Blum Market Report 2024

Executive Summary

In 2024, Blum experienced significant growth, driven by its gamified engagement model and Memepad. The platform scaled rapidly within the TON ecosystem, leveraging Telegram’s user base to accelerate adoption. The introduction of Memepad expanded its functionality, enabling seamless token creation and broadening user participation beyond airdrop-driven incentives.

Blum’s expansion was reflected in its user and transaction growth, reaching 90 million registered users, 25 million monthly active users (MAU), and 37 million connected wallets. However, as Blum enters Season 2, key challenges remain, including scalability constraints within TON, liquidity depth, and transitioning toward a sustainable, utility-driven model. This report examines Blum’s 2024 milestones, its positioning within the evolving Web3 ecosystem, and strategic considerations for long-term growth.

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1. Introduction to Blum and Its Growth in Season 1

Blum is a Telegram-native DeFi platform that integrates gamified engagement, token creation, and trading tools. It first gained traction through gamified engagement features, including the Drop Game, Farming, and Quests & Tasks. These mechanisms, driven by airdrop-based rewards, attracted a significant user base due to their low entry barriers. This early phase positioned Blum as a widely used platform within Telegram’s Web3 ecosystem.

Following its initial adoption, Blum expanded its feature set to sustain engagement and introduce additional utility. The launch of Memepad introduced a streamlined token creation tool, allowing users to deploy tokens seamlessly. The platform continued refining its interactive mechanics, integrating structured engagement models and participation incentives to maintain user retention.

1.1. Key Product Developments in 2024:

• Beta Launch: Blum launched in April 2024, focusing on refining the product and gathering user feedback for platform improvements.
• Farming: Introduced a time-based gamification mechanism where users could earn Blum points every 8 hours by engaging with the platform.
• Quests & Tasks: Implemented multi-step challenges with structured reward incentives to encourage retention.
• Invite Frens Program: Introduced referral-based incentives to accelerate organic growth.
• Drop Game: Launched a fast-paced mini-game where users catch falling items to earn Blum points within a limited time.
• Public Launch: Expanded beyond beta testing, making Blum accessible to a broader Telegram and TON ecosystem audience.
• TON Wallet Integration: Introduced direct connectivity with the TON wallet, enabling users to easily manage assets within the mini-app.
• Tribes: Introduced a social feature allowing users to form and participate in community-driven groups.
• Memepad: Launched a token creation platform tailored for meme coins, allowing users to deploy tokens without technical expertise.

Figure 1: Blum’s Ecosystem Growth: Users, Wallets, and Social Metrics (2024)

1.2. User Growth & Adoption

By the end of 2024, Blum reported:

• 90.1M+ Registered Users – Driven by Telegram-native UX and referral-based growth.
• 37.8M+ Connected Wallets – Reflecting strong Web3 integration and on-chain participation.
• 25.3M Monthly Active Users (MAU) – Positioning Blum among the most engaged platforms within the TON ecosystem.

This rapid growth was driven by Blum’s gamified engagement model, referral incentives, and the accessibility of its Telegram-native experience. As one of the first major projects to follow Notcoin’s success, Blum quickly established itself as an early leader in the space, setting the stage for its strong community-driven expansion.

1.3. Industry Recognition & Positioning

Blum was selected for Binance’s Most Valuable Builder (MVB) program, an initiative supporting high-potential Web3 startups. Participation in the program provided Blum with additional exposure and access to Binance’s mentorship and resources. Blum also won the App League category in the TON Open League, attracting over 2.5M unique wallets and distributing $800K in rewards. These recognitions validate Blum’s rapid growth and market traction within TON and the broader Web3 landscape.

2. Blum’s Innovative Approach And Products

Blum aims to enhance decentralized trading by prioritizing accessibility, efficiency, and scalability. The platform is designed to lower entry barriers for new users while maintaining a feature-rich environment for experienced traders. This section explores Blum’s key innovations, their impact on users, and their positioning within the broader DeFi and hybrid exchange landscape.

2.1. Hybrid Exchange

The hybrid exchange model adopted by Blum is designed to address scalability and security challenges in decentralized trading. By integrating an off-chain order book with on-chain settlement mechanisms, Blum seeks to provide the speed and cost-efficiency of centralized exchanges while maintaining the security and transparency of decentralized platforms.

