Notcoin Debuts on TON Blockchain with $1 Billion FDV
May 17, 2024
The Open Network (TON) has seen substantial growth over the past year, establishing itself as a major player in the blockchain industry by total market capitalization. A key driver of this growth is Notcoin (NOT), a popular gaming token integrated with the Telegram messaging app that has made a splashy debut on the TON blockchain. According to a recent announcement, Notcoin has secured a fully diluted valuation (FDV) of $1 billion after launching via airdrops and several cryptocurrency exchanges.
What is Notcoin (NOT)?
Notcoin started as a viral game on Telegram designed to onboard users into Web3 via the TON blockchain. Unlike typical projects with detailed whitepapers, Notcoin’s whitepaper is humorously minimalistic: nine pages with only the first page titled “Notcoin Whitepaper November 2023,” followed by eight blank pages. This playful approach underscores Notcoin’s unconventional nature.
The token features a “tap-to-earn” mechanic, enabling users to earn NOT by engaging with Web3 products, playing games, and contributing to the ecosystem. This community-driven model has attracted a substantial user base, with nearly 7 million members on its Telegram group and 2 million followers on X.
Exploring Notcoin’s Ecosystem
Notcoin’s ecosystem thrives on user participation and developer innovation. Web3 developers can promote their products through Notcoin campaigns, encouraging community interaction and adoption. The recently introduced Notcoin Explore feature further enhances this by allowing users to discover new Web3 projects and earn NOT in the process. These projects acquire NOT from the market and add it to a campaign pool, rewarding users who engage with them.
Tokenomics: A Bold and Unconventional Approach
Notcoin’s tokenomics are as unique as its whitepaper. All 102,719,221,714 NOT tokens were unlocked from day one, avoiding the typical vesting schedules designed to mitigate initial sell pressure. However, not all tokens are immediately available for trading. The distribution includes airdrops to miners, which may not be fully claimed right away.
The allocation of the total supply is as follows:
- Binance Launchpool: 3%
- Miners: 78%
- Ecosystem Fund: 9%
- Community Incentives: 5%
- Development: 5%
This strategy emphasizes community involvement and long-term ecosystem growth.
Participation in the Binance Launchpool
A notable aspect of Notcoin’s distribution is its inclusion in the Binance Launchpool. To participate, users need a Binance account. After logging in, they can navigate to the Launchpool, select Notcoin, and choose between FDUSD or BNB pools. Staking in the pool allows users to earn NOT, which can be withdrawn anytime.
Trading for Notcoin began on May 16th, 12:00 UTC, with pairs including NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD, and NOT/TRY. The initial trading volume was impressive, hitting $294 million within the first hour, according to CoinMarketCap.
Early Success and High User Engagement
With over 35 million users having interacted with the in-game features available through Telegram, Notcoin has established itself as a major player in the Telegram Open Network (TON) ecosystem.
Notcoin’s in-game mechanics allowed early adopters to accumulate tokens throughout the first four months of 2024. Users participated by clicking on a virtual coin and completing challenges within the Telegram app. According to a press release, these in-game balances were converted to Notcoin at a conversion rate of 1000:1.
Notcoin’s Potential Impact on TON
Notcoin’s successful launch on TON is a positive sign for the TON blockchain’s growth and adoption. The project’s large user base and impressive trading volume demonstrate the potential for TON to become a significant hub for innovative blockchain-based games. It’s important to note that the play-to-earn gaming sector is rapidly evolving, and Notcoin will face competition from established and emerging projects.
Conclusion
Notcoin’s debut on the TON blockchain marks a significant milestone for the project and the TON ecosystem. With a large user base, vigorous trading activity, and a focus on user engagement through staking, Notcoin is poised to make a name for itself in the world of play-to-earn gaming.
However, Notcoin’s long-term success will depend on its ability to maintain user engagement and deliver a compelling gaming experience.
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