Blum is one of the 13 new crypto projects that triumphed in the 7th MVB Program, outshining over 700 competitors to gain support from the Binance Labs. So, what makes this project special? Let’s explore with FMCPAY!
1. What is Blum?
Blum is a decentralized exchange (DEX) integrated as a mini-app on Telegram. As of now, they have not yet launched the DEX product and features only a Tap to Earn app.
The purpose of this Tap to Earn app is to build a large user base before launching the DEX. Remarkably, within three months since its April 2024 launch, it has amassed 30 million users and 18 million subscribers on Telegram.
This model was previously used by the Blast project, where users could earn points simply by performing basic tasks like bridging or staking. Later, it transitioned to Blast Gold, allowing investors to start engaging with dApps within the ecosystem.
2. What do we know about Blum DEX?
Although Blum DEX has yet to launch, some of its features were highlighted during the Binance MVB Program VII Demo Day. Specifically:
Trading via Telegram
Integrated as a mini-app on Telegram, this DEX minimizes development time and enhances user interaction, benefiting from Telegram’s user base.
Off-Chain Orderbook, On-Chain Settlement
Blum uses an orderbook model where a third party manages data off-chain, but transactions are recorded on the blockchain. This reduces transaction fees but raises transparency issues due to off-chain orderbook storage. It should be noted that the orderbook is also the primary trading model on all CEX platforms, where buy and sell orders are displayed in a list.
Derivative Trading
Beyond standard spot trading, the DEX plans to include features for margin, futures, and options trading, with future support across multiple networks for diverse asset trading.
Youth-oriented Interface
At Demo Day, the project announced their focus on GenZ users. To cater to this demographic, Blum will design a youth-friendly interface and launch their own meme coin. According to their data, 40% of GenZ and GenY crypto investors hold meme coins.
3. What is Blum Point (BP)?
Blum Point (BP) is currently the sole reward for users participating in the Tap to Earn app. Once the decentralized exchange launches, BP will offer more features and can be converted into the Blum token.
Unlike other Tap2Earn projects requiring constant interaction with characters or icons on phone screen, Blum users only need to access the app every 8 hours to set up and wait for the farming process to complete.
Additionally, the app does not have a ranking system or farming speed upgrades to maintain fairness among participants.
4. How to earn Blum Point?
Follow the below steps to join & start to earn BP:
- Step 1: Access the Blum tap-to-earn bot at Telegram (@BlumCryptoBot)
- Step 2: Choose “Create account” > input your nickname > Done
- Step 1: Choose “Start farming” to start farming BP. Each farming takes 8 hours to finish.
- Step 3: You can also use the red ticket to trigger the time-limited event.
- Tap on green flowers that continuously show up on the screen to earn more BP
- Tap on the ice crystal for time-freezing
- Avoid the bomb so you won’t lose your BP
- Step 4: You can also earn more BP by inviting friends or doing some simple tasks.
5. Who’s behind the Blum project?
The team behind Blum consists mostly of long-time crypto veterans, including:
Gleb Kostarev
Co-Founder and CEO. Previously, he was the Vice President at Binance from 2018 to 2023, expanding the exchange to Kazakhstan and Japan.
Vladimir Maslyakov
Co-Founder and CTO. He has extensive experience in blockchain and finance, having served as CTO at Everscale, Broxus, and Hyperflex.
Vladimir Smerkis
Co-Founder and CMO. Like Gleb, he also held a position at Binance as General Manager.
Conclusion
Given its long-term vision and clear strategy, Blum’s introduction of the Tap to Earn app as a foundation for their decentralized exchange and broader ecosystem seems like a strategic move.
What’s your take on this project? Follow FMCPAY for the latest updates on emerging crypto projects!