Blum Exchange: should you trust the new project?

The Blum exchange is a new project that is rapidly gaining popularity. Since its launch in April 2024, it has attracted more than 2.5 million subscribers to the Telegram messenger and millions of active users to its Telegram bot. The founders of Blum were former top managers of the most popular cryptocurrency exchange Binance, Vladimir Smerkis and Gleb Kostarev.

A few months after leaving Binance, they joined forces to create a new project - the hybrid exchange Blum. Blum and other cryptocurrencies are expected to soon become available through the Telegram mobile app and popular wallets such as Trust Wallet and MetaMask. Read about how it all works and whether you should trust the new project in our review.

Content:

• What is Bloom:
  • Introduction of MPC Wallet – hack-resistant technology;
  • What problem does Blum crypto solve;
  • What is interesting about the Blum token;
• Bloom Team;
• Project development;
  • Key stages of project development (Roadmap Blum);
  • How to get Blum tokens;
  • What are the advantages of the Blum exchange for token staking;
• Should you trust Blum?
  • Pros and cons of the project;
• What to pay attention to;
• Blum Reviews;
• Conclusion.

What is Bloom

Blum is a new generation cryptocurrency platform. It combines the best features of decentralized and centralized exchanges , using its own blockchain developed specifically for this platform. The project is technically implemented on the basis of Telegram Mini Apps - a web application that is launched directly from the messenger. Telegram Mini Apps resembles the Google Play or Apple Store environment: here you can also find mobile software of various exchanges, wallets, games and much more.

Blum executives chose this environment for a reason. They are confident that thanks to the Telegram messenger and its ecosystem they will be able to attract a large number of users to their project. And these are not empty words. According to Pavel Durov (founder of Telegram), about 900 million people actively use this messenger every month, which is approximately 10% of all inhabitants of our planet.

Introduction of MPC Wallet – hack-resistant technology

The creators of Blum crypto believe that despite all the security measures taken by cryptocurrency exchanges , storing funds in their accounts can be ambiguous. We are talking not only about various restrictions and “dirty” cryptocurrency, but also about the fact that exchange account owners must be the real owners of their crypto.

Therefore, Blum introduced MPC Wallet technology into its project, which distributes the user’s private keys between several servers. This makes them more resistant to hacking, since a hacker would have to hack multiple servers at the same time to gain access to the funds.

In addition, Blum integrates the order book with online settlement and offers not only an MPC wallet, but also self-custody options for cryptocurrency. This allows you to make transactions directly from wallets. The platform is designed in such a way that it is convenient for users to trade through Telegram and a localized P2P platform.

What problem does Blum crypto solve?

Imagine that you want to buy a brand new, juicy meme token. But it's not on the centralized exchange (CEX), and your enthusiasm wanes. Then a decentralized exchange (DEX) is your only chance, but the path will be thorny and full of insidious traps. Buying a meme token on a DEX requires over 40 steps. Here are the main ones: find the market, create an account, fund your account, find a trading pair, study supply and demand charts and orders, place an order, confirm the trade, transfer the token to a secure wallet (DEXs are not intended for storing assets).

And this is just the main route. Depending on the specific DEX exchange, additional steps may be required, such as integrating your wallet with the trading platform, transferring funds to the desired cryptocurrency, completing the KYC/AML procedure, paying fees for transactions on the blockchain network, etc.

Thus, one of the main advantages of Blum is minimizing the complexities associated with using decentralized exchanges. Users do not have to go through multiple steps and barriers like traditional trading platforms, allowing them to access new tokens faster and more conveniently.

Why the Blum token is interesting

The Blum token was launched on the Solana blockchain on May 18, 2024. Within the first 24 hours of its launch, the price increased by 20%. Its goal is to encourage user participation in the Blum ecosystem, provide holders of these tokens with access to exclusive features and benefits, and guide the future development of the project itself.

Here are some of the key characteristics of the BLUM token:

• Total supply: 100,000,000 BLUM

Distribution:

• 50% - team and investors
• 30% - liquidity pool
• 20% - future rewards and incentives

Functions of the BLUM token:

• Participation in management
• Commission discounts
• Access to exclusive offers
• Participation in staking and profitability programs

Bloom Team

The Blum team consists of former top managers of the most popular cryptocurrency exchange, Binance. It included:

Gleb Kostarev is a co-founder and CEO, former vice president of Binance with extensive experience in the CIS, Eastern Europe and Asia. Gleb is a specialist in operations, creating growth strategies, developing new products and regional development.

