Written by: GABE TRAMBLE

Compiled by: Xiaobai Navigation Coderworld

Follow suit is a good summary of the speculative atmosphere in the crypto space, where traders are driven by daily 100x gains, Rugs, and liquidity extraction. In this space, meme coins have a unique appeal, especially when traders follow the market and promote them on Twitter.TokenPlatforms like Banana Gun have emerged to provide users with high-speedexchangeThe basic tools you need.

Maestro was ahead of the curve a few years ago, initially gaining traction under its original name, Catchy. Maestro was the go-to platform for traders looking to profit from short-term market volatility. Then along came Unibot, which improved the space by focusing less on sniping and more on regular users who were frustrated by Uniswap’s not-so-user-friendly interface. They strategically focused on referral fees to drive rapid growth, a strategy similar to what we’ve seen on platforms like Rollbit and Stake.

Recently, Banana entered the space, offering a product that competes with Maestro in terms of sniping functionality, but also offers a better price-to-fee ratio. Banana seems destined to win the hearts and minds of “degen” traders, those willing to take extreme risks for potentially huge rewards.

This fluid landscape underscores the constant evolution of platforms and strategies within the crypto gambling underground, with each striving to cater to its user base with changing needs and risk appetites.

Amid a bear market and the lowest DEX trading volume since 2020, hundreds of ERC-20 tokens are being traded every day. TokenDeployed. For some traders, watching the Meme coin market is a full-time job. A project that rises 100 times can recover the investment and make a good profit. Traders can participate in a variety of ways, including pre-sales, snap-ups, and spot purchases of tokens.

• Pre-sale: Allocate funds before token issuance.

• Snap up (sniping): Use a bot to automatically buy tokens when they are released.

• Spot goods：在 Uniswap 或 Coinbase 等交易所直接购买的代币。

Traders tend to decide their edge and choose a few categories to focus their energy on. In this process, we will focus primarily on the rush phase; let’s dive in.

Token Sniper

Before the advent of Telegram snap-up bots, the game was all about expertise. Top token sniffers and bot operators would carefully analyze Meme Coin contracts to identify key functions that trigger token releases, maximum transaction volumes, and any measures implemented by developers to discourage early buyers. With the advent of Telegram bots like Banana Gun and Maestro, this approach has been largely replaced.

In short, token snipers are automated trading bots that enable users to execute quick buy and sell orders on newly issued tokens on decentralized exchanges such as Uniswap. Many of these bots use Telegram as a platform. Developers preferXiaobai NavigationLove Telegram because it’s where trading ideas thrive and it’s a crypto-native messaging app. The product-market fit for token snipers is clear as users are adopting them at an increasing rate. Scramble bots can also buy issued tokens with similar speed and efficiency, which accounts for the majority of their trading volume.

These top-level buybots can now simulate entire contract functions, allowing users to bypass the user interface of platforms like Uniswap and simply decide how much ETH to deploy. This shift makes the buy landscape more user-friendly, but also more competitive.

For example, in the case of Maestro, the user still needs to enter the maximum transaction amount, and in non-advanced mode,contractThere is a certain understanding of the method. What sets Banana apart from other competitors – no such expertise is required and the process is even simpler and clearer.

This is in contrast to platforms like Uniswap, which recently removed Expert Mode. While this change may have the potential to increase the number of high-impact trades,SafetyWhile the removal of Expert Mode has benefited retail traders by removing the traditional trading layer, it has left skilled traders with the task of manually tweaking their strategies, which they are now forced to do. The removal of Expert Mode has had an impact on experienced traders, who have built their own front-ends to improve the experience. This highlights why Telegram snapping bots like Banana Gun, designed for a more mature user base, are gaining traction in the fiercely competitive ERC-20 token trading landscape. By using these bots, traders are not only optimizing their strategies, but also avoiding the limitations imposed by retail-oriented decentralized exchange interfaces.

How do these sniper robots work?

Imagine a trader eyeing the launch of $TOKEN in a few days. They simply load up the Telegram app and place the smart contract into the token grabber. After specifying the amount of ETH they are willing to risk, it’s a waiting game. Once the token hits the DEX pool, the Telegram grabber triggers, executing the predefined trading parameters. If all goes according to plan, the trader enters with a 10k market cap (hypothetical example) and within seconds it explodes to a 200k market cap — a full 20x profit. But now it’s not that simple. The effectiveness of these grabbing bots has led to an influx of traders using the same strategy, often using 10 or morewalletTo beat the competition.

That’s why it’s not enough to just have a snap-up bot now; timing is crucial. Enter Banana Gun. Unlike other platforms that require manual input or specific monitoring,Banana Gun optimizes the whole process. Once the contract is added to the bot before token trading begins, Banana Gun automatically looks for “EnableTrading” and “EnableTrading”.Smart ContractsTrigger to snap up/buy tokens once they are released.

Snipers can also watch for “liquidity added” transactions, where there is liquidity to enable trading now.

