The goal of this article is to guide those who are farming $Blum on how to increase their earning potential. But before we go into the strategies to boost your earnings, let’s understand the $Blum ecosystem.
According to the information found on their official Telegram Bot, they are building a decentralized exchange in Telegram, specializing in trading memecoins and new tokens. They feature a unique Memepad for launching new meme-based projects and incorporate gamified mechanics to enhance user engagement.
At the time of writing this article, here are the things you can do with Blum Telegram Bot:
- Farm Blum Points: You can play their Drop game to earn Blum Points (BPs)
- Invite Friends: You bring your friends (and maybe enemies alike) to play Blum and get rewarded for bringing them. The more friends you bring, the more you earn.
- Complete Quests: Finish tasks to rack up even more Blum Points
To get started, you need to click the Blum signup link right now. The link will lead you to Telegram. If you don’t already have Telegram installed on your phone, it will prompt you to download the app. Go ahead and download it. Follow the Telegram onboarding instructions to get the app installed on your phone. Once it is installed, you can go ahead to open the Blum app.You should see a page that looks like the screenshot below.
Click the “Launch Blum” button, and you should be taken to another page that looks like the screenshot below. As you can see on the screenshot, I’m already farming the airdrop that’s why the “Farming” button is greyed out. In your own case, it should be a white button. Click on it to start farming the airdrop. And if it’s Game Drop that appears, play the game to earn points. Once the game ends, click the “Farm” button.
Now, before we talk about the activities to speed up your earnings on the Telegram bot, let’s have a careful look at the Blum ecosystem. This is important so you know that you are farming a coin of a project that already has a viable product. When I’m hunting for airdrops, I put more effort into airdrops of projects that already have a viable product. Blum is one of such airdrops.
An Overview of the BLUM Ecosystem – Hybrid Crypto Exchange
To understand and appreciate what Blum is bringing to the table, let’s discuss the pros and cons of centralized and decentralized crypto exchanges. This will help us appreciate how Blum’s hybrid approach combines the Best of Both Worlds.
Centralized exchanges (CEX) are platforms managed by a single organization acting as intermediaries between buyers and sellers. They handle user funds and facilitate trades through internal systems.
The advantages of CEX are
- Convenience and simplicity
- High liquidity and customer support
On the other hand, the disadvantages of CEX are
- Increased hacking risk
- Third-party control
- Regulation and censorship
Decentralized exchanges (DEXs) are platforms where trading occurs directly between users without the need for a central authority or intermediary. These exchanges operate through smart contracts on blockchain networks, allowing users to trade cryptocurrencies peer-to-peer in a trustless manner.
The advantages of DEXes are
- Security
- Privacy, and
- Censorship resistance
The disadvantages of DEXes are
- Higher complexity
- Low liquidity, and
- Lack of customer support
Blum’s hybrid approach combines the best features of CEXs and DEXes. The main feature of the hybrid approach is its deep integration with the Telegram messenger, which currently has billions of users. Thanks to this approach users can perform various cryptocurrency operations directly within Telegram using a simple and convenient platform. This solution significantly reduces the number of steps required to purchase tokens to just a few actions.
One of the key elements of the hybrid approach is the use of multiparty computation (MPC). MPC is a technology that allows users to create their wallets, providing a high level of security without the need to trust centralized exchanges for fund storage. Users funds remain under their control, reducing the risk of loss or theft of assets.
Users also benefit from transaction automation to simplify the process of purchasing tokens and paying gas fees. The system automatically converts the user’s funds into the required tokens that covers the necessary fees. This allows users to perform operations quickly and without the complexities associated with the technical aspects of blockchains.
Blum MPC Wallet Explained
First and foremost, let’s look at what cryptocurrency wallets are, what solutions Blum’s platform offers regarding these wallets, and how to create and set them up.
Cryptocurrency wallets are tools that allow you to store, manage, and use your digital assets. There are two main types of wallets – hot and cold.
Hot wallets are connected to the internet and are convenient for daily transactions, but they are less secure due to the higher risk of hacking. Cold wallets are not connected to the internet and, therefore more secure but less convenient for frequent operations.
