Project Introduction

Currently, Telegram Bot is rapidly developing in terms of iteration, and Banana Gun is one of the emerging forces. It has successfully captured one-third of the market share, forming a tripartite situation with the main competitors in the market. Compared with other trading bots, Banana Gun has similar functions and mainly focuses on sniping newly launched tokens or already issued tokens.

However, in addition to the functions of the trading bot, Banana Gun has a more important vision, which is to create a sustainable ecosystem project using its economic model. In this ecosystem, bot users become token holders, and token holders also become bot users, forming a virtuous cycle. This design aims to create value for token holders over time, making Banana Gun a long-term project.

Author

Elma Ruan, a senior research analyst at World Chain Investment Research, holds dual master's degrees in marketing/finance from an Ivy League school and has 5 years of experience in WEB3, specializing in DeFi, NFT, and other fields. Before entering the crypto industry, she worked as an investment manager at a large securities company.

1. Research Points

1.1 Core Investment Logic

Users need a certain level of technical expertise to snipe new projects using tools, and trading bots serve as a link between ordinary coin circle users and high-tech personnel. Banana Gun is a highly sought-after Telegram Bot that has quickly risen to prominence. Its simple and user-friendly interface and powerful features have gained a certain reputation. This project has rapidly risen, providing various functions such as sniping new project launches, copy trading, and selling coins, bringing a lot of heat to the current market. Trading bot projects mainly focus on sniping new token trading, attracting attention due to their potential profitability. In terms of the product, it mainly guides users through its economic model.

As of 2023, Telegram has 700 million monthly active users and 55.2 million daily active users, making it one of the top 5 globally in terms of downloads. Like other trading bots, Banana Gun has chosen Telegram as its platform, mainly due to its large user base and the ability to create bots using its API. Telegram values privacy and security, aligning with the values of the cryptocurrency community. The Telegram platform allows Banana Gun to stay in touch with users, automate user services, and optimize processes to reduce manual work. By providing an API, Telegram allows Banana Gun to create programmatic bots on the platform for social and trading purposes, attracting user interaction. Overall, Telegram's features and large user base make it an ideal platform for Banana Gun to reach and interact with its target audience.

Following the success of Unibot, Banana Gun entered the Telegram bot trading field. DEX (decentralized exchange) trading bots are becoming increasingly popular among aggressive traders. Banana Gun highlights the feature of sniping new tokens, attracting users who like to chase new projects. This user-friendly feature is also one of the reasons why Telegram Bots similar to Unibot have seen rapid growth, as users can easily execute trades on mobile devices or PCs. At the time of its release, Banana Gun's market value was relatively low, making its tokens highly attractive to investors seeking high returns. This attractiveness comes from the token economic model, where Banana Gun's token rewards and burning mechanism are relatively sound, and the project's economic model is a positive feedback mechanism, allowing users holding $Banana tokens to receive rewards. Another positive factor is that the project has maintained strong data and an active user community after its launch, laying the foundation for long-term success.

Unibot's sharp rise has sparked FOMO sentiment among retail investors in the market, increasing attention to the BOT sector. With the strong launch of Banana Gun, another competitor, Unibot, also announced plans to adjust fees to maintain market competitiveness. Unibot and Maestro are Banana Gun's main competitors, with strong followings in the cryptocurrency community. The rapid pace of iteration in the bot field has seen Banana Gun capture one-third of the market, indicating a critical moment in the bot market competition. Since the project's token issuance, its momentum has become even more fierce, with the potential to seize a leading position in the market. This intense competitive environment requires Banana Gun to maintain innovation and steady development to remain in a leading position in fierce competition.

However, Banana Gun's smart contract has undergone two audits and still has vulnerabilities, which is a serious technical issue that requires high vigilance. Anonymous programmers discovered these vulnerabilities using ChatGPT, highlighting the need for further strengthening the project's security. Additionally, after going live, Unibot holders may engage in FUD, perhaps because Unibot is a competitor of Banana Gun, and holders may attempt to weaken Banana Gun's success by spreading fear, uncertainty, and doubt. The negative impact of this competitive pressure requires the project to develop effective response strategies. In terms of functionality, Banana Gun still has some shortcomings and has not yet reached the level of functionality similar to Unibot, although the project team is working hard to improve. This may cause some investors to lose interest in the project, especially those who place greater emphasis on comprehensive functionality. Finally, the high FDV (fully diluted valuation FDV = price * total tokens) of Banana Gun's token after going live may deter some investors seeking low-risk investments. Overall, these shortcomings require the project team to think deeply and address them to ensure the long-term steady development of the project.

