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To Bot or Not to Bot? Will Trading Bots Kill Perp Dexes?

In conclusion

It’s no secret that trading bots are all the rage at present. The convenient nature of trading directly from your favourite Telegram or Discord server is hard to match, especially when compared to connecting to a cumbersome DEX only to be hit with extravagant fees and often sub-par user interfaces and generally poor UX/UI.

But does the future of trading lie in the hands of automated trading bots? Or is it just another passing crypto narrative, of which many have come and gone in the recent bear market madness?

The fact that Coingecko has gone to the effort to introduce two new categories just for Telegram and Discord trading bots suggests that it could be here to stay. And you’d be hard pressed to disagree. 

At present the Telegram bot projects are holding higher values than their Discord counterparts, possibly due to the popularity of the platform. 

The current top 5 (at the time of writing!) Telegram bots are:

  • Unibot ($UNIBOT) with a market cap of $125m. The fastest of the Telegram trading bots. Can be used to trade, discover new tokens, protect against MEV and earn a revenue share of volume traded. Unibot allows users to set limit orders, copy trade, snipe new tokens at launch and send private transactions. 
  • MEVFree ($MEVFREE) holding a market cap of $5.4m. Currently being used in over 40 thousand Telegram groups. Paid advertising from other projects generates large revenue for the project.
  • LootBot ($LOOT) with a market cap of $4.8m. Automates the process of bridging, swapping, NFT minting and staking.
  • Collab.Land ($COLLAB) market cap $4.5m. The self-proclaimed creators of “token gating” with over 8 million wallet connections and featuring in over 50k servers across both Telegram and Discord. 
  • BoltBot ($BOLT) current market cap of around $2m. Possesses similar functionality to Unibot used for sniping and trading. Large revenue share and a roadmap not to be faded.

At present the Telegram and Discord trading bot sector boasts a combined market cap of around $137 million and has done more than $26.5 million dollars worth of trading volume in the past 24 hours alone. Impressed yet?

When compared to the perpetual sector which has a combined market cap of around $1.3 billion and an average 24-hour trading volume of $90 million, the room for growth in the bot sector becomes abundantly apparent. Especially when factoring in that one can trade directly on their mobile phone from the comfort of their grandma’s basement bedroom.

Interesting projects to keep an eye on

AlphaScan is a well-known DeFi analytics platform that integrates data from social media sites like Twitter (sorry, X) and combines that with on-chain transaction data and price action to give real-time copy trading abilities to a bot of its own. 

The AlphaScan bot allows users to configure their own automated strategy and copy the trades of their favourite CT influencooors and any whale wallets they may have identified while digging around in on-chain gold mines. 

The public launch of the $ASCN token went live on July 23rd and more information can be found in this medium article from AlphaScan themselves.

Another project that has been sky-rocketing its way up the rankings is WAGIEBOT, doing more than 15x recently in just a matter of days! Price has pulled back and it is currently sitting at around a $8.4 million market cap but I wouldn’t expect this thing to stay in one place for long.

With 95% of total supply already in circulation, this Discord and Telegram trading and sniper bot is one to add to the watchlist. It operates its own proprietary nodes on ETH, BSC and ARB. With response times of around 1 millisecond it could be the fastest bot of them all.

WAGIEBOT showcases its own AES512 encrypted wallet with anti-rug features and honeypot checker to keep traders as safe as possible, all while enabling stop loss trading, copy trading, DCA ability, multichain support and much more.

Now, no bot article would be complete without the mention of YoloNoloBot

You could have made some serious coin if you’d been paying attention to our earliest mentions of this one – best pay attention, anon! 

With NOLOPERPs coming soon to a Discord server near you the ability to trade perpetual futures directly from your mobile phone with speed and ease will become a reality. 

An entire in-server trading platform brought directly to the masses! Not only this but the incentives for server owners to integrate this new tech into their Discord channels will be hard to ignore. Server owners will take a nice cut of 4.4bps on all the trading volume done within their Discord group and the bot can be shared across as many servers as you please to make an extra 2.2bps cut on volume done in this server, too. Instant monetization of any Discord server is a real-world use case that is bound to get some serious attention.

The migration of YoloNolo to the Ethereum mainnet means more liquidity, while the transactions taking place on Solana keep the gas fees at a big fat ZERO, a genius move by a giga-chad team.

But wait there’s more… You can swap your SPL-based YOLO tokens for the new ERC-20 NOLO tokens at a 2 million YOLO to 1 NOLO rate of exchange. This is due to the total supply of each token, YOLO being 8,888,888,888,888.88 and NOLO at 4,444,444.44. Make sense?

This epic tech is built on the HXRO protocol and by trading perps on any of the HXRO dapps you will automatically qualify for HXRO’s $40 million incentives program. For more on this check the tweet below.

https://twitter.com/HxroNetwork/status/1682777970744647680

For more top-quality information on why you should be building on HXRO take a read of this recent piece from ours truly.

Here is a quick overview of revenue fees you can start stacking by integrating and sharing the NOLO perp bot in Discord servers you love to use.

What are the risks involved?

Nothing in the crypto world comes without its own inherent risks and trading bots are no different. Could this be the factor that gives the well established and trusted perp dexes the undeniable edge?

As always it is important to only integrate bots into your server that come from trusted sources and reputable teams. The risk of malware spread and data harvesting is something to keep in mind (at least they don’t require an eyeball scan though!). 

Another concern is the need to connect a wallet to the bot of your choice in order for it to execute trades based on your specific configurations. These bots are said to delete any access to your wallet after use, but unless you're a super shadowy coder and have read the code base yourself you are forced to take this at face value. 

The best work around for this is to always use a burner wallet when aping trades with a bot and transfer only the funds you need from a separate wallet, to be fair you should be doing this when trading on the perp dex of your choice also so hopefully this is nothing new.

So what’s the end game?

If it’s not already apparent that the trading bot narrative has some serious legs there may be little hope for you left. 

The question remains to be seen as to whether it can compete with much larger, already established perp dex giants that have dominated the crypto trading world for so long. But if one thing’s for sure it's that people pay for convenience. And when you add quality meme factor on top with a sprinkle of fun with ya’ friends inside a Telegram or Discord server then it seems like a no-brainer for this narrative to take off. But as always don’t take my word for it, for a no-brainer I certainly am!

For more insights on other hot bot projects and how to find them take a look at this epic thread.

https://twitter.com/stacy_muur/status/1683411457785090048

The good man @StPaddyPirate has been so kind to give us an entire Google sheets doc on top bot projects and their rug pull potential here.

https://twitter.com/StPaddyPirate/status/1682100079220359174

What’s your take on the topic? Let us know in the comments!

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