Hotcoin Research | Unveiling the Crypto Investment Tool: Analysis of the Telegram Bot Sector and Overview of Representative Projects

1. Introduction

Telegram Bots are automated programs that run on the Telegram platform, interacting with users through Telegram's Bot API. Since its launch in 2013, Telegram has rapidly gained a large user base due to its security, privacy protection, and open-source features. In 2015, Telegram introduced the Bot API, allowing developers to create feature-rich bot programs that can automatically perform a range of tasks such as information push, content management, and user interaction. Telegram Bots not only simplify complex operational processes but also provide users with personalized and efficient services, gaining widespread attention and usage in a short time.

This study aims to analyze the current state of the Telegram Bot sector, representative projects, and their future development potential, providing valuable references for investors.

2. Analysis of the Telegram Bot Sector

1. Technical Architecture of Telegram Bots

The Telegram API and Bot API are the foundations for implementing automation on the Telegram platform. The Telegram API allows developers to create client applications that communicate with Telegram servers, while the Bot API is specifically designed for creating and operating bot programs. The Bot API provides a simple yet powerful interface, enabling developers to interact with Telegram servers via HTTP requests to accomplish tasks such as message sending, command processing, and user management.

The design goal of the Telegram Bot API is to simplify the development process of bot programs, allowing developers to quickly create powerful and stable bots. By calling API interfaces, developers can easily receive and process user messages, manage groups and channels, send multimedia content, and perform complex business logic processing.

2. Classification of Telegram Bots

• Trading Bots: Trading bots are the most representative type of Telegram Bots, primarily used for automating financial transactions. Users can execute buy and sell operations for assets such as cryptocurrencies, stocks, and foreign exchange through these bots. Trading bots typically have features like real-time market data monitoring, automated trade execution, and trading strategy management, helping users make faster and more accurate decisions in the rapidly changing financial markets.
• Customer Service Bots: Customer service bots are used to automatically respond to user inquiries, providing instant customer support services. They are widely used in e-commerce, banking, telecommunications, and other industries, significantly improving customer service efficiency and reducing the workload of human customer service representatives. Customer service bots usually possess natural language processing and dialogue management capabilities, allowing them to understand user questions and provide accurate answers.
• Content Distribution Bots: Content distribution bots are responsible for pushing news, blog articles, videos, and other multimedia content, helping users obtain information of interest in a timely manner. These bots can push relevant content regularly based on user preferences and subscription settings, greatly enriching users' information acquisition channels.
• Game and Entertainment Bots: Game and entertainment bots provide interactive entertainment features such as mini-games, quizzes, and fun Q&A, increasing user engagement and interactivity. These bots not only bring fun to users but also enhance their sense of participation and community activity through gamified interactions.

3. Advantages of Telegram Bots

In the Telegram Bot sector, trading bots stand out in a competitive market due to several significant advantages:

• Fast Transactions: During peak trading times, decentralized exchanges (DEX) often experience delays due to high trading volumes. Telegram Bots achieve fast transactions through their efficient trading mechanisms, avoiding delays caused by network congestion and ensuring users can complete trades quickly.
• Reduced MEV Losses: The MEV (Miner Extractable Value) issue is common in on-chain trading, where users often need to set high slippage to ensure successful trades. However, Telegram Bots can effectively prevent MEV sandwich attacks. Users only need to pay about a 1% fee, and the savings from slippage often exceed the fees paid, significantly reducing trading costs.
• Quick Trading: Telegram Bots are particularly suitable for users who need to make quick trades when the market opens. These users can seize market opportunities immediately and achieve higher returns through rapid trading. The instant response capability of Telegram Bots allows users to place orders and complete trades swiftly.
• Ease of Use: Users can directly use trading bots on the Telegram platform without needing to visit other websites or download additional software, greatly enhancing the user experience. The simple and intuitive interface allows even novice users to get started easily.

Through these advantages, users can achieve efficient and automated asset management and trading operations with trading bots. These bots not only improve trading efficiency but also help users make more informed decisions in complex market environments, becoming valuable tools for digital asset trading.