Figure 2: Comparison of Blum with Other Hybrid Exchange

Blum differentiates itself in the decentralized trading space with a streamlined onboarding experience, eliminating unnecessary complexity in user access. Unlike competitors, it incorporates a hybrid custody model, balancing the efficiency of centralized exchanges with the security of self-custody solutions.

Blum’s integration with Telegram enhances accessibility, allowing users to interact with the platform without additional setup. This frictionless experience has played a key role in attracting new users, particularly those unfamiliar with Web3 platforms. As Blum continues its evolution, maintaining this ease of access while expanding functionality will be crucial to sustaining engagement and adoption.

2.2. Points System

Blum employs a gamified engagement model that incentivizes users through a structured point-based reward system. This model played a significant role in driving early adoption, allowing users to accumulate points through various activities such as referral program, Drop game, and social tasks (as illustrated in Figure 3 below).

While points system contributed to rapid initial traction, sustaining user engagement beyond reward-based incentives remains a key challenge. Ensuring long-term retention will require Blum to introduce utility-driven mechanics beyond simple point accumulation.

Figure 3: Blum Mini App: Point & Reward System Overview

2.3. Memepad

Blum’s Memepad provides a streamlined solution for meme coin creation, enabling users to launch a token in under 30 seconds. This tool aligns with the broader meme coin culture, where community-driven projects gain traction through viral narratives.

Key Features of Memepad:

• One-Click Token Deployment – Users can create and deploy custom meme coins in a few simple steps without technical expertise.
• Built-in Liquidity & Trading Support – New tokens launched via Memepad can immediately access Blum’s trading ecosystem, ensuring liquidity availability.
• Multichain Expansion (Upcoming Feature) – Blum plans to extend Memepad support beyond TON, allowing multichain token launches in future updates.

During its trial phase, Blum’s Memepad facilitated more than $45 million in transaction volume and enabled the creation of over 200,000 tokens, demonstrating strong early demand.

Figure 4: Blum MemePad: Launch, Trade, and Manage Tokens

3. Market Dynamics and Competitive Landscape

Blum operates in an increasingly competitive DeFi and Telegram Mini App (TMA) ecosystem, where multiple platforms offer hybrid exchange services, token launchpads, and gamified incentives to attract users. This section analyzes how Blum compares to other projects in terms of user engagement, adoption metrics, and market positioning.

3.1. Blum vs. Other Telegram Mini Apps

Figure 5: Comparison of Blum with Other Popular TMA

Among Telegram Mini Apps, Blum ranks as the second most active platform in user engagement, trailing PAWS but maintaining a lead over HAMSTER KOMBAT. This positioning highlights its strong adoption and sustained activity within the Telegram ecosystem, leveraging gamified engagement to drive user participation.

While Blum leads in Telegram subscribers, its presence on X is still developing, ranking below Hamster Kombat but ahead of SEED and PAWS. This suggests that despite its strong appeal within the Telegram-native ecosystem, there is significant room to expand its brand presence beyond Telegram. Strengthening its external social media reach could enhance community engagement and attract a broader audience beyond its current user base.

3.2. Competitive Positioning of Memepad

Figure 6: Comparison of Blum Memepad and Other Meme Launchers Across TON and Alternative Chains

Blum Memepad operates in a competitive landscape of meme launchpads, facing both emerging and well-established platforms. As the second-largest meme pad globally, Blum plays a significant role in the market. It currently contributes to 20% of TON’s total trading volume, making it a core part of the ecosystem’s liquidity and activity. Within the TON ecosystem, its primary competitors are GraFun and BigPump, while on other chains, more dominant players like Pump Fun and Moonshot lead the market in adoption.

Blum has demonstrated early traction in the space, with a significant number of users onboarded (223,039) and a trading volume of $172.3M within two months. However, it still lags in cumulative volume and token creation activity compared to leading platforms.

Comparison with TON-Based Meme Launchpads:

• GraFun & BigPump: These platforms remain niche, with significantly lower user adoption and trading activity. Blum outperforms both in terms of total users and transaction volume, indicating its stronger brand presence and higher liquidity engagement within the TON ecosystem.