In the current bear market and volatile market conditions, investors are turning their attention to sniping newly launched tokens, as this strategy has lower costs and less risk than the secondary market. This strategy is particularly popular among retail investors. In addition, the core demand for innovative on-chain projects remains buying and selling, and projects that can attract traffic and generate profits will receive more attention. In the future, the industry may evolve into various application models such as web-based or applications, relying on platforms with large traffic to achieve profitability, which will be an important factor affecting the project's position. Overall, Banana Gun has tremendous potential in the market, but investors should always be mindful of market risks and conduct appropriate due diligence on their own.

1.2 Valuation

The current FDV of Banana Gun has exceeded $84 million, which is approximately 12 times the pre-launch valuation. For details, please refer to section 4.2.

2. Project Overview

2.1 Project Introduction

Banana Gun is a Telegram-based trading bot, with its main products being the Sniper bot and Sell bot. Compared to other copy trading bots, Banana Gun's advantage lies in its focus on sniping opening trades, allowing users to snipe upcoming tokens or trade already issued tokens. The goal of Banana Gun is to become the preferred sniping/manual buying bot on the Ethereum network and consider expanding to more blockchain networks in the future.

2.2 Past Development and Roadmap

Date Event

2023-07-04 Developers released MEV backend updates, and the Dashboard went live.

2023-07-14 Official announcement of development roadmap.

2023-07-19 Announcement of collaboration with Ottobots.

2023-07-21 Announcement of collaboration with Defirobot.

2023-07-31 Announcement of Miner tip as direct transfer to builders.

2023-08-01 Official launch of Telegram sniping bot.

2023-08-13 Official announcement of partnership with Hype Notifier Bot.

2023-08-18 Upgraded FoF slippage and sale of bundled packages; announcement of Banana Gun whitelist eligibility.

2023-08-25 Updated development roadmap.

2023-09-05 Disclosure of token economic distribution; announcement of airdrops to social task completers and NFT holders.

2023-09-09 Banana token presale.

2023-09-12 Banana Token, there is an irreparable bug in the contract, and an official announcement has been made to re-audit the vulnerability and will upgrade and restart the airdrop as soon as possible; snapshot in progress

Future Roadmap:

The future roadmap includes the following objectives:

• Expand Banana Gun's services to more users and increase user usage.
• Continuously increase the size of the fund pool and revenue share.
• Capture a larger market share to leverage economies of scale.

In addition, in terms of specific functionalities, Banana Gun plans to:

1) Expand the trading application of the bot to other blockchains, currently limited to the Ethereum chain. 2) Develop a web version of the bot trading application, allowing users to use these functionalities on the web, not just limited to the Telegram platform.

2.3 Team Situation

Overall Situation

As the official team information has not been disclosed, the specific situation is currently unclear.

2.4 Financing Situation

Venture capitalists and incubators have had contact with the Banana Gun project and gained preliminary understanding of the project, but ultimately decided not to invest. Currently, Banana Gun's development mainly relies on funds raised by the community to drive it forward.

3. Business Analysis

3.1 Target Audience

The primary target audience for Banana Gun's services is those interested in cryptocurrencies and looking to participate in token trading quickly and efficiently. The following are several user groups that may benefit from Banana Gun's services:

1) Investors and Traders: Banana Gun can help investors and traders snipe purchases before a project goes live or safely buy tokens after a project goes live. It provides a convenient trading channel to meet their investment needs.

2) Novice Users: For novice users in the cryptocurrency field, Banana Gun provides a simple and user-friendly platform that allows them to easily participate in token trading and profit from it.

3) Users Interested in New Projects: The main feature of Banana Gun is sniping new tokens, providing convenience for users who like to participate in new projects and gain early investment opportunities. They can use Banana Gun to purchase newly issued tokens in advance to potentially gain greater returns.

3.2 Business Details (Function Details)

1. Configurations

To use Banana Gun, users must follow the following steps.

To get everything set up, enter /start in the Banana Gun Sniper Bot, and the main panel will pop up.

Click "Settings" to configure Banana Gun/add a wallet based on user preferences.

Auto Snipe Tip

Auto Snipe Tip is a feature for planned purchases of tokens not yet live. It allows users to set an additional amount of Ether they are willing to pay as a bribe to gain an earlier purchase opportunity than other snipers. In other words, by paying a higher tip, users can improve their position in the trading block, increasing the chance of a successful purchase. Note: Banana Bot uses Ether as a bribe, not Gwei. This means users do not need to calculate how much ETH to bribe. Additionally, Banana will use 100% of the input amount.

Manual Buyer Gwei

This feature is for purchasing tokens that are already live. It allows users to set the additional amount of Gwei they are willing to pay to enter the purchase transaction earlier than other manual buyers. Using more Gwei allows users to gain an earlier position in the trading block, increasing the chance of purchasing tokens.

