What is Blum coin? Assessing the potential of the Blum project

Blum is a decentralized exchange (DEX) that provides trading options for tokens from both centralized and decentralized platforms, along with reasonable derivative trading.

Overview of the Crypto Blum Project

Blum is a new rising name in the cryptocurrency market recently. In fact, the popularity of Blum has surpassed a top application at one time, Hamster Kombat. So what is Blum and what makes it special compared to other Crypto projects? Let's explore it in more detail in this article.

What is Blum?

First of all, Blum is a decentralized exchange (DEX). It provides options that allow users to perform token/coin transactions from both centralized and decentralized platforms, along with reasonable derivative trading. Moreover, Blum also allows futures trading and supports users to buy any coin from various networks.

Although it is a DEX, the Blum platform is deployed to users in the form of both a mobile app and a Telegram mini app (meaning users can perform transactions even on the Blum mini app within the Telegram messaging app). It can be said that Blum is a hybrid version between CEX and DEX as it solves the problem of allowing users to buy more token/coin types on CEX and simplifies trading like on DEX (through the mini app).

What is the Blum Crypto bot?

As BeInCrypto discussed above, the Telegram mini app version of Blum is called the Blum Crypto bot. This is considered the initial point of interaction for users to use Blum. At the time BeInCrypto wrote this article, Blum is implementing Blum Points. This is seen as a way to check in and reward users when they access the app daily. In addition to check-in, users can farm Blum Point (BP) every 8 hours. This farming mechanism is somewhat similar to the daily check-in we've seen on Pi Network.

Users can also invite friends or complete daily tasks to collect more Blum Points. These BP can then be converted to Blum coin and airdropped to users. However, the specific information has not been shared by the Blum team at the time BeInCrypto wrote this article.

What are the core features of the Blum exchange?

In its role as a DEX, Blum brings four notable features to users to simplify and enhance the cryptocurrency trading experience.

• Diverse token/coin access: Blum allows users to trade a variety of different tokens/coins, not just popular ones like Bitcoin and Ether, but also many lesser-known coins.
• Simplified derivative trading: Blum provides an easy-to-access approach to derivative trading, including perpetual contracts, options, futures contracts on NFTs, and pre-market tokens. It aims to create complex trading strategies, such as leverage and hedging, that can be accessed within the Telegram ecosystem.
• P2P trading: Blum integrates fiat currency trading, allowing users to buy and sell cryptocurrencies using local currency. This feature connects buyers and sellers directly, often at more competitive rates than traditional methods.
• Blum Point farming: This platform provides a gamification experience where users can earn BP and exchange them for rewards within the Blum ecosystem, enhancing user engagement.

Innovations and Roadmap of the Blum Project

To increase the utility of a DEX, Blum is developing the Blum Meme Pad feature, which is expected to be launched in the near future. This feature will allow users to issue and swap tokens, primarily meme tokens and community tokens. This will be the next step for Blum to move closer to its goal of becoming a multi-purpose platform that the company desires. Users will also be able to swap tokens between networks through the Meme Pad.

With that goal in mind, Blum is also developing an integrated swap for users to trade their assets directly through an MPC wallet. In Q4/2024, Blum has also promised to introduce perpetual futures contracts and other derivative products for its users.

Other updates include localization and enhancements within the Blum ecosystem. Blum is expected to launch in the coming weeks as it has already connected over 30 million wallets to Blum.

Blum Development Team

Blum was founded by a team of experienced experts with a background in blockchain technology and global finance. Among them:

• Gleb Kostarev is the co-founder and CEO of Blum. He has experience working at Binance as a former Vice President.
• Vladimir Smerkis is also a co-founder and the CMO of Blum. He has a diverse investment portfolio, including work with global brands like Red Bull and Binance.
• Vladimir Maslyakov is the Chief Technology Officer (CTO) of Blum. He has over two decades of experience in finance, high-frequency trading, and blockchain technology.

What You Need to Know About the Blum Token and Airdrop Program

The Blum token event and airdrop are designed to reward active participants in the Blum ecosystem through the Blum Point system. And as BeInCrypto shared above, users can earn BP by farming or completing assigned tasks. The Blum airdrop campaign will start in June 2024. Essentially, the more BP you have, the higher the ratio of receiving BLUM tokens in the future airdrop and vice versa. However, the Blum team has not yet disclosed the specific conversion rate at the time BeInCrypto wrote this article.

Evaluating the Potential of the Blum Project

3 Things That Make Blum Stand Out

In reality, there are many DEX projects in the market. However, the popularity of Blum is perhaps due to 2 factors:

• First, the shadow of the Binance giant behind Blum. As a participant in Binance's Most Valuable Builder (MVB) acceleration program, Blum has gained a certain amount of attention. In addition to this connection, the presence of a group of former Binance CEOs has also contributed to Blum's growth. Of course, it is expected that the Blum token will be listed on Binance when it is launched in the future.
• Secondly, Blum has made good use of the trend on Telegram. 2024 can be said to be the year of Tap to Earn projects, those "parasitic" projects on this platform. By creating a mini app on Telegram, Blum has quickly reached a large user base, increasing its intrinsic value.
• Thirdly, Blum's model also helps solve some of the market's problems. It has the ease of use of a CEX and the decentralization of a DEX. Matching buyers and sellers through an off-chain order book ensures faster transaction speed.

Evaluating the Potential of Blum

The process of exploiting and receiving free BP is quite lively thanks to the success of the Tap to Earn trend this year. Although the conversion rate from BP to Blum token has not been announced, this is still expected to be an attractive airdrop project in the community. Especially with the backing of Binance Labs, the community is even more confident that the Blum token will soon be listed on Binance as well as other major exchanges like OKX or MEXC... This process may take place in early 2025.

Furthermore, the overall market outlook for 2025 is quite optimistic, especially after the historic victory of Donald Trump. The 4-year market cycle and the Bitcoin Halving cycle, as well as the Fed's quantitative easing... are all positive signals that will help the Altcoin market surge, bringing about an Altcoin Season in the near future.

However, it should also be noted that Blum may go down the same path as other projects, like Hamster Kombat. If Blum's airdrop causes a lot of disappointment in the community, and the conversion rate from BP to Blum token is controversial... then that could be the reason why users abandon this project.

Prediction of Blum Token Price at Listing

Regarding the price, information about the tokenomics has not yet been disclosed. However, there are many rumors in the community that the conversion rate from BP to BLUM token will be 3.5/1.

Alongside this, some optimists believe that the BLUM token price at launch and listing on exchanges will fluctuate between $0.1 - $0.7. This price range is quite high compared to other projects like Hamster Kombat or Notcoin, and it also depends on the official airdrop ratio for users. However, it also shows the general interest of the community in the project.

Conclusion

Blum is a promising exchange project, but thanks to its mini app model and airdrop strategy, it has already attracted a large user base. Users are currently integrating "farming" BP in the hope of some profit from this airdrop program. However, there will always be risks with such new projects, and Blum will need to be more careful with its Blum token airdrop program to retain users.

Frequently Asked Questions

How can I earn Blum Points?

Simply access the BlumCryptoBot and register a Blum account. You can start accumulating points by clicking the 'farm' button. Remember to check every 8 hours to receive your points! Want more points? Try inviting referrals - you'll get 10% for your friends + an extra 2.5% from their referrals, and complete social or daily tasks to earn more points.

Why do I need Blum Points?

Blum Points are not just a sign of your participation. They can be exchanged in the Blum app to receive various rewards. They may even be convertible to Blum tokens in the future, although the Blum team has not confirmed this.

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