The first quarter of 2024 has seen the meteoric rise of BONKbot, the fastest trading bot on Solana, which has done over $3.5 billion lifetime volume and nearly $1 billion volume in the past 7 days. Now, the same speed and convenience of telegram trading is coming to Cardano with SNEKbot by DexHunter. Built by the team behind SNEK, the highest volume token on Cardano, in collaboration with DexHunter, one of the largest dApps on the chain, SNEKbot brings Telegram trading to Cardano for the first time.

What is SNEKbot?

SNEKbot is the first telegram trading bot on Cardano. Getting started trading tokens on a blockchain can be very difficult for first time users which prevents many users from ever exploring cryptocurrencies at all. Through SNEKbot's telegram integration, users can quickly and easily purchase a token by entering its ticker or policy ID and clicking a button. SNEKbot helps remove complexity from the blockchain experience, allowing new users to explore the world of Web3.

SNEKbot Features and Benefits

One of the main benefits of using SNEKbot is its simplicity. The simple user interface allows inexperienced users to easily buy and sell native tokens on Cardano with only a few button clicks. However, SNEKbot isn’t just built for new or inexperienced traders, it is also perfect for the advanced traders looking for every advantage they can find.

The simplicity of SNEKbot also leads to speed. Normally, a user has to navigate to a DEX or DEX aggregator, find the token, adjust slippage, wait for the wallet pop-up, and finally sign the transaction, wasting valuable time for trading. SNEKbot removes the need for any of that, allowing traders to paste a policy ID and automatically purchase the token. On top of that, the SNEK team has partnered with DexHunter to provide the fastest available nodes, ensuring trades are as quick as possible.

SNEKbot has other features that make it a great tool for advanced traders, with new features in the pipeline to further help those traders. Currently, it helps provide detailed analysis regarding trades and positions. This includes market cap, profit after fees, liquidity, price changes, and more. As any advanced trader knows, data is key. SNEKbot makes data easily available for you.

While SNEKbot is currently in open beta, it does have many exciting features planned to come out in the future. According to their website, features like auto buy, DCA, and limit orders are coming soon.

As far as security is concerned, SNEKbot is a custodial platform that stores the private keys generated for your telegram account. You can export those keys and use them in a different wallet, but it’s recommended that you only store tokens used for trading in your SNEKbot wallet.

SNEKbot Fee Structure and Referrals

Similar to BONKbot, SNEKbot takes a 1% fee from every transaction. The fee is distributed in the following ways:

One of the most exciting features of SNEKbot is the referral program. Every user gets a referral link to share with friends and then earns 10% of their fees as a commission, for lifetime.

Conclusion

While SNEKbot is only in its open beta stage, it’s a very exciting innovation for the Cardano DeFi community. During its private beta stage, SNEKbot was able to achieve over 1,000 users which they shared in a tweet just before announcing the open beta.

As we’ve seen with the success of BONKbot on Solana, it seems SNEKbot has the potential to make massive waves for Cardano.