In essence, the core of this feature is to allow users to use a higher transaction fee (Gwei) to purchase tokens as early as possible, gaining priority in the trading block. This can increase the chance of successfully purchasing tokens and improve the efficiency of user sniping.

Slippage

Slippage involves price fluctuations, typically within the range of 0-100%. It applies to projects without a maximum trade quantity limit. The purpose of slippage is to allow for price fluctuations or failures during the trade.

In simple terms, slippage refers to price fluctuations or potential trade failures due to market conditions or other factors. The percentage of slippage determines the degree of allowable price fluctuations. A higher slippage means greater acceptance of price changes, while lower slippage indicates lower acceptance of price fluctuations.

First Bundle Backup TIP

When a cryptocurrency encounters trade blockage or MEV, the 'First Bundle or Fail' function becomes ineffective, and the 'First Bundle Backup' function is activated. First Bundle Backup acts as a disabled sniping method, as users pay additional Ether as a bribe to block builders, giving them priority in purchasing over other snipers.

Note: This option only applies to tokens with MEV launches and existing Deadblocks.

Approve Gwei

Set the additional amount of Gwei users are willing to use to ensure token approval when selling. Using more Gwei can prioritize user transactions and complete them faster.

Sell Gwei

Set the additional amount of Gwei users are willing to use to sell the required tokens. Using more Gwei can prioritize user transactions and complete them faster.

Sell Rug GWEI

Before the DEV rugs, there will be a broadcast of remove, which, when listened to by the bot, will activate a defense mechanism. If the user's Gwei setting is higher than the DEV's remove operation, they can successfully sell the tokens before the project rugs, avoiding financial loss.

Max Buy Tax

When the purchase tax rate of the selected token is equal to or lower than this amount, the sniping bot/manual buyer will be triggered. For example: if the purchase tax rate for the XYZ token launch is 99%, the bot will not be activated, and the sniping will remain in 'pending mode'. If the developer reduces the purchase tax rate to 75%, the bot will be activated in the same block. This can avoid the impact of high tax rates on purchases, ensuring the efficiency and cost of purchases.

Max Sell Tax

When the sell tax rate of the selected token is equal to or lower than this amount, the sniping bot/manual buyer will be triggered.

Min Liquidity Value

The sniping bot/manual buyer will only be triggered when the market liquidity of the token reaches or exceeds the amount set by the user. This ensures sufficient market liquidity for purchases, avoiding trading issues or high costs.

Max Liquidity Value

The sniping bot/manual buyer will only be triggered when the market liquidity of the token reaches or falls below the amount set by the user.

Wallets Setup

In the Banana bot, users can connect up to 5 wallets. Users can choose to import existing wallets or have new wallets generated by the Banana bot.

2. How to snipe

Following these steps, users will be able to use Banana Gun to snipe unreleased tokens on the Ethereum network.

1) Paste the contract address (CA) of the token the user wishes to snipe into the BananaGun Sniper bot, and a question will pop up asking how much Ether to spend.

Example: Prelaunch data tells the user that the maximum allowed purchase amount will be 0.02 WETH (a form of Ethereum) as the maximum wallet. If the user inputs 0.1 WETH, Banana Gun will spend as much WETH as possible to get the maximum wallet, but not exceeding 0.1 WETH. If the price of the maximum wallet is higher than 0.1 WETH, it will purchase tokens worth 0.1 WETH.

2) Choose the number of wallets the user wants to purchase.

If the user has set a default wallet (automatic), Banana will skip this step.

3) User's snipe initiation, if Banana Gun triggers and successfully enters, the tokens will be loaded into the Banana Gun Sell Bot.

3. Pending Snipes

When the user successfully sets up a snipe, they will see a pop-up window displaying detailed information about the initiated snipe and showing the following buttons.

Pre Approve

The default setting is to approve the purchase of tokens after the snipe. If the user wants to complete the transaction as soon as possible, they can pre-approve the token.

Snipe Settings

If the user wishes to change the settings at the time of sniping, they can click this button.

Important Note: Changing any settings here will only change the settings for this particular snipe. Other pending snipe settings will not change, and new snipes will use the settings of the main settings.

MaxTx or Revert

Automatic setting of the maximum transaction amount (maxTx), with a rollback if the maximum spending amount is exceeded (sniping will not be possible if the bot detects that the maximum transaction amount is not set).

For example: the maximum transaction volume for a token is 2%, and the user's maximum expenditure is set at 0.1 ETH. If, during the user's purchase, 2% value exceeds 0.1 ETH, the user's transaction will be rolled back (incurring the user's current gas fee, and taxes will be applied when the snipe is executed).

Slippage

The normal range is 0-100%, applicable to trade releases without a set maximum transaction limit. This range allows for significant price fluctuations or potential failures.

