Overview of Blum

Blum is a hybrid cryptocurrency trading platform that, according to its official description, aims to offer a gamified user experience through a Telegram mini-program. This allows users to effortlessly access and trade various tokens, all within a unified interface that supports both centralized (CEX) and decentralized exchanges (DEX). The platform integrates over 30 different blockchains. Alongside its basic trading functions, Blum provides a range of value-added services such as AI-assisted trading navigation, peer-to-peer (P2P) trading, and derivatives trading.

Source: X

Currently, Blum’s trading functions have not yet launched. Instead, the platform has introduced a “Tap to Earn” mini-game, where users earn points by tapping the screen. Through this mining-like point-earning mechanism in the mini-game, Blum has already attracted over 10 million users.

Background and Funding

In March of this year, former Binance executives Gleb Kostarev and Vladimir Smerkis co-founded the Blum exchange. Kostarev previously served as Binance’s regional head for Eastern Europe, the Commonwealth of Independent States (CIS), Turkey, Australia, and New Zealand, while Smerkis was the general manager for Binance in the CIS region. Additionally, the Blum team includes Degenie, who was the former design lead for Binance and Trust Wallet, and now serves as Blum’s VP and co-founder.

In March, Blum was selected for the seventh season of BNB Chain’s Most Valuable Builder (MVB) program. On September 11, Blum received an investment from Binance Labs, although the specific amount was not disclosed.

Source: X

Project Vision

Blum aims to leverage the powerful capabilities of Telegram mini-programs to offer a seamless cryptocurrency trading experience. While many developers view Telegram as an ideal platform for online games, Blum sees its flexibility and accessibility as equally suited for trading infrastructure. The goal is to create a fast and user-friendly interface, allowing users to bypass complex trading processes and long confirmation times. Users can effortlessly purchase cryptocurrencies with just a few taps on their phone.

In addition to simplifying trading, Blum plans to enhance user engagement through gamification. As stated in its mission, Blum believes that buying cryptocurrencies should be profitable and enjoyable. By incorporating features like leaderboards, Blum aims to build a community where trading becomes a fun and competitive activity.

Blum Products

Hybrid Exchange

Blum operates using a hybrid cryptocurrency exchange model, cleverly combining the strengths of centralized exchanges (CEX) and decentralized exchanges (DEX). First, Blum handles trades using an off-chain order book, similar to traditional CEX platforms. This method allows users to find buyers and sellers while maintaining liquidity quickly. However, when it comes to settlement, Blum employs an on-chain mechanism, ensuring that every transaction is confirmed and recorded on the blockchain, providing transparency and security.

Users can utilize self-custody wallets, meaning they can directly manage their crypto assets without relying on third-party services for asset custody and transfers. This ensures greater control over their funds.

Blum’s trading platform operates via a Telegram mini-app, eliminating the need for users to download additional software. Instead, users can easily access the platform and trade through their Telegram accounts. The interface is designed carefully, incorporating elements like memes to provide a quick and convenient trading experience.

Beyond trading, Blum integrates gamification and social interaction elements. Users can earn points by completing trades, participating in community activities, and competing on leaderboards with users worldwide. These points make trading more enjoyable and can be exchanged for rewards, increasing user engagement. Blum’s crypto bot offers simplified guidance and support for new users, making the overall trading experience more interactive and entertaining.

Source: Blum

Telegram Mini-Game

On April 19, Blum launched a Telegram mini-game featuring a point system and various interactive modes. Users can earn points by playing the game, which can later be redeemed for Blum tokens after the airdrop.

The mini-game is divided into four main modules: Home, Earn, Frens, and Wallet. In the “Drop” game, users tap the screen to catch falling virtual coins and earn points, enhancing the platform’s entertainment and engagement. Blum also allows users to create or join “Tribes” (similar to clans or teams), which grant a 10% point bonus when playing as a group.

