According to Coingecko data, the price of NOT token, a popular project in the TON ecosystem, reached a new high of around $0.0283 in the early hours of today, but has since dropped to around $0.021. Its market value is stable at $2.1 billion, ranking it 62nd in the cryptocurrency market, surpassing ONDO and approaching LDO. Moreover, NOT’s 24-hour trading volume far exceeds that of many mainstream coins, reaching an astonishing $4.7 billion.
After NOT became the first token to go live on Binance in the TON ecosystem, it experienced a steep 60% decline, followed by a remarkable 7-fold increase in just a week. In this article, we will briefly introduce NOT and its underlying project, Notcoin, and provide some new projects as references in conjunction with the current development of the TON ecosystem.
Latest Project Updates: Phase 3 has commenced
According to information from the official Notcoin account, the project has now entered its third phase. Notcoin, a click-based game built on the TON blockchain, has attracted over 35 million users in just a few months due to its low entry barrier and direct profit rewards. The daily active users have exceeded 6 million, and its Tap2Earn game mode and referral-based viral marketing have made Notcoin one of the top 5 channels in terms of user rankings on the Telegram platform.
The game was officially launched in January of this year. In early March, advanced players were allowed to convert in-game currency into NFT vouchers for trading before the token went live. At that time, the price of 10 million NOT tokens was only around $100. In early April, the game briefly suspended service to prepare for the token launch, which was initially planned for April 20th but was ultimately delayed. On May 9th, two major exchanges, OKX and Binance, announced the listing of NOT and the launch of staking mining. On May 16th, NOT officially went live on various mainstream exchanges and achieved a market value of over $800 million within an hour.
Now, NOT has achieved a remarkable market value of nearly $5 billion in just two weeks, setting a precedent for the TON ecosystem.
However, the classification of NOT tokens has become a point of contention for many people.
The Notcoin Meme or Game Token Dilemma
The reason for this debate is mainly due to the significant differences between meme coins and game tokens, which in turn determine the upper limit of NOT’s future development.
Generally, if a token is considered a game token, the main influencing factors include: 1) the token is generated based on a game application; 2) the token has corresponding use cases within the game; 3) the token has a certain in-game consumption cycle.
Although NOT meets the first requirement, it is difficult to fully correspond to the second and third requirements. After all, NOT’s current use case is more inclined towards application incentives, and token consumption is mainly controlled by the project party, including donation and burning, which are mostly unrelated to user operations.
If NOT is considered a meme coin within the TON ecosystem, it may better align with its current market positioning and user perception.
Furthermore, if it is confirmed as a meme coin, the market value and token price of NOT are expected to continue to rise, becoming a great hope for breaking into the Web2 user community in the TON ecosystem. After all, the market education benefits of meme coins for Web2 users are obvious.
In addition, the operational style of the Notcoin project behind NOT is very similar to that of meme coin projects. Its previously released blank whitepaper and the background image and announcements of its official account have repeatedly mentioned the “Probably Nothing” meme in the crypto industry, showing the Notcoin project’s “meme-style nonsense.”
TON Ecosystem Potential Projects Overview:
Tap2Earn Becomes Mainstream
It is worth mentioning that NOT’s significance to the TON ecosystem goes beyond increasing TVL or acquiring new users. In a certain sense, NOT has opened up the “ceiling of imagination” for other projects in the TON ecosystem, making many project teams and users realize for the first time that a simple Tap2Earn model can create such a large-scale and high market value project in the TON ecosystem.
In addition to NOT, the TON ecosystem has other potential projects. Based on the official list of The Open League winners, the following projects are briefly summarized:
Hamster Kombat is a Tap2Earn management simulation game that currently has over 60 million users, with a daily active user count of up to 24 million. In just 7 days, its YouTube channel achieved an astonishing milestone of over 10 million subscribers. The official Telegram channel has nearly 24 million followers.
CatizenAI is a new game center platform and on-chain metaverse cat breeding game created by Web3 game studio Pluto Studio based on past experience. In March 2024, the beta version was launched, and by April, Catizen had reached 260,000 on-chain users, making it one of the fastest-growing projects in the TON ecosystem. In June, according to official sources, its user count has exceeded 12 million, with over 730,000 on-chain users, and it has won the first place in The Open League twice. It has previously announced support for Notcoin (NOT) as a payment method in the game and generated over 50 million NOT in revenue within 3 days of supporting NOT payments. Subsequently, the official announcement stated that 5 million NOT would be burned from the revenue.
Tapswap is a Tap2Earn mining game similar to Notcoin. It seems to have gained popularity among Nigerian players, as they can earn in-game coins by tapping the screen and exchange them for real-world currency. This move is reminiscent of how Axie Infinity supported many Southeast Asian families. The Telegram channel of Tapswap has reached approximately 17.5 million followers.
Yescoin, as the name suggests, is a Notcoin clone and recently ranked second in the App competition of The Open League. According to its official channel introduction, the project is currently in its first phase, the fair mining phase, with a channel follower count of around 4.43 million.
Ston.fi is an AMM DEX built on the TON chain, providing almost zero fees, low slippage, an extremely user-friendly interface, and direct integration with TON wallets. In May, Ston.fi announced the completion of a new round of funding, with participation from CoinFund. The specific amount of funding and valuation data were not disclosed. According to the official statement, the funds will be used for further operations to expand financial services for Telegram users, allowing them to trade encrypted assets across multiple blockchains without the need for bridging or wrapping. The official Telegram channel has approximately 300,000 followers.
For more information about other projects in the TON ecosystem, refer to the previous article “Ton Ecosystem Takes Flight: A Quick Look at 14 New Foundation Grant Projects” and the official account of The Open League in the TON ecosystem.
Summary: Web2 Viral Growth Strategy Fuels Ecosystem Miracles
After NOT made its “exchange debut” in the TON ecosystem through price manipulation and pumping, it seems that the TON ecosystem has found a unique path of development involving Web2 mini-programs, H5 games, Web3 manual mining, and referral-based viral growth. Combined with the ecological incentive programs launched by the TON ecosystem foundation through various means and channels, as mentioned in the previous article “In-Depth Analysis: What New Species Will USDT+TON+Telegram Mutate Into?”, we may soon witness the TON ecosystem network achieving record-breaking TVL and active on-chain user numbers, realizing the long-awaited mass adoption.
We hope that users who have migrated from Web2 and tasted the “sweetness” of Web3 airdrops will continue to find joy and value, becoming contributors to the subsequent development of the TON ecosystem.
Reference Articles:
Market Heat Surges: Is Notcoin the New Way to Enter GameFi?
LD Capital: Can Notcoin, a Virally Spreading Meme Coin, Become the Breakthrough Meme Coin in the TON Ecosystem?