Min (Mintoken)

Users can set the minimum percentage or quantity of tokens they want to purchase.

For example: if the user sets the minimum token quantity to 1% and the maximum expenditure to 0.1 ETH, if 0.1 ETH only equates to 0.5% of the tokens during the user's purchase, the purchase will fail (incurring the current gas fee, and the corresponding tax will be applied when the snipe is executed).

First Bundle or Fail Backup

If the user sees a checkmark, it means it is already enabled. If the user wants to disable the "First Bundle or Fail Backup" feature, they can turn it off.

Anti-Rug

If the user sees a checkmark, it means the "Anti-Rug" feature is already enabled. If the user wants to snipe without enabling the anti-rug feature, they can turn it off.

Transfer on Blacklist

If the user sees a checkmark, it means this option is already enabled. If the user wishes to snipe without enabling the transfer on blacklist, they can turn it off.

First Bundle or Fail

If the user sees a checkmark, it means it is already enabled. If the user wants to snipe without the first bundle or fail, they can turn it off.

Cancel

Users can cancel the snipe.

4. Manual Buying

1) First, paste the CA (contract address) of the token the user wants to purchase. It will automatically detect if the token has been listed and if it meets the user's set safety tax and liquidity details. If the token has been listed, the Banana bot will ask the user how many wallets to purchase with.

Note: If the user has set a default wallet (manual), Banana will skip this step.

2) The Banana bot will send detailed information about the token, and the user will have various options to determine how much Ether they want to spend.

Important Note: If the user chooses to purchase an amount of Ether that exceeds the maximum wallet amount, the system will use the maximum wallet share to make the purchase and deduct the required amount from the user's Ether. Any excess Ether will be returned to the user's wallet. In other words, the system will use the maximum wallet amount to meet the user's purchase demand as much as possible, and the excess money will be refunded to the user.

If Banana Gun successfully purchases the token, the token will be automatically loaded into the Banana Gun Sell bot.

5. Handling Active Tokens

The Banana Gun Sell Bot is responsible for handling active tokens purchased through the Banana Gun Sniper Bot.

When the user successfully purchases a token, they will receive the following notification on the Banana Gun Sniper Bot:

After receiving this message, the token will be automatically loaded into the Banana Gun Sell Bot.

Liquidity - WETH in the liquidity pool.

Market Value - The token's market value.

Contract Balance - The remaining token supply in the contract address.

Tax - The token's sales tax.

Transfer - The token's transfer tax if the user wishes to transfer the token to another wallet.

Timestamp - The time of the last update to this window.

Sell Wallets

If the user clicks this button, the token will be sold on each wallet (if the user purchased using multiple wallets).

Sell% Wallet

When the user clicks this button, they can choose to sell a certain percentage of the token in each wallet (if the user purchased using multiple wallets). For example, "1 50" means the system will sell 50% of the token in wallet 1. In other words, the user can choose to sell a portion of the token in each wallet at a certain percentage.

Sell W #

If the user clicks this button, 100% of the token will be sold in wallet #1.

Slippage

Slippage refers to the allowable price fluctuation range during the execution of a trade, usually between 0% and 100%. Slippage is applicable to trade releases without a set maximum transaction limit, allowing for a certain degree of price fluctuation or failure.

Transfer on Blacklist

When the user clicks this button, the system will automatically transfer the purchased token from the user's buying wallet to their transfer wallet. This allows the user to avoid being blacklisted. Developers may blacklist early buyers, meaning they cannot participate in certain activities or enjoy specific benefits. By clicking the button and transferring the token to the user's transfer wallet, the user can mitigate the risk of being blacklisted.

Settings

Users can configure specific tokens. These configurations are the same as the settings in the overall configuration mentioned earlier. However, it is important to note that any changes made here will only affect the settings for the current snipe activity and will not change the settings for other pending snipe activities. New snipe activities will adopt the settings from the main settings, not the changes made here. Therefore, it is important to ensure the intended settings and expectations when making changes.

Anti-Rug

If the user sees a checkmark, it means this option is already enabled. If the user wants to snipe without enabling anti-rug protection, they can turn it off.

Key Idea:

The core idea of this operation is to ensure that anti-rug protection measures are in place when purchasing tokens, to avoid token value loss due to malicious operations. If the user does not want to use this protection, they can choose to disable this option.

Remove

You can remove tokens from the Banana Gun Sell Bot using this button. If you feel that the window is not updating, it means there is an issue with the TG API, and you can remove and reload it to resolve the issue. If you remove a token from the Banana Gun Sell Bot, it will lose anti-rug protection, meaning you won't be able to sell the token temporarily until you reload it.

3.4 Industry Space and Potential

3.4.1 Classification

Telegram Bots have excelled in attracting investors, attributed to their precise audience, which consists of native users in the cryptocurrency field, making it relatively easy to attract customers. However, this approach may overlook potential users outside the crypto space.

