Parting ways with the Solana team, can the official launch of a dedicated trading bot by Unibot regain market share?

PANews
2024-03-14 23:00:21
Collection
A few days ago, Unibot announced the termination of its collaboration with the Solana team and requested a name change.

Written by: Frank, PANews

The competition for Solana products on Unibot continues. On March 14, the Telegram Bot project Unibot launched a bot specifically for the Solana chain called Unisol X, which opened simultaneously on Telegram and the Unibot X client, implementing a zero transaction fee policy to attract users.

A few days prior, Unibot announced the termination of its collaboration with the Solana team and requested a name change. Reasons included the Solana team launching the "evm_unibot" bot without permission, violating trust; refusing to conduct KYC; and failing to fulfill financial commitments to the Unibot core team and holders. Unibot also stated that there were too many warning signs to guarantee the safety of funds in the Unibot Solana bots.

Solana contributes 90% of transaction volume, market share declines due to team disputes

Once the news broke, Unibot's token plummeted by more than half within hours, dropping from $76.31 to $33.39, with a market cap evaporating by about $40 million. It is reported that after Unibot issued the termination notice, the Unibot On Solana team quickly responded, accusing the Unibot officials of "pressuring the mainnet team regarding the revenue of Solana bots due to the recent success of the bot and the recent reduction in token taxes, and attempting to extort control. After realizing this was not feasible, they spread baseless FUD while announcing they would launch their own Solana bot." Additionally, the Unibot On Solana team responded to various accusations made by Unibot officials, including security architecture, fund management issues, KYC, etc.

In community discussions, there was a clear bias towards Unibot On Solana. Some users pointed out that Unibot Ethereum's revenue has significantly declined, while Unibot Solana's revenue accounts for a major share. In the comments on Unibot On Solana's social media, most comments expressed support for rebranding Unibot On Solana. In contrast, the vast majority of comments in Unibot's official Twitter comment section blamed Unibot for releasing news that led to a market crash, causing significant losses for many investors.

Comparison of UNIBOT trading volume before March 11

Since the announcement on March 11, the daily trading volume of Unibot's Ethereum bot has continuously declined from $5.89 million before the announcement to $1.67 million, a decrease of 71%. Meanwhile, the daily trading volume of Unibot's Solana bot seems to have been largely unaffected, even reaching $25.78 million on March 13, close to its historical peak.

Daily trading volume statistics of Unibot Solana bot

Daily trading volume statistics of Unibot Ethereum

Telegram bot product ranking data

From the data, Unibot on Solana previously accounted for over 90% of the trading volume within Unibot. After the fallout, Unibot's market ranking dropped directly from third to seventh.

However, the most direct reason for Unibot on Solana's victory may be the meme craze surrounding Solana, with on-chain transactions through Solana's bot products accounting for 79.5%, more than four times that of the Ethereum chain. It is reported that Unibot officials also announced the upcoming release of the official Unibot Solana Bot.

Whether Unibot can regain market share by building its own Solana trading bot remains uncertain. Currently, there are several competitors on the Solana chain, including Maestro, Banana Gun, Pepe Boost, and Bonk bot.

Previously suffered from a hacking incident, reported asset security risks

Stepping out of the Unibot drama, we can see that in the competition between Unibot and other Telegram Bot products, the user base remains at a disadvantage.

A user with the Twitter ID @CallETHX1000 shared a screenshot of a conversation showing that a user claimed to have lost all their SOL tokens after using Unibot on Solana. In fact, Unibot has previously experienced similar situations.

A user with the ID @cryptowhail claimed to have been a former employee of Unibot, stating: "Due to the incompetence of ETH developers, when Unibot ETH experienced a token approval vulnerability, I and the Unibot SOL team repeatedly warned the developers to be cautious and to review their code after the Maestro vulnerability occurred. However, they arrogantly refused and unfoundedly believed they were safe. When the vulnerability occurred, it was @Reethmos and @mikebot3000 who went through hell to recover every dollar/token lost. Shortly after, it was time for me to leave." It is reported that on October 31, 2023, Unibot suffered a hacking attack, resulting in a loss of approximately $600,000, and the Unibot team has fully compensated based on a cost of $1.78 million.

Currently, the total trading volume of various mainstream Telegram Bots has exceeded $8 billion, and since Unibot's establishment, it has earned over $50 million in fees, which fully demonstrates the commercial appeal of Telegram Bot products.

While the platform is profiting immensely, a highly concerning issue regarding Telegram Bot products is the contribution of private keys to the platform or wallets generated by the platform. Fundamentally, this custodial model itself poses significant security risks. Even though there have been no reported cases of the platform absconding with funds in current Telegram Bot products, it remains an unavoidable Damocles' sword hanging over every user's head.

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