What is Blum: a mini-app with hybrid crypto exchange ambitions

If you're a Telegram ecosystem veteran, chances are you've heard of Blum, the mini-app that's been making waves in the tap-to-earn scene thanks to its exciting roadmap and star-studded team. Yet, when you access Blum on Telegram, all you'll see is an interface to periodically collect Blum points and a "drop game". Is this the hotly anticipated Blum project that Web3 veterans have been looking forward to, or is there more to this than meets the eye?

From deciphering what Blum points are for to highlighting Blum's plans to become a hybrid crypto exchange, here's all you need to know regarding what Blum is and why it's so popular among Telegram users.

TL;DR

• Blum is a yet-to-launch hybrid crypto exchange that plans to combine off-chain order books with on-chain settlement.

• While the mobile app and exchange services haven't officially debuted, Blum currently exists as an invite-only Telegram mini-app.

• The Blum mini-app incentivizes users to start their Blum points-farming journey early with various tasks, a Drop Game, and a referral system.

• The Pokras Lampas collaboration with Blum was extremely successful and is a sign of things to come for Blum's future.

• Despite some feature delays, Blum users remain optimistic about the team's ability to deliver on their promised roadmap.

What is Blum?

Blum is a crypto project that aims to become a hybrid exchange by blending off-chain order books with on-chain settlement. The goal of this approach is to provide a smooth user experience for crypto traders since you're able to trade straight from your wallet with the integrated Telegram mini-app. With support across over 30 chains, users gain access to various crypto trading opportunities across centralized exchanges (CEXs) and decentralized exchanges (DEXs) within a user-friendly and secure environment, as they trade everything from hidden gems to simple derivatives.

Why is Blum so popular?

Despite not yet debuting its core exchange services and being a work-in-progress, Blum has gained attention from Web3 natives and crypto beginners alike. This is largely for the following reasons.

Binance ties

As one of the stand-out participants of the Binance Most Valuable Builder (MVB) accelerator program, Blum has garnered significant attention within the crypto community. Being selected signifies recognition from a large CEX and validates Blum's innovative approach, strengthening its position as a promising platform to watch. Participation in the MVB program also likely provides Blum with valuable resources and mentorship to further develop its technology and refine its user experience. This can accelerate Blum's growth and propel it towards becoming a major player in the crypto exchange landscape. Add to this the fact that the Blum team is packed with former Binance executives, and you have a team that's equipped with the necessary experience and know-how to execute on their ambitions.

Accessible Telegram mini-app

Blum's integration with Telegram creates a convenient and user-friendly experience. Since there's no need to download a separate app, you can trade directly from your Telegram interface, which significantly lowers the barrier to entry for Blum. This streamlined approach capitalizes on Telegram's massive user base, allowing it to seamlessly transition into the world of crypto trading within the platform's familiar environment. Additionally, this low barrier to entry is particularly attractive for crypto-curious newcomers who might be hesitant to navigate unfamiliar apps or exchanges. Blum's Telegram integration effectively removes this friction, making it easier for users to explore the crypto space and potentially become active participants.

Hybrid exchange model

Blum is unlike traditional crypto exchanges as it doesn't maintain custody over your crypto. Instead, it functions as an intermediary, matching buyers and sellers through an off-chain order book. This off-chain system allows for faster transaction speeds and a smoother user experience. However, the actual settlement of trades happens on-chain, meaning crypto is directly transferred between wallets on the blockchain itself. This dynamic system of relying on an off-chain order book and on-chain settlement guarantees transparency and security, which is something that's severely lacking in the crypto space.

Blum's core exchange features

What's interesting to note is that the Blum team already has a detailed set of features in mind for its integrated hybrid crypto exchange, including the following.

Universal token access

Tired of not being able to find the coin or token you're looking for on your preferred crypto exchange? Whether you're a seasoned crypto trader or a curious crypto newcomer, Blum plans to offer universal token access, so there's a whole range of entry points to explore the exciting world of crypto to suit your trading needs. From trading popular coins like Bitcoin and Ether to checking out lesser-known crypto gems, Blum is aiming to cater to the masses with a diverse range of trading pairs.

Simplified derivatives trading

For those interested in venturing beyond traditional spot trading, Blum plans to offer a simplified approach to derivatives that'll show you the ropes regarding crypto derivatives trading. From perpetuals and options to futures on NFTs and pre-market tokens, Blum is aiming to help expand your trading repertoire by offering a variety of derivatives that'll allow you to capture all sorts of potential trading opportunities. This can range from the use of leverage while trading to hedging one's holdings against near-term catalysts with covered calls. Overall, this simplified crypto derivatives trading experience will be contained within the familiar, user-friendly confines of the Telegram ecosystem.

P2P fiat trading

One of the biggest pain points regarding crypto trading is the entire process of on-ramping and off-ramping your local currency. Blum acknowledges this hurdle and plans to integrate peer-to-peer (P2P) fiat trading directly into the platform. By incorporating local currencies and including merchant integrations, this will allow users to seamlessly buy and sell crypto with fiat currency directly from other users within the Blum ecosystem. P2P trading often offers competitive rates compared to traditional exchange on-ramping methods, potentially saving users money and streamlining the overall crypto experience.