Comparison with Cross-Chain Meme Launchpads:

• Pump Fun & Moonshot: These launchpads lead in cumulative trading volume and token creation, indicating higher user activity and broader market adoption. While Blum currently lags behind these platforms, there is an opportunity to expand beyond TON, which could open access to deeper liquidity pools and a broader user base.

While Blum Memepad has established itself as a leading meme launchpad within the TON ecosystem, competition remains strong from larger platforms with broader user bases. Despite its early success, there is significant room for growth in user engagement and platform activity. In Season 2, Blum plans to introduce livestreaming features within Memepad, which could serve as a key driver for attracting more users and differentiating itself from competitors. Additionally, Blum is preparing to expand Memepad beyond TON, enabling multichain token launches in future updates.

4. Blum Season 2: Roadmap, Feature Expansion, and Ecosystem Growth

Blum Season 2 begins on January 15, 2025, marking the next phase of the platform’s evolution. During this period, Blum will introduce a series of updates focused on engagement incentives, trading innovations, and multichain expansion. These improvements aim to enhance accessibility, strengthen liquidity, and drive long-term ecosystem growth. This section outlines the major features planned for Season 2 and their intended impact.

Strategic Roadmap and Upcoming Features:

• Meme Points System – Users earn rewards by trading meme coins, completing quests, and engaging with platform activities.
• Memepad & Trading Bot Go Multichain – Expands token creation and automated trading across multiple blockchains.
• Memepad Livestreaming – Enables live streaming for token launches and community-driven events.
• Memepad Referral Program – Incentivizes user growth by rewarding participants for inviting new users to Memepad.
• AI Agents – Introduces AI-powered automation for Memepad, assisting users in token deployment and management.
• Trading Bot Updates – Enhances algorithmic trading tools with improved execution and customization.
• Levels & Perks System – Implements a tiered rewards model where users unlock benefits based on engagement levels.
• Fiat On/Off Ramp – Allows seamless conversion between fiat and cryptocurrencies.
• Perpetual Trading – Adds leverage-based perpetual contract trading options for advanced traders.
• Token Generation Event (TGE) – Launches the $BLUM token, integrating it into the platform’s incentive and governance structures.

5. Conclusion and Future Outlook

2024 has been a transformative year for Blum, marked by strong adoption, ecosystem expansion, and deeper integration within the TON ecosystem. Its growth has been fueled by Telegram Mini Apps integration, the hybrid exchange model, and the launch of Memepad. However, sustaining engagement and ensuring long-term relevance will require adaptation beyond its current ecosystem as the market evolves.

5.1. Blum Season 2: Navigating the Challenges of TON’s Exclusivity

With TON being the only blockchain integrated into Telegram Mini Apps, Blum benefits from a first-mover advantage but also faces a scalability challenge. The lack of cross-chain flexibility could lead to reduced liquidity and a limited user base, as many DeFi users prefer multichain accessibility. If TON struggles to attract sustained on-chain activity, Blum may face a shrinking liquidity pool and must find ways to incentivize participation and maintain trading volumes within this environment. Optimizing user retention and liquidity depth within TON will be critical for its success in Season 2.

5.2. Upcoming TGE: Utility Beyond Speculation

The Token Generation Event (TGE) will introduce $BLUM as the platform’s core asset, enabling staking, governance, and ecosystem incentives. However, the long-term impact will depend on how deeply $BLUM integrates into Blum’s economic model rather than serving purely as a speculative asset. Ensuring practical use cases within the exchange, DeFi integrations, and community governance will be essential for sustaining adoption.

5.3. Expanding Beyond TON: The Multichain Dilemma

Blum has outlined plans for multichain expansion, but moving beyond TON comes with trade-offs. While launching on other chains could increase liquidity and exposure, it also risks complicating the seamless user experience that has driven its adoption. The challenge will be maintaining Telegram-native simplicity while integrating external blockchain networks without fragmenting liquidity.

With increasing competition, Blum’s future will depend on:

• Enhancing its ecosystem beyond initial incentives to drive sustained engagement.
• Strengthening liquidity depth within TON while exploring multichain integrations.
• Leveraging its position in Telegram while ensuring adaptability beyond TON’s ecosystem constraints.

Blum’s ability to adapt, scale, and refine its product strategy will determine whether it remains a dominant force in Telegram-native DeFi or faces challenges from emerging competitors. Season 2 will be a decisive phase in proving its long-term sustainability within a rapidly changing market.