In recent months, several mini-cryptocurrency applications and projects have been launched on Telegram following the success of Notcoin (NOT). NOT was introduced in late 2023 and launched on May 15, 2024. It attracted over 35 million users, and its native token experienced a surge of over 300% from its all-time low.
Now, a new mini-app called "Blum" on Telegram is gaining attention for its innovative approach to cryptocurrency trading. It offers real-world utility and use cases beyond the meme coins dominating the market.
What is Blum, and how does it work?
Blum claims to be a "hybrid exchange" and is also introducing a Telegram mini-app. It aims to redefine the cryptocurrency trading experience for users, especially those in emerging markets.
Blum promises a unique approach by combining access to tokens from centralized and decentralized exchanges (CEXs and DEXs) within a single platform. This could offer users a more comprehensive range of trading options and cater to their risk appetites.
For those unfamiliar with the terms, traditional centralized exchanges (CEXs) provide a user-friendly interface for buying and selling cryptocurrencies using fiat money or other crypto assets. On the other hand, decentralized exchanges (DEXs) offer greater security and asset control, but using them requires more technical knowledge. DEXs are peer-to-peer marketplaces where users trade directly with each other without the involvement of a central authority.
Moreover, Blum's strategy includes integration with Telegram, which has a massive user base of almost 1 billion users worldwide, particularly in regions where crypto adoption is rising.
Embedding itself as a small application directly within Telegram could enable Blum to use this existing user base and access a larger audience than a separate mobile app.
While the project is currently in its initial phase of allowing users to earn Blum Points, which can then be exchanged for real crypto tokens later on, Blum may be on course to develop into a comprehensive hybrid exchange.
The creators of the Telegram mini-app game claim they are committed to providing effortless access to a wide variety of coins and tokens and offering derivatives trading in the near future.
Blum becomes the world's 4th largest Telegram channel
Blum has already gained over 10 million users within just two months of its launch, achieving several key milestones that indicate potential success as it prepares for its official release and token listing.
As of a June 6 tweet from the X team, the Blum Telegram channel has become the fourth largest Telegram channel globally, boasting over 9.6 million subscribers. It follows closely behind Hamster Combat, Tapswap, and Telegram Tips.
Hamster Combat, another new tap-to-earn project on Telegram that has yet to be launched, has claimed the top spot as the world's largest Telegram channel with over 31 million subscribers. Meanwhile, Notcoin's channel has dropped to fifth place, with just 7.9 million users.
Ranking of Telegram Channels (Source: TGStat)
Additionally, Binance Labs announced Blum as one of the 13 early-stage projects on March 1. Blum was selected from over 700 applicants for season 7 of the Most Valuable Builder (MVB) Accelerator Program.
While being part of the MVB Accelerator Program doesn't guarantee investment in the projects, being included on such a list indicates that even major players like Binance see potential in the Blum crypto project.
Looking ahead, it might make sense to keep an eye on Blum's entry into the crypto trading space with its Telegram mini-app. The coming months will be critical for Blum as they introduce their platform and demonstrate their capability to fulfill their promises of a simplified and accessible crypto trading experience.
