Binance Research has published a new report focusing on Telegram bots, which have gained popularity in the crypto market.
These bots enable traders to automate various activities, including trading, arbitrage opportunities, and airdrop farming, using a user-friendly interface.
The report sheds light on the growing role of these bots in the cryptocurrency space.
As per Binance’s report, transactions through Telegram bots have surpassed $190 million in total volume. On July 23, 2023, a record-breaking daily trading volume of $10 million was achieved.
Telegram bots generate revenue by charging users a transaction fee. Additionally, some bots impose a “tax” for transactions that involve their native token. This revenue model allows the bots to sustain their operations and offer services to users.
According to the report, Telegram bots have generated a total revenue of over $28.7 million. Binance researchers noted that it’s still too early to measure organic demand since most of the bot activity is driven by the rapid rise in token prices.
The report also highlights several local altcoins used by Telegram bots, including Unibot (UNIBOT), Maestro, MEVFree (MEVFREE), ChainGPT (CGPT), Wagiebot (WAGIEBOT), Collab.Land (COLLAB), LootBot (LOOT), Mizar (MZR), JDB (JDB), and UniWhales (UWL).
Notably, the UNIBOT token dominates more than 77% of the Telegram bot market, making it a significant player in this space.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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