Solana’s blockchain ecosystem has seen several product launches and network expansion. For instance, Jupiter, Solana’s liquidity hub, launched JupUSD stablecoin, while the blockchain’s real-world asset (RWA) tokenization hit a staggering $873 million in total value locked. At this point, the Trojan non-custodial trading interface is out on the Solana blockchain, setting the stage for how this tool differs from its earlier Telegram-based trading bot.
However, readers should note that this article is not intended to promote a bot‑based trading system.
From a Telegram trading bot to a non-custodial on-chain trading terminal
When Trojan was first launched in January 2024, it was used as a Telegram trading bot. For newbies, a Telegram trading bot is an automated software program that sends messages related to trading within the Telegram app.
Bots work inside the app, allowing users to make trading decisions. In this case, users do not have to always depend on a separate app or exchange interface.
As the platform claims, Trojan has certain features that make it a more inclusive crypto trading ecosystem. It is now an on-custodial interface plus an on-chain trading terminal.
- Trojan gamifies trading with leaderboards, rankings, and challenges. It ensures “arena-style onchain experience for users.”
- Users can go through quest-based rewards, such as completing specific tasks like making a specific number of trades.
- The reward pool distributes incentives to eligible users via Solana’s SOL token.
- Through the “gold accumulation system, users can earn gold by completing quests, trading, and participating in the gaming arena.
Besides, Trojan boasts of offering upto $5 million rewards to early participants who come to the new on-chain trading terminal.
Non-custodial on-chain trading: Are there any downsides?
Non-custodial trading involves users owning their owncrypto wallet and private keys. In detail, crypto exchanges or related platforms will not take charge of custody of your funds. Sometimes, gas and transaction fees can spike during a transaction
Now talking about bot trading, although Trojan has transitioned from bot-trading to on-chain trading on Solana, this tool still automates trades and sends step-by-step trading-related information. However, there are several cases where bot trading ended up in fake demands, especially in the case of memecoins.
Bot trading has created wash trading — a market manipulation method where an entity acts as both seller and buyer to create false volume and demand. According to reports, analysts have found an account that created a huge amount of trading volume using JUP, the native token of Jupiter.
Jupiter executives have warned of this incident in an X post published last year.
Crypto marketing firm Gotbit was involved in wash trading incidents on Ethereum, where the founder, Aleksei Andriunin, pleaded guilty in a US court. To inflate trading volumes, the firm generated an enormous volume of tokens such as Robu and Saitama through wash trading.
As the news on Trojan’s launch on Solana broke, an X user and crypto enthusiast has opined that it might be a scam. The person deposited $5 into the wallet and attempted to do a small trade worth of $1. Trojan charged them the entire $5, instead of a small proportional fee.
As we wrap up, Solana is paving the way for several blockchain-based projects like stablecoins, RWA tokenization, trading bots, and on-chain trading interfaces. Solana also has other on-chain trading interfaces/bot trading tools like BONKbot, BullX, and SolTradingBot. The blockchain network has also served a critical number of stablecoins, making it reach a new all-time high of $15 billion, which is 200% higher over the past year.
Although innovations are beautiful in the crypto industry, users must be cautious when diving into new projects. Just DYOR- do your own research!