In the current market situation, Telegram bots operate based on the pattern of chasing small coins, and most tokens have short uptrends, potentially experiencing rapid fluctuations within a few hours. Users continuously use bots to find new breakout points. With the overall market leaning towards a bearish trend, mainstream cryptocurrencies like Bitcoin and Ethereum no longer attract the attention of more native users, which may affect the attention and liquidity of altcoin markets. Additionally, the security of user wallets is a long-term obstacle to development. Nevertheless, the outstanding performance of Telegram bots has brought new vitality to the market.

Common cryptocurrency trading bots are classified based on their main functions and categories, providing various functions in different cryptocurrency trading and analysis fields:

DeFi Bots:

Unibot - DeFi bot for trading.

WagieBot - DeFi bot for trading and tracking.

Boltbot - DeFi bot for trading.

0xSniper - DeFi bot for trading.

NitroBot - DeFi bot for trading.

Xbot - Customizable DeFi bot for trading.

ASAP - DeFi bot dedicated to Discord.

SwipeBot - AI trading DeFi bot supporting $ETH, $ARB, $BSC.

Bridge Bot - DeFi bot for cross-chain operations.

AI DEV - DeFi bot supporting AI trading and token issuance.

All In - DeFi bot supporting AI trading.

Data Analysis Bots:

Cipher Protocol - Bot for data analysis.

NeoBot - Bot for data analysis and tracking.

Meowl - Bot providing data analysis and toolkits.

TokenBot - Bot for social trading.

Trace AI - Bot supporting AI data analysis.

Scarab Tools - Bot for data analysis.

BlackSmith - Bot supporting AI data analysis.

TrackerPepeBot - Bot supporting AI data analysis and contract security checks.

DAGMI - Bot for tracking.

First Sirius - Bot for data analysis.

The DIG - Bot for token and NFT data analysis.

WallyBot - Bot for wallet analysis.

Airdrop and Ambush Trading:

Farmer Friends

LootBot

alfa.society (provides airdrop alerts)

Others:

EnigmaAI - Bot supporting custom AI trading on centralized exchanges.

NexAI - Bot providing various AI tools.

0x1 - Multi-functional cryptocurrency trading bot.

MagiBot - Bot for privacy trading.

3.4.2 Market Size

Although Telegram bots have recently gained attention, similar plugin-style bots have long existed and are not limited to the Telegram and Discord platforms. However, in the recent market environment, TG trading bots have shown outstanding performance, attracting widespread attention. According to Coingecko data (as of 2023.09.14), the total market value of the Bot sector is approximately $169 million, with a trading volume of about $17 million in the past 24 hours.

From the enthusiastic response of the market to TG trading bots, it can be observed that the demand for these bots is rapidly growing and may continue to expand in the future. This trend may be driven by the rapid development of the cryptocurrency and blockchain market and the demand from investors for automated trading and auxiliary tools.

According to Dune data, the Bot sector currently has over 100,000 users, with a total trading volume of $570 million and over 1.01 million transactions. The total market value of projects that have been listed and issued tokens in the Bot sector is approximately $92 million, with a total trading volume of the BOT token reaching $390 million. From the data, the Bot sector demonstrates high market activity and user participation, showing significant potential.

This trend reflects the growing trust and demand from investors for trading bot tools. With the continuous development of the cryptocurrency market and the popularity of automated trading, the Bot sector is expected to continue to thrive.

In terms of user numbers, Unibot, Banana Gun, and Maestro are currently in a competitive position. In the past, Maestro dominated and had the majority of user share. However, with the entry of Unibot and Banana Gun into the market, they have gradually eroded Maestro's dominant position in terms of users. This indicates intense competition.

In terms of trading volume, Unibot, Banana Gun, and AlphaMan are in the top three (data on Maestro's trading volume is not clear). However, AlphaMan's total trading volume is only one-third of Banana Gun's. This indicates that AlphaMan is relatively weaker in terms of trading volume.

In the development trend of the market, with intensified competition, these platforms may further enhance user experience and functionality to attract more users and trading volume.

3.5 Business Data

• Operational Data

User Situation

According to Dune data, the project has attracted a total of 16,195 users, with a daily active user count fluctuating between 1,700 and 2,300. The proportion of new daily users is approximately 15% of the total user count. The project's user growth trend began in mid-July and had reached a relatively high and stable level by mid-August. It is worth noting that there was no significant surge in new users observed after the project token was launched.

