Recently, the price of UniBot has skyrocketed, which has led to the takeoff of the Telegram Bot track. While most people are shocked by its rapid price increase, a few are taking advantage of the hype to find the next investment-worthy project in the Bot track.
Odaily has found a project with a significant increase in the past 7 days in the Telegram Bot section of CoinGecko - MEVFree. MEVFree is a financial platform that integrates multiple service components to meet the diverse needs of different types of DeFi participants.
In search of the next Alpha in the Bot track, we have experienced the various functions of the MEVFree platform and found that the project offers a range of tools and platforms, including MEVFree Guardian, MEVFree Honeypot Checker, MEVSwap, MEVFree Buy Bot, and MEVFree Ads. Simply put, MEVFree, centered around Telegram, builds various tools to meet the DeFi needs of Telegram users.
Next, this article will discuss and analyze the various functional components of MEVFree and the basic information of the MEVFREE token.
Overview of MEVFree's Functional Components
The MEVFree project was inspired by ensuring the security of cryptocurrency discussion groups, avoiding risks from malicious bots and phishing links, and providing DeFi functionalities within the groups.
p;Participants provide an efficient and secure communication and transaction environment.MEVFree Guardian
MEVFree Guardian is the first component of MEVFree, which primarily provides a secure communication environment for Telegram groups, protecting chat groups from harmful bots and malicious behavior. Specific features include malicious link filtering, spam protection, blocking of harmful users, real-time monitoring and alerts, and the ability to customize relevant protection plans.
There are many similar Telegram components like this, essentially a verification component that avoids bots entering groups, without any particularly prominent features.
MEVFree Honeypot Checker
MEVFree Honeypot Checker is a component of the MEVFree ecosystem that verifies the security of smart contracts. In the DeFi field, there are often malicious smart contracts that deceive users' funds or information. MEVFree Honeypot Checker provides users with credibility assessments of smart contracts through a series of technical means and data analysis, and provides corresponding risk warnings.
The following are the main features and functionalities of MEVFree Honeypot Checker:
1. Smart Contract Analysis: Analyzes the source code of smart contracts, identifies and detects potential malicious behavior.
2. Historical Data Query: Utilizes historical data and tools such as blockchain explorers to query the transaction records, contract creators, and contract usage of smart contracts.
3. Risk Warning and Rating: According to the analysis results of the smart contract, it provides corresponding risk warnings and ratings. It will inform users of potential risk factors, the security level of the contract, and provide corresponding advice and preventive measures.
Individuals and project parties can achieve this function by adding the MEVFree Honeypot Checker bot to the Telegram group. From the perspective of cryptocurrency discussion groups, this function provides convenient security audit capabilities for code beginners, which is conducive to improving the user experience for new entrants to the Web3.
MEVSwap
MEVSwap is the core tool in the MEVFree ecosystem. It operates as a DEX on multiple blockchains, including Ethereum, BNB Chain, Arbitrum, etc. It also integrates top project routing services such as Uniswap and PancakeSwap, and MEVSwap supports cross-chain transactions between multiple chains.
MEVSwap in addition to the basic features of other DEX, such as token trading, liquidity staking, etc., also has some innovative functions. The permissions for using these innovative functions are determined based on the amount of tokens held. The specific functions and the amount of tokens held are shown in the table below:
The most core feature of MEVSwap is the TradeShield protection mechanism, which provides transaction privacy and MEV protection by executing transactions and securely storing tokens within the smart contract, minimizing taxes and enhancing user privacy. The operation of TradeShield can be understood based on the diagram below:
From top to bottom, the two pictures are the normal trading mode and the TradeShield trading mode. A comparison between the two reveals that TradeShield builds a trading isolation layer in the routing and DEX platforms, executes trades and securely stores tokens within smart contracts, provides transaction privacy and MEV protection, minimizes taxes, and enhances user privacy. Currently, TradeShield has not been officially launched yet, and specific details will be announced by the official.
As a place for fund storage, TradeShield involves risks such as the risk of malicious conduct by the project party and the risk of smart contract security. Overall, if funds are placed in a contract in order to avoid MEV attacks and safeguard privacy, is it an optimal solution?
MEVFree Buy Bot
MEVFree Buy Bot is a Telegram group chat bot that provides alerts for buying and selling actions of certain tokens. By monitoring purchase activities in specific token groups, it helps users stay informed about market trends, enabling them to identify potential investment opportunities quickly.
Unlike Unibot, MEVFree Buy Bot does not have automatic buying functionality. It only serves as real-time communication for token transactions. Additionally, it has been tested and currently only supports three token trading pairs globally. It feels somewhat limited.
MEVFree Ads
MEVFree Ads is the advertising system within the MEVFree ecosystem, allowing project teams to promote their projects or products to the DeFi community.
Users. MEVFree Ads utilizes the functional products of the MEVFree ecosystem to provide effective marketing solutions for project owners. With MEVFree Ads, project owners can choose to advertise on the MEVFree platform to attract more users and attention. MEVFree Ads offers flexible placement options and tracks the effectiveness of ads, helping project owners achieve marketing goals and expand the impact of their projects. Currently, the projects advertising through MEVFree Ads include Pepe 2.OverWatch
OverWatch is an off-chain monitoring system in the MEVFree ecosystem that actively scans for potential threats and responds accordingly based on predefined strategies and rules. Integrated with MEVSwap, OverWatch provides real-time monitoring and notifications, allowing users to make informed decisions and respond to emerging threats or opportunities. OverWatch can monitor transaction activities, smart contract code, network status, and more to help users identify risk factors, protect assets, and seize trading opportunities. The system also features an automated sell function that can execute sell orders automatically to protect users' assets when issues are detected. It is currently not yet live.Economic Model of MEVFREE
MEVFREE (the token of MEVFree) has an initial supply of 100 million tokens, with 20 million tokens burned afterwards. The current supply is 80 million tokens, and the token distribution is shown in the following chart:
The MEVFREE contract integrates the "Anti-MEV Robot" code, effectively counterattacking the attempts of MEV robots to buy and sell MEVFree tokens in the same block. When the MEV robot attempts to execute purchase and sale transactions in different blocks, the smart contract intervenes and stops the sell orders related to robot activities.
MEVFREE requirements:
1. Users can obtain advanced support for MEVSwap by holding different amounts of tokens.
2. Staking mining: Currently, only liquidity pools with MEVFREE and ETH can be added.
3. Governance tokens: can participate in project-related decisions.
In my experience, this project is not a true Telegram Bot project. The bot tools it currently provides serve its own DEX platform, and there are already too many competing products in the market. However, its DEX platform developed for preventing front-running attacks and MEV attacks is worth observing. As a relatively novel solution, we need to see its functionality in practice.
Related Readings
Are Unibot and Telegram Bot, which suddenly became popular, still worth buying?
Telegram Bots Breaking New Ground: What Projects Are Worth Paying Attention To?
Concerns About Revenue Token Trading Tax and Security: How Long Can Unibot's Narrative Continue?
