Yahoo Finance Synopsis Interviewed Blum, the Hot Upcoming DEX on Telegram
New York, NY - ACN Newswire - 7 June 2024 - Gleb Kostarev, co-founder and CEO of Blum.io, was the guest at one of the latest episodes of Synopsis Summit's Blockchain Innovation interviews. Blum is an app for buying and trading any coin in the market and a decentralized exchange running within the Telegram messenger. Currently, it is a beta with access by invitation and a community growing at a lightning speed. Its Telegram channel is No. 4 by the subscriber number in the world, while the mini app has over 10 million users. The project follows the viral trend of this bull market cycle, i.e., Telegram mini apps, which was started by Notcoin.
The reason for such rapid growth while the main product is still in beta lies in choosing the right strategy. Telegram is already being used by over a billion users worldwide, so when you start to build on Telegram, you solve the major problem of onboarding new users. Telegram payments and mini apps are bound to succeed. A similar thing happened when the top Chinese messenger WeChat added payments and then the mini app functionality. User friendliness, ease of access, convenience, and smooth experience of trading new tokens in the market without having to check gas fees are the key aspects Blum focuses on. Being able to transact without opening websites or installing apps right within one of the most popular apps in the world significantly lowers the entry barrier for users.
The team knows how to do it. Gleb Kostarev worked at Binance for 5 years and came all the way up from local PR and marketing positions to VP and Regional Head. Blum co-founder and CMO Vlad Smerkis also used to work at Binance as a regional GM. The co-founder and CTO Vlad Maslyakov was one of the initial members of Everscale, a fork of the TON blockchain. The founders know the ins and outs of working with a large user base and are familiar with Telegram's infrastructure, so they create the best trading UI and UX.
Blum does not compete with Telegram Wallet. It works similarly to dYdX, GMX, or Uniswap. It builds decentralized-trading functionality on top of Telegram where assets are stored in @wallet and transacted from there simply by connecting to Blum. It introduced gaming mechanics and points that later will be registered and traded on-chain. Blum is currently brainstorming and experimenting with novel ways for fair token distribution and engagement that will promote user excitement and fun. Details about the utility of points collected by users in tasks on the mini app are to be announced. The current pipeline for Blum includes active scaling of its tech infrastructure to be able to offer the new features that Gleb teased. Blum is on the way to a full-feature launch.
On a final note, Gleb advised new crypto users to be cautious, never to go all-in with all the funds one has, and never to make investment decisions in a rush. Becoming rich in 10 minutes is impossible. Patience, calmness, and building a strong strategy are the key to succeed in web3. Meanwhile, joining Blum does not require any investment and does not bear the related risks, so everyone is welcome to try it. You can watch the full interview here.
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