensure a seamless experience for users switching between these two worlds?
To ensure a seamless experience for users switching between centralized and decentralized trading options, we utilize Telegram to simplify the onboarding process. Telegram is evolving to become more like WeChat, offering features that ease the onboarding experience, which is beneficial for users entering the DeFi space.
We know the current complexities of using DeFi, such as connecting wallets and managing gas tokens, present significant barriers, and our goal is to simplify these steps by leveraging Telegram’s capabilities.
We also employ technologies like MPC (Multi-Party Computation) wallets and account abstraction wallets, which help us reduce friction in the user experience. These technologies enable us to provide a consistent experience, whether users engage in centralized or decentralized trading.
We understand that users prioritize easy access to products rather than the underlying structure of the exchange. By building an exchange within Telegram, utilizing its features, and incorporating advanced wallet technologies, we create a straightforward and user-friendly product, ensuring a smooth transition between centralized and decentralized trading environments.
Can you elaborate on why Telegram was chosen as the main platform for your mini-app?
To ensure a seamless experience for users switching between centralized and decentralized trading options, we leverage three major features of Telegram. Firstly, Telegram offers easy onboarding. Users don’t need to create new accounts or go through complex processes. If you already have a Telegram account, you can easily open any mini-app and start using it right away.
Secondly, Telegram allows for easy switching between mini-apps. Unlike traditional app stores, where you need to download and register for each new application, Telegram lets you move from one mini-app to another quickly and effortlessly.
The third key feature is Telegram’s social aspect. The platform already hosts many crypto influencers and their communities. These influencers have channels and subscribers in Telegram, making it a powerful space for engaging with users.
People prefer to stay on one platform rather than switching between different ones. For instance, if someone recommends a token in a chat, users don’t want to leave Telegram, open a webpage, and go through a lengthy process. They want to act with just one or two clicks.
By combining our trading infrastructure with Telegram’s social features, we can create a powerful synergy that enhances user experience and convenience.
How does Blum’s gamified experience, such as Blum Points and the Drop Game, impact user retention and engagement compared to traditional exchanges?
Right now, we have a system where people can play a game and earn points, which is part of a concept we call “tap to earn.” This is why users are engaging with it. We’re also planning to drop some crypto within the game to make it more exciting for users to participate.
For us, this game serves as a user acquisition channel. We’re not game developers and don’t plan to enter the gaming business. The game is simply a way to entertain users and let them earn some crypto in a fun and gamified manner.
Currently, the points don’t have a specific use case. However, many aspects of our planned drops and other features will depend on how active you are in our mini-app, how many Blum points you have, and other related factors.
Blum aims to attract Millennial and Gen Z users. How do you tailor the platform’s marketing and features to the preferences and habits of these age groups?
To attract Millennial and Gen Z users, I focus on the tone of voice and communication style. These users can easily tell if you’re being genuine or not, so it’s crucial to deliver what you really think and be open and honest with the audience.
Being on the same page with them means understanding their patterns, staying close to the community, and actively seeking feedback. They highly appreciate having direct access to the team and founders, which helps build trust and a stronger connection with the platform.
To attract Gen Z users and prepare for Gen Alpha, we focus on their preference for short videos and visual content. For example, we’ve created the Blum Academy YouTube channel, where we post short videos explaining various crypto concepts. We’re also exploring ways to incorporate more visual content, as this generation tends to prefer it over lengthy messages and written content.
How do you simplify the onboarding process to make crypto accessible for beginners?
With Telegram, we’re seeing real mass adoption, with many new users coming to Web3. That’s why educating them is crucial. We’ve already mentioned Blum Academy, but overall, we aim to provide help and advice to new users through various types of content, including videos. It’s important to educate them about blockchain, crypto, potential scams, and other related topics. Focusing on education is essential when building something on Telegram.
What makes Blum an attractive platform for traders interested in meme coins, and how do you support the volatility and speculative nature of these assets?
For these users, we have more specific products like MemePad, which we are currently testing. This will allow users to quickly issue memecoins on Tone and trade them. Gradually, we will launch more trading products tailored to specific trading audiences. This approach will help our ordinary user base dive deeper into Batory.
There are many interesting narratives within the memecoin space, and political memcoins are definitely one of the trends. This space is expected to be particularly hot in the coming months.
What challenges has the platform faced while scaling so quickly, and how have these been addressed?
Dealing with high load is a significant challenge, especially when you have millions of users. Scaling the tech infrastructure quickly, buying more servers, and managing these demands are not easy tasks. When you’re growing rapidly with a small team, you need more engineers, particularly those experienced with high-load situations. Finding the right talent takes time and can’t be resolved instantly.
While we don’t have super complicated mini-apps, users still have ordinary questions about what to do next. Customer support becomes quite challenging with a large user base, making it difficult to provide answers to everyone promptly. We rely on community ambassadors to help us, and we greatly appreciate their support. However, we still need more people to assist our users with their questions.
What are Blum’s strategies for ensuring compliance with international regulations while providing access to a wide array of tokens?
Currently, we’re still operating as a mini-app and don’t require approval from regulators. We’re also building a decentralized exchange, which, unlike centralized exchanges, isn’t heavily regulated yet. However, we anticipate that there will be increasing regulation in this space, and we may eventually need licenses or additional approvals. We’re mindful of this and will prepare accordingly when the time comes.
Can you elaborate on Blum’s contribution to the TON blockchain ecosystem?
We put a big focus on the TON ecosystem and on blockchain as a whole. We collaborate extensively with other projects on TON and with the TON Foundation, receiving great support from them.
Overall, I hope that our initiatives are significantly helping TON to grow bigger and faster and attract more users. For example, we were advisors to DOX, which became the biggest meme coin on TON, now valued at half a billion. I believe we are making a substantial contribution to the growth of the TON ecosystem.
What are the recent developments of Blum? For example, Memepad, which allows people to launch their own meme tokens.
We’ll launch it pretty soon. After that, we’re also planning our next trading products. We’ve already started building the exchange component. We’re also considering launching a Launchpad, but we’re still in the discussion phase. Step by step, we’ll roll out more and more trading products.
What should we expect next?
In our vision for Blum, we are focused on attracting Millennial and Gen Z users by aligning our marketing and platform features with their preferences and habits.
I believe we are on the brink of significant mass adoption of cryptocurrency, which is increasingly becoming a key segment in the financial landscape. Platforms like Telegram have shown how they can drive this adoption, and I see a growing interest among users in exploring crypto. This demographic is particularly drawn to trends and innovation, which is why we aim to create a space that feels fresh and engaging.
I recognize that meme coins have become a notable trend within crypto, driven by the economy of attention. These coins resonate well with younger users who are accustomed to viral content and social media engagement. To tap into this, our platform will feature elements that leverage popular culture and community engagement, making it fun and relatable for our users.
Moreover, I anticipate that the interest in meme coins will persist, and we aim to incorporate features that allow users to engage with these trends while also providing educational resources about the broader crypto ecosystem. By doing so, we can create an inclusive environment that not only entertains but also informs our Millennial and Gen Z users about the potential of cryptocurrency.
Finally, I remain optimistic about the future of Bitcoin and the overall crypto space. As institutional interest grows, we want to ensure our platform reflects this evolving landscape, providing users with tools and insights that resonate with their aspirations and financial goals. By focusing on trends, community, and education, we can effectively attract and retain younger users on Blum.
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