GM! Today we will be covering 2 telegram bot protocols and a look into the TON defi ecosystem, specifically their first ever liquid staking protocol Bemo Finance! Lets dive in!
Telegram Bot Hype
Over the last week, there has been a huge rush towards projects building a token with a telegram bot that allows for defi functionalities. The rise in token market caps in this theme was exponential to the point it could not be ignored. CoinGecko came up with a new sector on their site and their CEO and a fellow stellar, Bobby came out with a tweet on this phenomenon:
Check it out here: https://www.coingecko.com/en/categories/telegram-bots
We had our research contributors dive into 2 bots: LootBot and GenieBot.
Do note that these are very recent projects and their token prices are very volatile. We do not recommend any trading on the tokens unless you are mentally prepared to lose your funds.
Lootbot: Automated Airdrop Farming
LootBot is revolutionizing the way airdrop farming is conducted in the crypto ecosystem by automating the airdrop farming for you, with an easy and user-friendly experience on Telegram.
As of now, LootBot supports zkSync and protocols like SyncSwap, and Goal3, with more to come. They will integrate more protocols and chains for farming over time.
Revenue & Fees
Its fee structure consists of a subscription model, costing $30 per wallet per month. There is also a Free2Use model, which entails a 20% commission of airdrops. However, if you hold 1000 $LOOT, you get a 50% discount on subscription fees and commissions.
Subscription Model: $30 per wallet / month
Free2Use Model: Pay 20% of airdrop as commission
HODL 1000 $LOOT: 50% off subscription fees and airdrop commissions ➡️ $15 per wallet or 10% commission
💰 Fee Distribution 💰
🔝 75% to token holders
🔗 10% to standard code referrers
🌟 20% to premium code referrers
Supply Cap: 10,000,000
Team & Founder: 500,000 (5%)
CEX Listing: 500,000 (5%)
Supply Added to Liquidity: 4,000,000 (40%)
Team: 0% TGE, 6 months cliff, linear for 9 months
Seed: 33% TGE, linear for 1 month
Looking ahead, LootBot plans to introduce an airdrop tracking dashboard, add a new chain every 2 weeks, provide more customizable user options, launch an ambassador program, and more.
Check out their official website: https://lootbot.xyz/
GenieBot: Community Management
Introducing GenieBot, an AI-driven Telegram bot designed to handle project questions by adapting to the content of the project's whitepaper or website. It provides round-the-clock support to the crypto community, answering in-depth queries even when moderators are not available. This allows users to receive accurate and timely responses while project leaders can focus on important development tasks.
Products: Genie White & Genie Purple
GenieBot offers two key products, Genie White and Genie Purple. Genie White, the base model, interacts with users in a human-like manner, addressing all project-related questions using advanced Natural Language Processing (NLP) techniques.
Its knowledge base is sourced from your whitepaper, website, or custom sources, and expands in real time as the bot interacts with users. The bot's knowledge can also be expanded by admins, keeping it up-to-date with the latest project details.
Genie Purple, on the other hand, offers all the features of Genie White with added features like syncing with social media accounts for real-time knowledge base expansion and real-time blockchain data awareness related to your project/token.
Revenue & Fees
Subscription to GenieBot comes at a cost of 0.15 ETH for 7-days, 0.5 ETH for 30 days, and 1.2 ETH for 90 days. All memberships are secured through Membership NFTs, offering a unique, secure method of verifying ownership through the power of Web3 technology.
Supply Cap: 100,000,000
Uniswap Liquidity Pool: 90%
Check out their website: https://geniebot.app/
A natural progression from protocols with tokens built around telegram bots is Telegram's blockchain, TON. I've started deep diving into them with frequent threads on the DeFi protocols built on it.
Check out my main thread on it here:
For the newsletter, I will explore Bemo Finance, Liquid Staking of TON.
Introducing the opportunity to stake $TON and receive $stTON in return.
This process leverages the validation rewards to increase the pool value, thereby augmenting the stTON/TON price.
As of July 28, 2023, the statistics of Bemo Finance:
stTON = 1.0038 TON
TVL: 813261.80 USD
Staking with $stTON provides benefits which you would be familiar with from stETH:
The first is liquidity. You don't need to unstake to access your capital. Instead, use stTON to transfer, trade, or delve into the DeFi ecosystem at your own convenience.
Secondly, staking with $stTON significantly lowers the entry barrier. Start your staking journey with just 1 TON, bypassing the traditional minimum stake requirement of 10,000 TON or 50 TON on Tonkeeper and Ton Whales (https://tonwhales.com/).
Lastly, staking with $stTON could provide more returns. Enhance the yield on your stTON tokens by participating in liquidity provision on decentralized exchanges or lending them out via lending applications. Here are some ways and defi protocols you can use stTON on:
Liquidity Provision: Users can provide liquidity for the $stTON/$TON pair on platforms such as STON Fi, earning staking rewards and trading fees from the pool, thereby enhancing their returns. In the near future, more decentralized exchanges (DEXes) are expected to support stTON, further expanding its utility.
Collateral: stTON can serve as a valuable collateral asset within TON DeFi applications. For example, lending protocols like Evaa Protocol could potentially accept stTON as collateral. Furthermore, it would be advantageous if leveraged trading platforms like @storm_trade_ton also accepted TON as collateral.
Yield Strategies: stTON provides opportunities to design custom yield strategies using different pools and leveraged trading. As the TON ecosystem expands, it is anticipated that more DeFi apps will be developed to leverage stTON for innovative and profitable yield strategies. An example of such an application is @TONK_FINANCE.
Stablecoin Backing: stTON could serve as collateral for stablecoins, offering a dependable yield through staking. For instance, Aqua Protocol is currently in the process of developing the $AquaUSD stablecoin using $stTON as collateral.
Why does this matter?
There are many more protocols now with their testnets live on TON, additional incentives provided via a $25m grant accessible via TonStarter. with 50% growth in wallet addresses from 2m in Q4 2022 to 3m in Q2 2023 and increased efforts by TON Foundation themselves: a hackathon done with DWF Labs and an Asia tour with a meet up scheduled on 28 July in Singapore. Register here: https://lu.ma/hb148xrd
I believe it is worth our efforts to look into the up and coming DeFi protocols here and start accumulating $TON.
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