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Views: Blum token does not exist yet. There is no Blum token under this name or any other. It cannot be bought, even on the premarket, or received as a reward for any action.
Tens of millions of users of the Blum mini-application in Telegram are expecting the token to launch. And such a high user base allows us to hope that many exchanges will include Blum in their listing. Especially if a generous airdrop is dropped and exchanges see that millions of potential customers are ready to start trading the new token.
What is a Blum Airdrop?
An airdrop is a giveaway. Airdrops are usually conducted by cryptocurrency startups. When a project goes public, it issues tokens and distributes them to early adopters.
Blum is just such a cryptocurrency startup that is nearing a product launch. Right now, Blum is just a clicker that you can play and get points for different actions. But Blum's main product should be a partially decentralized trading platform in the form of an app for Telegram. And, according to the roadmap, the first trading functions on this platform should work in the third or fourth quarters of 2024.
The prediction that the token airdrop will take place at the same time seems justified. Until the exchanges are launched, there is no utilitarian use for tokens. And when exchanges (and then trading perpetual contracts) are launched, Blum token holders may get a discount on the new platform's commissions. This will give practical meaning to the tokens themselves and their distribution to early users.
And immediately after the airdrop, we can expect Blum to be listed on exchanges.
Blum token listing date
Blum is a bit behind on its stated roadmap. The third quarter is ending and the exchanges that were promised to launch this quarter are not yet available. However, all previous milestones have been realized, which means that the team is now actively working specifically on the exchanges. Once they are ready, we can say that the product has been created.
Therefore, if we are interested in the listing date of Blum tokens, we should first of all follow the news about the launch of exchanges on the Blum platform. Most likely, airdrop of tokens will be timed to this moment. Surely, many cryptocurrency exchanges will not fail to take advantage of this and immediately offer the happy owners of new tokens to sell them on their platforms.
So we can see the announcements of exchanges about the listing date of Blum as soon as the Blum platform itself announces the implementation of the exchanges' function and the token airdrop.
Blum's listing price?
As long as nothing is known about the tokens themselves, it is impossible to predict their starting price at auction. The starting rate is determined by the market makers of each exchange. And no one knows at what level the market makers will decide to place their first limit orders to buy and sell a new token.
Imagine you are a market maker on a major exchange. And you have an agreement with the exchange that in any market situation you keep limit orders to buy and sell traded assets at a very small distance from each other (for example, no more than 0.2%). For this, the exchange pays you a commission or allows you to trade without commission.
You cannot hedge and place an order to buy the Blum token at $0.01 and to sell it at $1. In our example, where the agreement with the exchange states that the difference cannot exceed 0.2%,
if the market maker places a buy order at $0.01, it must place a sell order at $0.01002;
if the sell order is placed at 1,000 USD, the buy order must stand at $0.998.
Both are a risk for the market maker:
If you sell too cheaply, you won't be able to buy back at an acceptable price and will have to buy more expensive;
If you buy too expensive, you have to sell cheaper.
Please note: this only applies to market makers who have an agreement with the exchange to provide market making services. They are obliged to ensure the availability of buy and sell orders in any situation.
If you create a bot for marketmaking on the Veles platform, you will not be required to maintain a certain distance between buy and sell orders. In the individual settings of the bot on Veles, you can choose a convenient distance between the grid lines. And at the start of Blum token trading, when you can expect volatility, it makes sense that the difference between orders should be larger: for example, 20%.
Later, when the market finds a more or less equilibrium price of Blum token, the bot settings can be changed and orders in the grid can be placed closer to each other. And if the general trend becomes clear, it will be possible to replace the neutral grid used by market makers with a trending bot.
The listing of other popular tokens from clicker games shows that the trend on them is more often downward. A particularly vivid example is Hamster Kombat token, whose rate fell by half in the first few days. For such a trend, a bot working according to the Veles short spot strategy is perfect. It sells tokens received on airdrop and then buys them back at lower prices.
On which exchanges will Blum coin be released?
In the Blum app itself, at the first stage, only exchanges between cryptocurrencies are planned. And clicker players will surely want to get their reward in rubles or dollars, that is, they will look for a platform to sell tokens for fiat currency. Therefore, we are unlikely to be wrong if we assume that many exchanges, whose API keys can be connected to Veles in one click, will list the Blum token. When the listing takes place, the token can be used in bots alongside other coins.
Not all exchanges include tokens of their competitors in the listing. For example, OKB is not traded on the Binance exchange, and BNB is not traded on the OKX exchange. Therefore, there is a possibility that some exchanges will refuse to list Blum token on principle.
However, the position of Binance is indicative in this matter. Gleb Kostarev and Vladimir Smerkis, who founded Blum, used to work at Binance as regional top managers. Large businesses often enter into agreements with executives at this level that prohibit them from entering the market as a competitor of their former employer for some time after their dismissal. After all, working in an executive position in a large company, you have access to its base of clients, partners and employees. And by becoming a competitor, you can poach them for yourself.
But despite the fact that Blum's platform is set to become a direct competitor to Binance after its launch, the former employers of Blum's founders are not sticking their necks out for their new brainchild. On the contrary, Binance Labs is one of Blum's investors. Maybe Blum is not a competitor for Binance, but a way to stay on the Russian market, which was overseen by Smerkis and Kostarev at different times in this company?
In general, at least on the part of Binance, support for the Blum token is assured.
Conclusion
It is too early to say anything definite about the listing of the Blum token on exchanges:
Blum does not have a working product,
there is no announcement about token airdrop,
it is not clear what advantages token ownership gives (and demand and, accordingly, market price depend on it).
But as soon as all these issues are clarified and the token is released, it is highly likely to be listed on major cryptocurrency exchanges: if not all, then many.
Frequently Asked Questions
1. Who will get the Blum Airdrop?
A decision on the terms of the airdrop has not been announced yet. However, usually game-clicker tokens are given out to active players and those who bring a lot of new users to the game.
2. How to earn Blum tokens?
In the Blum app, only points - the in-game currency - are awarded. What you need to do to get tokens will be known only when the news about the terms of airdrop appears. And when the listing on exchanges will take place, you can farm tokens with a trading bot from Veles, customized for the short spot strategy. It will sell tokens at or above the price that will be relevant at the time of listing, and then, if the rate drops, will buy back more tokens, increasing their total amount on your balance.
3. Which wallet supports Blum tokens?
Until Blum tokens are released, they cannot be withdrawn to any wallet. When it is known which blockchain the tokens will be created in (e.g. TON or BSC), you can choose any available wallet that supports that blockchain to store them.