Trading Volume and Earnings

According to data, as of now, the Banana Gun bot has achieved a total trading volume of $210 million since its inception, with nearly 600,000 transactions. On average, each user has conducted 32 transactions, with an average transaction amount of $12,000 per user. It is worth noting that from the chart data, the ratio of buy and sell transactions for the Banana Gun bot is relatively balanced. There was a small peak in trading volume in early August and early September, but recent data shows a slight decline in trading volume, possibly due to contract vulnerability risks.

Profit

From a profit perspective, the total profit for the Banana Gun project is 715 ETH, which, at the current price (as of September 14, 2023), amounts to $1.13 million. The average daily profit is approximately 6.81 ETH, with the highest daily profit reaching 25 ETH and the lowest at 2.3 ETH over the past two months. It is important to note that the profit level is consistent with the peak period of trading volume, but there has been a certain degree of decline in recent trends, possibly due to market fluctuations and project operational strategies.

• Social Media Data:

Twitter: 22,000 subscribers

Telegram: 7,491 subscribers

3.6 Project Competitive Landscape

User data is an important indicator for comparing projects. It reflects the popularity of the tool in the market and user participation. In this project comparison, the focus will be on the user data of the top three bot tools: Maestro, Unibot, and Banana Gun.

3.6.1 Project Introductions

Maestro

Maestro Sniper Bot was launched in 2022 and is one of the earliest sniper bots in the market. It is primarily used for quickly sniping new contract positions on DEX (decentralized exchanges). With the development of DeFi, there are increasing user experience issues, and the Maestro bot is one of the best tools to address these issues. It currently supports three chains: BNB Chain, Ethereum, and Arbitrum.

Although the use of the Maestro bot is free, it charges a 1% transaction fee for each successful trade. Additionally, Maestro offers a paid premium subscription service, providing a more advanced version called "Maestro Pro Bot," for which users need to pay $200 per month. Subscribed users will enjoy faster speed, more concurrent trades, exclusive access to token metrics, and other privileges.

Unibot

Unibot is a bot on Telegram that provides DeFi trading tools. It can execute various commands such as token exchange, copy trading, and cross-chain asset operations. Unibot aims to build a user-friendly wallet and integrate closely with DEX to provide users with a convenient cryptocurrency interaction experience. With advanced algorithms and robust infrastructure, Unibot can provide high-speed features, including private nodes for sniping, private trading options, wallet monitoring, and token tracking.

3.6.2 Project Comparison

1) User Data (as of 2023.09.14): Banana Gun has 2,741 daily users, Unibot has 1,340 daily users, and Maestro has 2,661 daily users. Based on recent data, Banana Gun accounts for 39.3% of the user market, Maestro accounts for 38.2%, and Unibot accounts for 19.2%. Overall, Banana Gun and Maestro have a larger share of users, while Unibot lags behind.

2) Trading Data (as of 2023.09.14): Based on total trading volume, Banana Gun has a trading volume of $210 million, while Unibot has a trading volume of $320 million. The trading data for Maestro has not been recorded. Considering that Unibot was launched earlier than Banana Gun, this may partially explain its higher trading volume. Overall, although Banana Gun is relatively new, its trading volume also shows market attention and recognition.

3) Fees:

-Banana Gun: Charges a 0.5% fee for manual trades and a 1% fee for sniper trades.

-Unibot charges users a default 1% fee for trades. Users who hold at least 10 $Unibot tokens and connect their wallet to the bot will enjoy a 20% fee discount. Additionally, users will receive an extra 10% fee discount by interacting with the bot through a referral link.

When buying and selling $Unibot, a one-time 5% tax is charged, with 1% going to liquidity providers, 2% allocated to token holders, and the remaining 2% used for team and project operational costs.

-Maestro charges a 1% fee for all trades.

4) Income Distribution to Holders:

-Banana Gun: Income comes from robot trading revenue (40% after referral) and 50% of tax revenue.

-Unibot's distribution mechanism allocates 40% of all robot trading fees to token holders. This distribution mechanism does not require staking, but users must hold at least 10 $Unibot tokens. Earnings rewards are distributed in ETH.

-Maestro currently has no income sharing or referral rewards.

5) Main Products:

-Unibot: A referral system with profit-sharing functionality.

-Banana Gun: Its main feature is the separation of buyer and seller bots.

-Maestro: Currently applicable to Ethereum, BSC, and Arbitrum chain trading tools. It has some special features, such as presale snipe, TG group mirroring, and bribes+bundle snipes (for advanced version only).

6) Future Development:

-Maestro plans to introduce more features and tools to meet user needs.

-Unibot plans to introduce more trading strategies and customization options to enhance the flexibility and adaptability of the bot.

-Banana Gun plans to launch a web version of the bot and expand to other chains.

3.7 Token Model Analysis

3.7.1 Token Total Supply and Allocation

Token Name: $Banana

Applicable Blockchain: Ethereum

Token Unlocking Situation: Please refer to the chart below

• There are a total of 2.5 million tokens available for circulation in the presale and liquidity pool.

