Telegram trading bots force crypto traders to sacrifice self-custody for UX
Trading bots managed via the crypto -friendly messaging app Telegram often require users to input their private keys so they can make trades on their behalf. The increasing numbers of these bots suggest that meme coin traders are happy to forgo one of crypto ’s core tenets, self -custody , to smooth the process of buying into the latest hot token. After all, when betting on the next crypto moonshot, it’s best to be early. The likes of Maestro, BonkBot, and Banana Gun significantly reduce friction when ape-ing into the next WIF, and some are specifically designed to ‘snipe’ freshly launched tokens. Rather than worrying about finding the correct pool on one of many decentralized exchanges (DEX), users simply message their instructions to the chatbot, which handles the on-chain activities. Additionally, with some bots claiming to protect trades from front-runners, users may feel reassured that their FOMO won’t end up with them getting ‘sandwiched.’ Explained: How JaredFromSubway....