In this session with FluxBot, Cloakd @CloakdDev gave tips on how to use their product to buy $JUP when it launches on Meteora! Fluxbot has integrated both Jupiter aggregator and Meteora’s DLMM and they have some cool features for getting trades in.
The Grand Champion of the recent Solana hackathon, FluxBot is a telegram bot created by Cloakd and his team to allow users to use different tools and strategies to instantly buy/sell tokens across Solana. Their long term goal is to provide a full service suite to help users on ramp, trade, and off ramp through FluxBot.
The team behind FluxBot is also building:
- FluxBeam — the first Token2022-standard DEX on Solana
- Rugcheck — https://rugcheck.xyz/ an immensely useful tool that provides a risk score on memecoins and other tokens based on a set of risk metrics. Users can easily tell if a memecoin suffers from “Freeze Authority ‘’ or other common risks to avoid getting rugged prior to purchasing the coin.
Why are telegram bots getting popular?
Many users in Solana are already using telegram and discord so they are familiar with the interface. There might still also be a lot of friction when it comes to learning about blockchain and crypto and interacting with decentralized applications (Dapps). Trading via telegram bots like FluxBot could make the experience much smoother for certain users, especially if they are in secluded areas without their laptops and can only use their mobile.
What does it take to be a good trading bot?
Best rates: Traders need to instantly buy/sell tokens at the best rates using the bot.
Support different trading strategies: There are different types of users with different needs. FluxBot supports DCA (Dollar Cost Averaging) and Limit Order functionality through their Jupiter integration. For passive traders who want to adopt a reactive approach, FluxBot also has a Copy Trader tool which allows users to copy trading other whales or “smart” wallets in real time.
Good UI/UX: Although it offers multiple tools, FluxBot aims to be more like a seamless “point-and-click” telegram bot for retail traders even on mobile, rather than a very complex bot with a lot of configurations.
Fast token discovery: Traders want to identify and trade the hottest new tokens within seconds of launch. FluxBot has integrated Meteora’s Dynamic and DLMM pools along with other DEX pools, so that their Token Sniper tool can snipe tokens as soon as they launch and also send instant notifications.
Scam protection: Many new memecoins have malicious functions and code which the typical retail trader would miss. The Token Sniper is backed with https://rugcheck.xyz/ token verification so that traders can acquire memecoins with greater confidence.
Reliability: According to Cloakd, building a telegram bot is straightforward until there is a massive influx of users and congestion occurs. For example, Solana has experienced growing pains, becoming slightly choppy after the Jito launch and priority fees have become almost the norm. Traders need reliable infrastructure so that trades are executed as intended without delay and they can capture the most of the trading opportunities.
FluxBot previously faced challenges in terms of on-chain tx delivery and telegram rate limit size whenever Solana was congested. But they have since optimized their custom code at the validator level and improved backend infrastructure to handle all the requirements of a high-performance telegram bot. Their tx delivery rate is now 98%, up from 70% right after the Jito launch!
How is FluxBot using Meteora?
Meteora’s Dynamic and DLMM pools have been integrated by FluxBot to offer additional flexibility and options for their users as those pools offer good routes and rates for many token pairs.
Since Jupiter aggregator quote API only supports tokens that hit a minimum trading and liquidity criteria, some new tokens / memecoins with low liquidity and trading volume may not get tracked immediately. Integrating Meteora pools was essential in ensuring FluxBot traders had direct, immediate access to those tokens right after pool creation.
FluxBot would first use the Jupiter aggregator API to get the best rates to trade the token, failing which (if the new token doesn’t meet the requirements to be supported by Jupiter), they would fall back to their own pricing mechanisms, which utilize their integrations with Meteora, Orca, and Raydium etc. and the raw pool pricing. Moreover, FluxBot runs event-based tracking using RPCs to get liquidity and price updates within each blockchain slot. This ensures that they can stream prices and support trades quickly with ecosystem-wide coverage for new pools and tokens.
All Meteora pools would get picked up by https://rugcheck.xyz/ to help provide a risk score for the associated tokens. This is especially useful since Meteora plans to be the gateway for many new tokens and memecoins in the future through DLMM, with our dynamic concentrated liquidity, customizable single-sided price curve, and other features catered to token launches.
Fun fact: When Cloakd didn’t have Meteora’s sdk on hand, he reverse-engineered the Meteora integration by utilizing our website frontend!
How can traders use FluxBot to acquire $JUP at launch?
The $JUP token mint will be whitelisted so traders can simply set up the Token Sniper tool in advance to snipe the token at launch. FluxBot will allow users to set a custom slippage limit with the additional protection of setting max price e.g. “I don’t want to buy $JUP for more than $5”. Users also have the option of using Copy Trader to follow the lead from other wallets.
Once traders have acquired $JUP, FluxBot is looking at helping users provide $JUP liquidity on Meteora easily through the telegram bot, for instance into a JUP-USDC pool.
Meteora is also making the $JUP launch as fair and transparent as possible through its on-chain DLMM pool configuration. For example, the plan is to have an “unlock trading” mechanism and everyone will know which slot trading would start in advance, and FluxBot can review the on-chain information for its Token Sniper setup. In addition, there will be mechanisms to mitigate a single whale address from purchasing all or majority of the initial token supply in a single tx.
How is FluxBot ensuring trades land for the $JUP when there is massive trading demand?
FluxBot is working with validators to access reserve “ports” which act as a priority queue / lane on top of typical priority fees. FluxBot also runs event-based loops, they can get liquidity and price updates within each slot.
FluxBot can support dynamic priority fees that are specially catered to volatile periods during the launch of popular tokens like $JUP, when it is difficult for typical priority fees to land trades (when it becomes almost like a blind dutch auction). FluxBot is able to monitor each block and diagnose what would be the estimated priority fee needed to be sent to validators for that block and adjust accordingly.
Similarly, Meteora is also taking steps such as working with different RPCs e.g. Helius and Triton, as well as increasing supporting hardware to ensure the reliability of our infrastructure to support the $JUP token launch. We recommend any project or trading bot to integrate Meteora DLMM directly for the launch to access the most updated on-chain data.
What is a good estimated slippage to use on FluxBot for new token launches with low liquidity?
This depends on your risk preference and the rugcheck.xyz score for the token. Some traders use very high (even up to 20% slippage!) when there is extremely high volume, but of course, there should be sufficient due diligence done by the trader. If slippage is set too high, txs may get affected by Jito bundles and your tx will get bundled and you end up losing out. You may also be vulnerable to risks and attacks related to MEV.
Educating new FluxBot users on Solana
New users may be overwhelmed when exploring Solana. To guide and handhold users, video tutorials and tips would soon be provided on the FluxBot website or telegram bot.
To this day, FluxBot still has to constantly remind their community —
Never share your private key with anyone!
What are some new initiatives users can expect from FluxBot next?
- Improvements to real-time pricing and Copy Trader
- More reliable infrastructure
- New Profit and Loss Cards for users to track their trading performance. Users can view their profits right after trading
- Upcoming launchpad for new memecoins
There were plenty of interesting insights about telegram bots covered in the Twitter Spaces! Listen to it again here. If you have questions about the FluxBot x Meteora integration, ask us on Discord.