The token will have a 4% buy tax and a 4% sell tax (which will gradually decrease as the market cap significantly increases).

- 2% will be allocated to token holders

- 1% will be allocated to the team

- 1% will be allocated to the treasury

• The project will provide initial liquidity with 500,000 $Banana tokens and $325,000 in liquidity funds, totaling $650,000. This will give Banana an initial market cap of $1.63 million, so the initial price will be $0.65, the same as the presale price.

This liquidity ratio is relatively healthy, at about 40% relative to the circulating market cap. This ratio is an ideal balance point in terms of market volatility and trading depth. In simple terms, this configuration provides sufficient liquidity to the market while reducing the risk of extreme volatility.

3.7.2 Presale and Airdrop

Presale

Duration: 3 weeks

Rules: Users can accumulate NFT bindings by completing various tasks in the bot.

Purpose: To identify users loyal to the bot.

Rewards: These NFTs will be used to determine who will be whitelisted and participate in the launch.

Details:

· Maximum fundraising: 800 ETH

· Maximum holding per address: 1 ETH

· Presale price: $0.65

· Listing price: $0.65

· Initial market cap: $1.56 million

· Initial FDV: $6.5 million

(These slots will be opened in different rounds on a first-come, first-served basis. After each round, any remaining slots will be moved to the next round.)

Airdrop

The project will conduct two airdrops, one for NFT holders and one for participants who complete social tasks:

1) Airdrop A Total allocation: 100,000 $Banana

Recipients: NFT holders

Details: NFT holders will receive different points based on the requirements and difficulty of each NFT. The airdrop will be released linearly in stages over a period of 2 months.

Calculation:

- Determine the total number of each NFT

- Calculate the total points by multiplying these quantities by the points for each NFT

- Divide the total airdrop amount of $100,000 by the total points

- Get the dollar amount per point X the number of points

2) Airdrop B Total allocation: 20,000 $Banana

This airdrop is mainly for those who complete social tasks, such as community members, KOLs, etc. Specific details have not been announced.

3.7.3 Token Holder Benefits

1) Holder Income Sharing

Income Source: From robot trading revenue (40% after referral) and 50% of tax revenue.

Significance: Intended to incentivize token holders to hold the token and provide a stable foundation for the token price in conjunction with the project's future growth potential.

Note: Only unlocked tokens can accumulate income shares (50% of the tokens held by the team will be locked and not counted as long-term holdings). This income is only applicable to users holding $Banana tokens. If tokens are sold before the snapshot, users will not receive the income, and users can claim it at any time on the Banana Gun dApp.

2) User Rewards

Currently, users can trade through the bot and receive a small portion of Banana tokens as a reward (these tokens will also enjoy income sharing). Over time, this proportion will increase rapidly. This will make bot users token holders, and token holders will become investors.

The project rewards users with Banana tokens for using the bot. When users trade using the Banana Gun bot, they will pay transaction fees (this is common practice among all bots).

Fees are as follows:

Manual purchase = 0.5%

Automatic snipe = 1%

To incentivize loyal bot users, the project will refund a portion of the fees in the form of Banana tokens to encourage trading using Banana Gun. The refund ratio will be calculated using the following formula:

Banana cashback = paid fee (in USD) * adjustment factor X

(The adjustment factor X is a adjustable multiplier ranging between 0.05 and 1)

For example: Short-term trader John likes to engage in speculative and buying trades through Banana Gun. Over the course of a week, he bought and sold tokens worth a total of $10,000 at an average fee of 0.75%. At the same time, the trading price of Banana is $10, and the multiplier is 0.2.

He paid a fee of $75 in ETH.

He received a cashback of $75 * 0.2 = $15, equivalent to receiving 1.5 Banana tokens.

This means he receives a return on the tokens he intended to purchase.

3.7.4 Token Model Value Capture

The goal of the token model is to promote a positive cycle in the token economy and maintain a low inflation pattern. Through buyback mechanisms, adjustable coefficients, and income sharing with investors, the aim is to balance supply and demand, control inflation, and ensure the sustainability of the token economy. This can minimize the impact of selling pressure on the token price, promote active participation and investment by token holders, as follows:

1) Buyback through a 1% treasury tax: This can offset most inflation in all cases.

2) Adjustable coefficient: The project can use this lever to precisely balance the supply.

3) Ape-to-earn will bring higher bot trading volume, forming a virtuous cycle.

4) A high proportion of income sharing with token holders will make investors more inclined to hold the token.

The tightening/inflation range will be between -30% / +30% and will be influenced by the following three main factors:

 Token price

 Bot trading volume

 Total trading volume

4. Preliminary Valuation

4.1 Core Issues

Does the project have a reliable competitive advantage? Where does this competitive advantage come from?