Banana Gun

Banana Gun has democratized the sniping landscape in the crypto space. Previously, sniping was an exclusive activity reserved for individuals with advanced technical skills who were able to read and configure smart contracts. Banana Gun has opened this door to everyone by automating much of the sniping process. Their platform is designed to be very easy to use: you paste a contract and let the bot handle the complex work like determining the method ID, tax rate, and maximum transaction amount. This feature sets them apart from competitors like Maestro, where users need to manually read the contract address and configure the settings.

The cornerstone of Banana Gun’s unique value proposition lies in its user-centric focus on automation and preventing most Rug scams. Not only is Banana Gun automated, each transaction is privately executed with a user-set Ethereum bribe. This clever mechanism provides you with an additionalSafetyLayer. In an environment where someone is trying to execute a Rug with expensive gas fees, Banana Gun enables you to front-run at a cost-effective price. The private trade feature also ensures that you will never get sandwiched or front-run. A sandwich attack is a way for traders (bots) to exploit transaction ordering by placing trades before and after user trades. In fact, Banana Gun takes it a step further and will reverse your transaction if it detects that it is at risk of being sandwiched - even if it was executed privately. Even competitors like Maestro lack this kind of nuanced functionality.

Speed is of the essence, and Banana Gun is currently one of the fastest retail grab bots on the market. It was first launched in early June and has attracted around 700 daily active users and over 12,000 cumulative users.

When the user buys, the interface moves to the sell channel and the user can focus on the selling mechanism. Typically, other snap-up bots buy and sell in a single interface.

Core Features

0 Block Bribe

Bribery is an important feature of Banana Gun, but it is worth noting that Maestro originally pioneered the concept of collective bribery. Maestro's system makes it extremely difficult for a single robot user or sniper to overcome the collective bribery of a group of participants, effectively democratizing the process.

However, Banana Gun takes this approach forward from a whole new angle. While Maestro may have introduced group bribery, Banana Gun perfects it by appealing to a smaller but more sophisticated and experienced user base. These are the people who know the mechanics of bribery well and know how to outwit even a group.

Banana Gun uses a custom RPC, one thatBlockchainDedicated nodes that communicate directly, allowing for faster data transfer than standard providers like Infura or Alchemy. In this high-speed environment, pending transactions from Banana Gun Elite Sniper are bundled into a transaction package. This package is then forwarded to the block generators, the Ethereum network validation nodes responsible for grouping transactions.

When the package enters the block generator, the battle becomes fierce. Banana Gun snipers participate in blind bribery, where each participant provides a hidden bribe, also known as a "tip", to ensure faster transaction confirmation. Take user A for example, who buys X tokens for 0.20 ETH and includes a bribe of 0.10 ETH. This bribe directly incentivizes the block generator to confirm user A's transaction faster. If the token involves a transaction tax, user A may initially lose money until the token increases in value.

The blindness of these bribes adds a layer of strategy and unpredictability to the trading process. Since you can’t see other people’s bribes, and they can’t see yours, your experience and savvy become your greatest assets. This explains why Banana Gun has always been ahead in the race for Block 0, despite itsCommunitySmaller. The combination of fast custom RPCs, bundled transactions, and blind bribes provides Banana Gun with a unique competitive advantage, making it a strong player in the token grabbing space. This unique trio streamlines the trading process and creates an environment where skill, strategy, and speed converge, setting Banana Gun apart from its competitors.

Highest cost

Banana Gun made a key update to address one of its initial flaws: users had no control over sniping limits. In its early stages, the bot would automatically buy whatever amount the user set. However, this left some traders vulnerable to sandwich attacks.

To address this, Banana Gun added slippage controls and limit orders to its trading package. Users can now define a "max spend" limit in ETH, which will limit the amount of tokens and gas they are willing to spend. This is particularly beneficial when dealing with tokens that have a maximum transaction volume, meaning that the token contract code limits the maximum amount that can be purchased in one transaction. For example, if a user has a spend cap of "0.25 ETH", the bot will keep the total spend (including gas) below this limit. If the maximum allowed transaction volume is reached, any remaining ETH will be refunded to the user.

A significant new feature added based on user feedback ensures that if a transaction fails to meet the maximum allowed purchase amount, it will be automatically reversed. This protection is critical to prevent situations where a user receives a small amount of tokens but pays a high fee due to a higher bribe from others. This update adds a layer of risk mitigation, making the snap-up game more strategic.

These improvements level the playing field, allowing Banana Gun users to navigate both more cutthroat and more cooperative trading scenarios with greater confidence.

Trading income

Traders use the product, but you might still wonder if developing trading infrastructure like Banana Gun is worth anyone’s time. The bottom line is that Banana Gun generates 10-25+ ETH in revenue per day from trading fees. This is without token revenue (as of September 15th), whereas for Unibot, token revenue adds additional trading fees to its trading volume.

Competitive Landscape

There are several other bots competing with Banana Gun for space, including Maestro and Unibot, which are the biggest snipers. Overall, Maestro has the largest user base. In terms of daily bot usage, Banana Gun recently surpassed Maestro for a few days.