Hot wallets include mobile and web wallets such as Metamask and Trust Wallet – they allow quick and easy transactions but require caution when storing large amounts.
Web wallets provide access to blockchains through a browser interface and are often used for exchanges and other browser-based wallets. However, many web wallets store and manage your private keys, which can be less secure.
Cold wallets, such as Hardware wallets and Paper wallets, are ideal for long-term storage of large amounts of cryptocurrency. Hardware wallets are electronic devices that generate public and private keys and store them offline. This ensures a high level of security by isolating them from online threats.
Paper wallets are physical printouts of addresses and private keys that provide protection from online attacks but require careful handling and secure storage.
Choosing the best crypto wallet depends on the specific needs and preferences of the user. For example, the best Bitcoin wallet may differ from the one intended for storing Ethereum-based assets. It’s also important to ensure that the wallet supports the required blockchain network in order to avoid usage issues.
Blum is integrating a solution called MPC (multiparty computation) wallet. MPC wallets provide a high level of security, allowing users to have full control over their funds. The keys are stored with three different caretakers – the user, the exchange, and an external provider. This allows the wallet to be recovered in case part of the data is lost.
The advantages of MPC wallets are that your funds remain under your control and only you can initiate transactions. If you forget part of the phrase, you can recover the wallet without the exchange having access to your assets. Blum will also allow you to link your existing wallets, such as Metamask and Trust Wallet.
Metamask is a popular cryptocurrency wallet available as a browser extension and a mobile app for IOS and Android devices. Trust Wallet is a mobile wallet for IOS and Android that allows you to store and manage your cryptocurrencies securely. It supports many blockchains and tokens.
Installing and setting up Metamask and Trust Wallet is quite simple. Visit the official website or download the app from the app store or Google Play. Create a new wallet, set a strong password, and save the seed phrase. This process is intuitive and takes only a few minutes.
These wallets allow you to manage your assets directly without needing to transfer them to an exchange, ensuring greater security and control over your funds.
Blum App – All-in-One-Crypto App
Ever feel like you’re missing out on the hottest tokens because of confusing DEXes? Meet Blum, the game changer for hassle-free crypto trading. No more FOMO because now you’ll have first access to the latest tokens with Blum’s unique hybrid setup. You can trade between 30 plus chains whether you’re into OG tokens, meme coins, or the latest drops. Blum’s got you covered.
Those are their words.
Blum isn’t just about trading, earning points, playing in-app games, and converting the points into tokens. Link up and level up with your crew, compete in trading challenges, and come out on top with bragging rights—Blum – all crypto in one app.
How to 100x Your Blum Points
Are you participating in the Blum airdrops? In this section, I will share with you how you can increase your earnings. There are a few things you should do every day to get more points.
The very first thing you want to do is to make sure that you are signing into the Blum bot every single day. Signing in allows you to farm points automatically. You also earn Play Passes, which are quite important because they give you access to play games that earn you more Blum points. Make sure you don’t skip a day. Set up an alarm to remind you to sign in every day.
Next, after checking in, claim your points and remember to click on “Start farming” to start another cycle of farming for about 8 hours.
Check the task section every day. Completing all the tasks each day helps you earn more Blum points. For instance, at the time of writing this article, for every YouTube task, you earn 200 Blum Points.
Invite others to join. The referral system is more or less a passive way of earning. Inviting friends also gives you more Play Passes. The more friends you invite, the more Play Passes you get and you earn 2.5% of your friends’ referrals.
Play the game. Playing the game is also essential. When the game was first launched, there was a tap-tap-tap mechanism. Now, it’s more sophisticated, requiring you to play within the Blum ecosystem. Each Play Pass can earn you a significant number of points.
As a quick recap:
- Ensure you’re checking in every day to get your daily Blum point rewards and play passes.
- Invite friends
- Complete all the tasks
- Play the game to maximize your points
In conclusion, Blum offers a unique technology – the ability to simplify the process of purchasing tokens and paying gas fees. The fact that their system automatically converts the user’s funds into the required tokens that covers the necessary fees – something that is currently unavailable in other blockchains.