The Banana Gun project has a reliable competitive advantage, mainly due to the following factors:

1) Resource advantage: Banana Gun has successfully attracted a large number of users to participate and use the platform in the early stages, establishing a large and active user base. This has created economies of scale and network effects for Banana Gun, making it difficult for other non-leading competitors to catch up quickly.

2) Marketing strategy: The Banana Gun project has implemented successful strategies in market promotion. By adopting effective marketing strategies and channels, Banana Gun has successfully attracted more user attention and participation. This excellent marketing capability helps increase brand awareness and user recognition, giving it a competitive advantage.

3) Market Share: Banana Gun has already captured a certain market share, indicating that it has established a significant influence in the market. They have a relatively stable position compared to new competitors entering the market, which increases user loyalty and market share.

However, it is important to note that market competition is a constantly changing environment, and competitors are constantly evolving and improving. To maintain a competitive advantage, the Banana Gun project needs to continuously innovate, improve user experience, and maintain close interaction and feedback mechanisms with users. This will continuously meet user needs and sustain the growth of their competitive advantage.

What are the main variable factors in the operation of the project? Are these factors easy to quantify and measure?

The main variable factors in the operation of the Banana Gun project can include the following aspects:

1) User growth: User growth is a key variable factor that can be measured by tracking registered users, active users, paying users, etc.

2) User retention: User retention rate is a measure of user loyalty and stickiness, which can be quantified by tracking user activity and repeat purchase rates.

3) Revenue and profitability: Revenue and profitability are important indicators of project sustainability. Sales volume, net profit, etc., can be tracked to measure income and profitability.

4) User satisfaction: User satisfaction is a key indicator of understanding user satisfaction with products and services. User satisfaction can be quantitatively or qualitatively measured through surveys, user feedback, reviews, etc.

5) Market share: Market share is an indicator of the project's position and influence in the entire market. Market share can be measured through market research, competitive comparisons, etc.

These variable factors can be quantified and measured to some extent. By collecting and analyzing relevant data, these factors can be evaluated and compared. However, some factors (such as user satisfaction) may be more subjective and require qualitative methods to measure and understand. Additionally, appropriate measurement standards and indicators should be set based on the specific situation and goals of the project to ensure accuracy and comparability.

4.2 Valuation Level

1) Before Token Listing:

Due to the presale occupying 20%, with a maximum presale amount of 800 ETH, as of September 14, 2023, the price of Ethereum is $1621. Therefore, based on this proportion, the valuation of Banana Gun can be calculated as follows:

Maximum presale amount: 800 ETH

Ethereum price: $1621 (as of 2023.9.14)

Presale percentage: 20%

Valuation = Maximum presale amount x Ethereum price / Presale percentage

Valuation = 800 ETH x $1621 / 20% = $6,484,000

Therefore, based on these parameters, the valuation of Banana Gun is approximately $6,484,000. This is an estimated value based on the provided data and calculation method, and the actual valuation may be influenced by various factors.

2) After Token Listing

As of September 17, 2023, the current token price is $8.493, and the FDV (fully diluted valuation) is $84,929,995. Therefore, the current FDV of the project has exceeded $84 million, approximately 12 times the pre-listing valuation.

4.3 Key Risks

1) Security Risk: The project requires users to provide their private keys, which poses a security risk even though mnemonic phrases are not required. Private keys are sensitive information for user wallets, and if leaked or mishandled, it could lead to asset loss. Therefore, users need to be especially careful in protecting their private keys and ensure necessary security measures are taken when interacting with the project.

2) Token Economic Model Risk: The project's token presale occupies 20% of the total supply, which may lead to significant selling pressure. If a large number of token holders sell in the market, it could have a negative impact on the token price. Investors need to carefully consider this factor and understand the token supply and distribution situation.

3) Professional Level of the Development Team: The project's development team may have issues, including code errors, etc. If the token experiences vulnerabilities early in its listing, it indicates a certain level of technical and professional shortcomings in the development team. Users need to conduct due diligence on the team behind the project and assess their development and management capabilities.

5. References

1. https://docs.Bananagun.io/ Official website
2. https://twitter.com/BananaGunBot Official Twitter
3. https://www.coingecko.com/en Coingecko
4. https://Unibot.app/ Unibot official website
5. https://docs.maestrobots.com/faq/smart-rug-auto-sell Maestro official website
6. https://www-telegram.org/318 Telegram usage report
7. https://www.web3sj.com/news/81503/ Unibot and Telegram Bot race after going viral
8. https://dune.com/whale_hunter/dex-trading-bot-wars Dune data
9. https://dune.com/whale_hunter/banana-gun-bot Dune data

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