3. Current Status and Data of the Telegram Bot Sector

According to the latest data analysis from Dune, the daily trading volume of Telegram Bots has reached $100 million, primarily from the Solana and Ethereum blockchains, with Solana's daily trading volume around $50 million, accounting for 60%; Ethereum's daily trading volume is about $30 million, accounting for 34%. Next are BSC and Base chains, with daily trading volumes approximately 1/10 of the former two, accounting for 4.6% and 1.6%, respectively.

In terms of user numbers, Solana has a daily user count of 160,000, accounting for 73.3%; Ethereum has 40,000 users, accounting for 18.1%; and Base has 15,000 users, accounting for 6.5%.

Based on historical cumulative trading volume rankings, the main players in the Telegram Bot sector include BonkBot, Maestro, Banana Gun, Trojan, Sol Trading Bot, Sigma, Unibot, Shuriken, PePe Boost, and ReadySwap. In terms of protocol launch times, the main ones supporting Ethereum are Maestro, Banana Gun, and Unibot, all of which have been operational for over a year. BonkBot, Trojan, and Sol Trading Bot have achieved rapid development through the Solana chain, with BonkBot achieving remarkable success due to the explosion of the Solana chain. Trojan was independently developed after a split from the Unibot team and has ranked fourth in cumulative trading volume within just 200 days of launch, with its 7-day trading volume even reaching first place, demonstrating strong growth momentum.

In terms of protocol revenue, Telegram Bots are performing remarkably well in the market, with cumulative earnings reaching $200 million and an average daily revenue of $940,000. Among them, BonkBot has accumulated earnings of $71.57 million, while Trojan, Banana Gun, Sol Trading Bot, Unibot, Shuriken, and PePe Boost have all accumulated revenues exceeding $5 million.

4. Overview of Representative Telegram Bot Projects

1. BonkBot

BonkBot is a TG trading bot created by the Bonk community and is currently the top trading bot on Solana TG Trading Bot in terms of trading volume. BonkBot features a simple user interface, showing minimum holding value, automatic buying, and MEV protection. Driven by the Solana meme coin culture, BonkBot has seen significant increases in trading volume and user numbers. Its collaboration with Raydium has further enhanced BonkBot's market performance and user experience. The trading fee for BonkBot is 1%.

2. Maestro

Maestro's bot can instantly replicate buy and sell operations from up to 3 wallets (up to 10 wallets for advanced users). It continuously tracks wallets that receive tokens, rather than tracking the wallets that initiate trades. After adding a tracking wallet, the bot begins scanning the memory pool for any swap transactions that will deposit (or withdraw) tokens to the tracked wallet. The God Mode in Maestro Trade Mode allows users to act quickly when a token is launched, ensuring the best buying timing. The trading fee for this bot is 1%.

3. Banana Gun

Banana Gun is one of the popular Telegram trading bots on the market, offering trading and sniping features. Its First Bundle or Fail (FoF), slippage control, and Degen mode allow users to trade more flexibly. Additionally, Banana Gun provides MEV protection, effectively preventing front-running attacks. Users can safely purchase tokens that have been listed on Ethereum, Solana, and Base chains and be the first to buy new tokens upon release. The trading fee for Banana Gun is 0.5%.

4. Trojan

Trojan originated from Unibot on Solana, developed by Reethmos, the former operations head of the Unibot community. Initially a product under Unibot, it was later renamed Trojan. The trading interface of Trojan is similar to that of Unibot and features complex order types such as copy trading and DCA (Dollar-Cost Averaging) trading. Currently, Trojan ranks third in trading volume among TG Trading Bots on the Solana chain. The trading fee is 1%, with a reduced fee of 0.9% for referrals.

5. Sol Trading Bot

Sol Trading Bot focuses on trading services within the Solana ecosystem, providing efficient trading solutions through integration with major DEXs. It integrates with major DEXs like Jupiter, Orca, and Raydium, enhancing liquidity access. What sets Sol Trading Bot apart from others is its sniping token feature, along with DCA and limit order functionalities, as well as monitoring for new tokens and pools. The trading fee is 1%, with some tokens available for free ($MYRO, $BONK, $WIF, $JUP, $WEN).