Market Structure

Currently, the total robot user base exceeds 100,000, and the number of daily active users has consistently exceeded 4000 since August. Several leading products account for more than 90% of the total number of users - specifically Maestro, Banana Gun and Unibot.

Revenue and expense structure

As of September 15, 2023, Banana Gun reported transaction fee revenue of 756 ETH, over $1.2 million. Banana Gun uses a low-fee model, charging only 0.5% for total buys and sells, which is attractive to its smaller but more sophisticated user base.

Understanding the fee structure is important to understand why Banana Gun has a lower average daily fee income despite its trading speed and strategy advantages. In comparison, Maestro charges 1% for total buys and sells, and even offers a $200 per month premium membership for additional features. Another competitor, Unibot, has a completely different model - its income comes from taxes as part of its fee structure.

The word “total” is crucial here. If you make a trade of 10 ETH and break even (buy 10 ETH/sell 10 ETH), you still pay fees based on the total trade volume. In Maestro, you pay 0.1 ETH when buying and another 0.1 ETH when selling, for a total of 0.2 ETH. In the case of Banana Gun, you pay 0.005 ETH each when buying and selling, for a total of only 0.01 ETH. This stark difference in fee structure partially explains Banana Gun’s lower daily transaction fee revenue, but it also represents a competitive advantage for cost-conscious users.

By breaking down the fee differences, it can be seen that despite having fewer daily active users, Banana Gun offers an attractive alternative for experienced traders looking to maximize their strategy while minimizing costs.

Outlook: Intent-based Exchange

We predict that Telegram bots will trend towards “intent-based trading,” essentially acting as automated executors of a user’s specific trading intent — whether it’s exchanging x, performing y, or z.

An intent is a signature that executes a transaction according to defined criteria, rather than a single transaction (TXN) or a path to the same outcome. By using intents, users have more flexibility and control over the outcomes of their transactions.

If a transaction says “do A then B, pay C to get X in return”, an intent says “I want X, and I’m willing to pay up to C in fees”.

——Paradigm

Since BananaGun does not route swaps to a third party for execution, it would not generally be considered an intent-based swap. However, we may see tools like the Banana Gun auction or fulfillment of swap orders on behalf of users, or using a request for price (RFQ) model that allows users to submit an order to be fulfilled offline. Banana Gun can currently interact with block builders to enable transactions to be processed faster, enabling launch rush buys. In the future, Snipers may turn to off-chain solutions to fulfill early rush buys or general swaps. In theory, a user could sign a transaction confirming that they are willing to spend X, and then Banana Gun would process the transaction on the user's behalf, or send it to a premium participant for additional fees.

risk

Like most protocols, Banana Gun is not without risk. Risks are generally similar across DeFi protocols and include economic exploitation or smart contract risk. Economic exploitation refers to exploiting the monetary system within the protocol mechanism, while smart contract exploitation may exist in unaudited code. Both risks may exist in sniper bots.

Security Risks

涉及到 Banana Gun 时，安全风险不仅限于智能合约漏洞。该机器人可以访问用户的私钥，这意味着机器人项目团队在技术上对用户的资金具有控制权。为了减轻这种风险，大多数交易者只在 Telegram 钱包中保留足够的资金来执行交易，将其余资金转移到更安全的钱包中。

There is always a risk that private key data could be accidentally exposed. However, it is worth mentioning that both Banana Gun and Maestro delete private keys in the Telegram UI as soon as they are provided by the user or generated in the app. In the case of Banana Gun, the platform cannot retrieve your private keys for you if you forget or lose them. Private keys are stored on a separate encrypted server that only the bot can access and are protected by multiple layers of security, including marshaling, hashing, and transformation. Marshalling packages the data for secure storage, hashing converts this data into a one-way, irreversible string, and transformation further obfuscates the data into an unreadable format, together ensuring the highest level of protection for private keys.

Bribe (Tip)

Being the fastest comes at a cost. Just like cheetahs can run very fast, the downside is that they need time to rest. With the Banana Gun, users may over-bribe tokens based on pure hype and speculation, eroding profits. If "Sniper A" bribed 0.1 ETH, and competitor "Sniper B" bribed 0.2 ETH, the buy-in point for "Sniper A" would be higher. In some cases, unreasonable bribes are added, resulting in losses for many parties involved. Tips are non-refundable and are sent entirely to the block builder.

in conclusion

Banana Gun stands out for its speed, low cost and stability, with a primary focus on execution timing, and many trading successes can be attributed to Banana Gun’s efficiency and trade bundling architecture.

Banana Gun’s continued growth in the depths of the bear market is a testament to the usefulness and demand for the product. Despite the complexity of sniping, Banana Gun’s user base remains strong, with over 700 daily users in just a few months and over 10 ETH in daily revenue in recent weeks.

But the Token Sniper Bot user base is ruthless and has no brand loyalty, so the Banana Gun team must continue to iterate and ensure they have a competitive product.

The article comes from the Internet:In-depth Banana Gun: When Xiaobai knows how to use tokens to snipe bots, new involution on the chain has begun

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