Vladimir Smerkis is a co-founder and executive director, a marketer with extensive experience working with large brands such as Red Bull. At Binance, he was responsible for business development in 9 countries.

Vladimir Maslyakov is a co-founder and technical director of the project with more than 24 years of experience in the field of fintech and blockchain technologies . In the past, he was the technical director of the Exante broker, where he worked in the technology sector.

Project development

The Blum project team willingly shares with users its plans for further development.

Key stages of project development (Roadmap Blum)

Each stage is carefully designed to improve and diversify the user experience. Here's what we can expect in the coming months:

How to get Blum tokens

At the time of writing, access to Blum tokens is provided through gamification in the Telegram messenger mini-application. This allows users to access them through interactive and engaging methods, making the experience more interesting and accessible. At the same time, the Blum project itself received support from the venture incubator fund Binance Labs and was selected as a startup to participate in the MVB VII - The Most Valuable Builder Accelerator Program.

Anyone can start farming points to exchange them for $BLUM tokens in the future. To do this you need to do the following:

1. Launch Telegram bot: @BlumCryptoBot
2. Set up an account.
3. Every 8 hours, press the “Farming” button and collect points.

You can increase your points by completing simple tasks: subscribe to Blum profiles on social networks. For completing each such task you will receive 90 points.

You can find these “tasks” by going to the “Tasks” tab. In total, you can earn 450 points this way. The referral system will bring you additional points: each invited friend will add 10% from farming, and his referral will add another 5%. But you can only invite 5 friends.

What are the advantages of the Blum exchange for token staking?

Another interesting feature of this project is the innovative approach to token listing. Unlike traditional cryptocurrency exchanges that require lengthy issuer verification processes, Blum has significantly shortened this process by allowing various crypto projects to automatically list their tokens for trading. This is done through software that quickly performs basic checks on a project's technology, liquidity and existing user base, thereby lowering the barrier to entry for promising startups.

Should you trust Blum?

It is quite difficult to answer this question unequivocally, since it all depends on your individual assessment of risks and tolerance to them. Blum is a new Solana-based decentralized exchange (DEX) that has a number of advantages, but also certain risks that need to be taken into account. Below are factors that will help you decide whether to trust this project.

Pros and cons of the project

Before investing in Blum Crypto or any other cryptocurrency, you should do thorough research and become familiar with both its advantages and disadvantages.

Pros of Blum:

1. Uses a unique off-blockchain "Flow Order Book" system, which provides faster transaction processing speed compared to traditional order books.
2. You can trade directly from Trust Wallet and MetaMask wallets.
3. It has no central governing body, which makes Blum more resistant to censorship and interference in its work.
4. Allows users to trade NFTs.
5. Users can participate in the governance of the platform by voting on various proposals.
6. Supports a wide range of cryptocurrencies and trading pairs.
7. You can trade directly on Telegram without switching networks, GAS fees in native tokens, and endless transaction confirmations.
8. P2P trading in local currency.

Cons of Blum:

1. The project is relatively new and its long-term viability has not yet been proven.
2. The price of the BLUM token can fluctuate greatly, which can lead to significant losses for investors.
3. The project is still at an early stage of development, so its functionality may be limited.

What to pay attention to

The Blum exchange stands out for its hybrid model - combining an off-chain order book with self-custody options for crypto. In addition, Blum provides universal access to tokens by automatically transferring them across different exchanges and protocols. This project allows you to trade via Telegram, offering mobile trading with integrated game mechanics. In the future, convenient perpetual futures and options will be available, including NFT futures and premarket tokens. P2P trading will allow you to focus on local currencies.

Blum reviews

There are a lot of positive reviews about this project on the Internet. It is clear that many people really liked it, and given the experience of its founders, there is no doubt that the chances of success are really high.

Conclusion

Blum Exchange is promising a security revolution with MPC Wallet technology, which is attracting the attention of investors. The project stands out for its experienced team, ambitious roadmap and innovative solutions.

However, the Blum exchange is at an early stage of its development, which leaves uncertainty about its future. The project does not yet have much practical experience, competition in the DeFi field is high, and the token price may be unstable.

The decision to invest in Blum crypto is up to you. We recommend that you carefully study this project, assess all the risks and invest only those funds that you can afford to lose. Remember, the cryptocurrency market is very dynamic and high-risk. Don't give in to the hype and make only informed decisions.

Read also:

TON league start date. How to get 115 million Toncoin rewards?

Bitcoin will cost zero

Real-time cryptocurrency rates

Technical analysis of cryptocurrencies