Blum points farming

Blum goes beyond just trading as the platform incorporates a gamified element through "Blum Points". By engaging with the mini-app's drop game and completing tasks, users can earn Blum Points. These points can then be redeemed for various rewards within the Blum ecosystem, further incentivizing user participation and fostering an engaged community. We'll cover this in more detail below.

This combination of features positions Blum as a one-stop shop for all things crypto, offering a user-friendly platform for trading, exploring new trading opportunities, and earning attractive loyalty rewards. However, the true magic of Blum lies in its integration with Telegram — the popular messaging platform with a massive user base. Now that you're aware of what the Blum team intends to build, let's look at what's currently available to users in the existing Blum mini-app.

Features within the Blum mini-app: a preview of what's to come

Source: blum.io

While its mobile app has yet to officially launch, Blum currently exists as a Telegram mini-app that's managed to attract a sizable following among Telegram users. Opening the Blum mini-app presents you with a minimalist interface that displays your accumulated Blum points, amount of play tickets available for its Drop Game, and an eight-hour timer counting down, indicating when you'll be able to claim your fill of free Blum points again.

Curious as to what these Blum points will be used for? Details on the specifics are still vague, but the Blum team has stated that Blum points will be used to redeem rewards within the Blum app in the future. As such, it'd make the most sense for budding Blum traders to begin their points farming process as soon as possible.

Blum Drop Game

Source: blum.io

The Blum Drop Game is a game within the mini-app that allows you to earn bonus Blum points. Your main goal for this game is to catch as many falling items as you can within 30 seconds. Each item you catch is converted into Blum Points for your total balance. Make sure to avoid the bombs, as they deduct ten points from your total score. Meanwhile, look out for frozen ice crystals, which freeze the items in place and make them easier to collect. Do note that each attempt subtracts a play pass, which you can obtain by logging into the Blum mini-app daily.

Tasks for bonus Blum points

Source: blum.io

On top of being a regular Drop Game player, you can also earn extra Blum points by participating in the various tasks set up by the Blum team. From viewing YouTube videos to subscribing to partner channels, these tasks reward you with a constant drip feed of Blum points over time. Make sure to check back regularly so you don't miss out on seasonal tasks like the recent Summer Quest that rewarded 555 Blum points for interacting with various Blum partners.

Referral system for early access

Source: blum.io

Last but not least, we have the Blum referral system that grants your network of friends early access to Blum. Since Blum is currently a waitlist-only mini-app on Telegram, the quickest way to gain access to it would be with referral invitation links. If these invites were to run out, you can simply do a quick check across Telegram community channels or X for users who are more than happy to grant you access. Do note that these Blum referrals will be relevant once the Blum hybrid exchange launches as the 'frens' you invite will give you a 10% kickback with each swap and trade made.

The Pokras Lampas 'hack'

The collaboration with artist Pokras Lampas took many Blum users by surprise as they woke up to find the Blum mini-app defaced by neon pink graffiti and a glitched-out interface. Although this caused some panic among crypto beginners who were fearful of the Blum mini-app being compromised, they eventually realized that this was simply a marketing stunt.

Aside from the new coat of paint, the Pokras Lampas collaboration also granted Blum users additional points in the form of an additional task, and a bonus way to earn extra Blum points during the Drop Game. While tapping on the bombs would usually result in a point deduction, the Pokras Lampas collaboration reversed this by giving players an additional ten points with each bomb tap. From getting more players to play the Drop Game thanks to incentivized rewards to generating discussions among users on the possibility of the hack being real, it certainly seems like the Pokras Lampas marketing collaboration achieved its goal of creating buzz among the Blum community.

What's next for Blum's future: understanding the Blum roadmap

Source: blum.io

Although it's been a while since Blum last addressed the project's roadmap in May 2024, let's take a look at what Blum has in store for the coming months. Despite being slated for Q2 2024 and beyond, most of the features above have yet to launch besides Drop Game. This includes self-custody wallets, swaps, leaderboards, a meme-based launchpad, and a public launch of the Blum exchange. Blum's participation in the Binance MVB program suggests ongoing refinement and the potential for faster progress. Additionally, the presence of a functional Drop Game within the mini-app demonstrates the team's commitment to delivering features based on its stated roadmap. While the delay in launching the full suite of functionalities might raise questions about timelines, it's important to acknowledge that building a robust and secure crypto platform takes time. As Blum prioritizes stability and user safety, the wait might be for a more polished and reliable experience in the long run.

Final words and next steps

Blum has captured the imagination of the crypto community with its innovative approach to a hybrid crypto exchange. While the core exchange features and mobile app are still under development, the existing Telegram mini-app offers a glimpse of what's to come. From the gamified Blum points system to the user-friendly interface, all eyes are on the Blum team's ability to deliver based on the ambitious roadmap laid out.

Curious about similar popular mini-apps on the TON ecosystem? Check out our guides to Notcoin, TapSwap, and Hamster Kombat to learn more about how these mini-apps are successfully making waves in the mini-app scene.