In the “Farm” mode, users can accumulate points automatically over time without needing to deposit tokens, making it easy for them to participate. Currently, the platform is focused on helping users collect Blum points, which will eventually be redeemable for tokens. To further ensure community security, Blum has introduced a “Witch Report” program, rewarding users with 1% of points for reporting malicious activities.

Source: Telegram

In the “Earn” module, users can earn points by completing tasks such as watching YouTube tutorial videos or liking social media posts. The “Frens” module allows users to gain additional points by inviting friends to join the platform. The “Wallet” module enables users to connect their TON wallet, which helps them track and manage their points.

Through these diverse participation mechanisms, Blum not only simplifies cryptocurrency trading but also enhances user engagement and platform activity by integrating gamification and social interaction. This approach increases user retention and makes the platform more dynamic and enjoyable.

Blum Interactions

Points System

Blum Points are the in-system currency of the Blum ecosystem. Users can earn points through the Blum Telegram mini-program, which not only boosts their ranking on the leaderboard but can also be exchanged for various rewards. Blum has hinted that these points may later be redeemable for something “exciting,” following the trend seen in other Web3 games. If Blum follows the typical Web3 practice of converting points into airdropped tokens, participating actively in Blum’s mini-games could be the best low-barrier method to secure these rewards.

Mini-Game Interactions

Blum offers several ways for users to accumulate points, including earning points through simple clicks, completing tasks, and inviting others.

1. Drop Game: In this game, users tap the screen to catch virtual coins and earn points. Additionally, players can create or join a Tribe, teaming up with others to earn a 10% points bonus.
2. Farming Mode: This mode allows users to passively earn points over time without depositing tokens, enabling “point mining.” This feature lowers the entry barrier and attracts more users by offering easy participation.
3. Earn Module: Users can earn points by completing tasks such as following specific social media accounts (e.g., X), watching designated videos, or playing recommended games.
4. Frens Module: Users can earn points by inviting new players to the platform. Inviting Telegram Premium users offers additional point bonuses, and users also earn a 10% commission from the points accumulated by their invited players.

Source: Telegram

Conclusion

Future Plans

Blum outlined its roadmap early in the project’s launch, with key milestones planned for 2024. In Q3 of 2024, Blum intends to release its MPC wallet (Multi-Party Computation) and perpetual contracts features and launch its mobile app on the App Store and Google Play. By Q4 2024, Blum is set to release a web-based trading platform.

According to recent updates on Twitter, Blum will regularly share project progress and focus heavily on user education. The Blum Academy is a core part of this, aiming to turn “airdrop hunters” into long-term investors and attract more users to the crypto space, fostering the wider adoption of blockchain technology.

Additionally, Blum Labs has invested in five projects and plans to continue investing in compliant projects to expand Blum’s ecosystem. Blum may also reward users who recommend high-quality, compliant projects, further integrating community participation into the project’s growth.

Source: X

Conclusion

Blum is an innovative cryptocurrency trading platform that combines the convenience of a Telegram mini-program with gamification elements to simplify the user experience and boost engagement. Its unique hybrid exchange model and gamified mechanics lower the barrier for new users, helping Web2 users transition smoothly into Web3 while enhancing the transparency and security of transactions. This approach allows users easy access to various tokens through a streamlined interface.

Although Blum’s trading functionality is not yet live, its innovative community-building and engagement mechanisms have attracted millions of users. This rapid growth signals Blum’s vast potential for the future. In an industry filled with “click-to-earn” projects, Blum stands out by offering entertainment and a practical trading solution.

As Blum continues to develop, the launch of future features like its exchange platform and derivatives trading will provide users with a more comprehensive crypto trading experience. Additionally, Blum’s success highlights the potential of integrating Web3 with Telegram, demonstrating how the fusion of gaming and trading can effectively drive user participation.

In conclusion, Blum is not only an emerging project within Telegram but also a significant milestone in the evolution of the Web3 industry. We look forward to Blum continuing to innovate, offering enhanced trading experiences and community services, and contributing to the progress and development of the entire crypto space.