6. Unibot

Unibot offers token swaps, copy trading, limit orders, and privacy trading features, as well as real-time alerts for new Ethereum tokens. Through conversational interaction, users can easily issue on-chain token trading commands and complete various trading activities on Uniswap. Unibot is expanding to the Solana platform, utilizing its cross-chain bridge capabilities to further enhance market coverage and user experience. Unibot charges a trading fee of 1%.

5. Potential and Opportunities in the Telegram Bot Sector

1. Growing User Base: With the global popularity of Telegram, the user base for Telegram Bots is rapidly expanding. Telegram Bots are expected to attract more new users, further enhancing their market influence.

2. Popularization of Cryptocurrency Trading: As an efficient and convenient trading tool, Telegram Bots provide users with a friendly trading interface and powerful trading features, significantly lowering the barriers to entry for trading, allowing more ordinary users to participate in cryptocurrency trading.

3. Technological Innovation and Application Scenario Expansion: The application of artificial intelligence (AI) and machine learning (ML) technologies in Telegram Bots can significantly enhance the intelligence level of trading bots. Through AI technology, trading bots can analyze market trends more accurately, provide personalized trading suggestions, and even automatically execute trading strategies, thereby improving trading success rates and returns.

4. Multi-Platform Integration: The multi-platform integration capability of Telegram Bots enables them to operate across multiple blockchain platforms, such as Ethereum, Solana, and BSC. This cross-platform feature not only expands the user base of the Bots but also increases their market coverage, bringing more trading opportunities.

5. Strategic Partnership Expansion: By collaborating with major exchanges, blockchain projects, and fintech companies, Telegram Bots can further enhance their market competitiveness and user stickiness. For example, through partnerships with decentralized exchanges (DEX), Telegram Bots can offer a richer and more diverse range of trading pairs, enhancing the user trading experience.

6. Ecosystem Development: A well-developed ecosystem is key to the long-term growth of Telegram Bots. By building an ecosystem that integrates trading, payment, and financial services, Telegram Bots can provide users with a one-stop service experience.

6. Risks in the Telegram Bot Sector

1. Asset Security Risks: Telegram trading bots require access to users' private keys or API keys during operations, which undoubtedly increases the risk of asset theft or misuse. If a bot is hacked or has security vulnerabilities in its code, users' funds may be stolen. Therefore, ensuring the security and privacy protection of bots is crucial.

2. Lack of Code Audit Risks: Many Telegram Bot projects have not undergone rigorous code audits, meaning there may be undiscovered vulnerabilities and security risks. Investors should pay special attention to selecting projects that have undergone professional security audits to mitigate risks.

3. Sustainability of Business Models: Many Telegram Bot projects rely on revenue models such as trading fees and token trading taxes. However, changes in market conditions and user demands may affect the stability of these revenue sources. Project teams need to explore diversified revenue models to ensure the sustainability of their business models.

4. User Experience Issues: Although Telegram Bots simplify the cryptocurrency trading process, user experience may still be affected by technical limitations and operational complexities. Project teams need to continuously optimize user interfaces and interaction designs to improve user satisfaction and loyalty.

5. Technical Support and Maintenance: As the number of users and trading volumes increase, the technical support and maintenance challenges faced by Telegram Bots also grow. Project teams need to ensure the stability and performance of servers and respond promptly to users' technical issues and needs to maintain a good user experience.

6. Complexity of Regulatory Environment: As countries strengthen regulations on cryptocurrencies, Telegram Bots may face stricter legal requirements and regulatory measures. This may include the implementation of KYC (Know Your Customer) and AML (Anti-Money Laundering) policies, impacting user privacy and trading freedom.

7. Conclusion and Outlook

As an efficient and convenient trading tool, Telegram Bots demonstrate tremendous potential and attractiveness in the cryptocurrency market. Their unique features and advantages allow them to stand out in fierce market competition, attracting significant attention from users and investors. In the coming years, the Telegram Bot sector is expected to continue rapid development, driven by technological innovation and market demand. AI and big data will be major innovation directions, with new application scenarios and user groups continuously emerging. With ongoing technological advancements and further market maturation, Telegram Bots are poised to become a significant force in the field of digital asset trading.

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