Understanding Notcoin, the latest project of Binance Launchpool: a meme coin that helps TON ecosystem break through

LD Capital

24-05-10 00:55

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Editor's note: According to official news on May 9, Binance launched the 54th phase of the new coin mining project, using BNB and FDUSD to mine Notcoin (NOT). Users can put BNB and FDUSD into the NOT mining pool on the Launchpool website after 08:00 (Eastern Time) on May 13 to obtain NOT rewards. NOT can be mined for a total of 3 days.

According to the announcement, the maximum supply of Notcoin tokens is 102,719,221,714 NOT, which will be fully unlocked at the initial circulation. The total mining volume is: 3,081,576,651 NOT (3% of the maximum supply of tokens). Binance will list Notcoin (NOT) at 20:00 (Eastern Time) on May 16, and open NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD and NOT/TRY trading markets, and seed tag trading rules will apply.

Original title: "Can the viral Notcoin become a meme coin that breaks the circle of TON ecosystem?"

Original author: Alfre, LD Capital

1. TON, backed by 900 million monthly active users

The Open Netwotk (TON), formerly known as Telegram Open Network, was created by the Telegram team in 2018. After being accused by the SEC of conducting an unregistered securities offering during the ICO era, the Telegram team paid a fine to reach a settlement and abandoned the project, which was continued to be developed and operated by the community TON Foundation. Although it has been separated from Telegram in name, the actual connection between the two is still direct. TON has always been the only public chain officially supported by Telegram and continues to be deeply integrated with Telegram. TON will continue to benefit from Telegram's huge user base and traffic entrance. Telegram will build a decentralized digital ecosystem with freedom and privacy by supporting TON.

Telegram has attracted many users around the world with its advocacy of freedom of speech and protection of privacy. It has more than 1.3 billion registered users and nearly 900 million monthly active users (MAU). At the same time, Telegram has great advantages in acquiring Web3 users. Thanks to the relaxed speech atmosphere and regulatory environment, almost all Web 3.0/Crypto projects operate communities on Telegram, and Telegram's users are concentrated in Asia, Europe, South America and the Middle East. The characteristics of retail investors are more obvious, and the demand for peer-to-peer payments is strong. It is a more ideal group to be converted to Web3.

Recently, in addition to Telegram founder Durove's statement that he is considering an IPO, Durove has announced the official sales channel of TON tokens in his personal channel; Telegram's advertising platform will be officially open to all advertisers in nearly 100 new countries. In order to ensure fast and secure advertising payments and withdrawals, the TON blockchain will be used exclusively. Content creators will be able to cash out their Toncoins or reinvest them to promote and upgrade their channels. These moves will accelerate the development of the TON network and truly broaden the use cases and scenarios of blockchain.

2. Viral Notcoin

Notcoin is a free and easy-to-use Telegram game, which mainly allows people to earn coins by clicking on the phone screen. Since its launch on January 1, 2024, its popularity has surged. Currently, the number of participants in the game exceeds 30 million, and the average daily activity reaches 5 million, making it the fifth most active channel on Telegram.

According to the TON Foundation’s statement and external interviews, Sasha Plotvinov, founder of Open Builders, and her team are building Notcoin. Open Builders is an organization dedicated to financing projects on the TON blockchain. It is related to Tonstarter, which successfully raised $1.5 million in seed funding last year specifically to support projects based on the TON blockchain. In addition, TON's official Twitter has also retweeted Notcoin-related tweets many times, and Notcoin's official Twitter currently has 1.5 million followers.

In early March, Notcoin launched a feature that allows elite players to convert large amounts of in-game currency into NFT vouchers, which can be traded before their tokens are officially issued. Players can choose to exchange 10 million or 100 million game coins for coupon NFTs. Currently, the NFT has been listed on the TON ecosystem NFT trading platform Getgems for advance trading and pricing. When the token is officially issued on the chain, the NFT can be exchanged for tokens.

According to Notcoin's game representative, the token generation activity and subsequent airdrop activities to players will be carried out in late March or early April.

III. Comparison of relevant data

According to data on the 27th, there are about 500,000 Notcoin NFTs in circulation, with a current value of 10 M= 9 TON (calculated at 5 U), a market value of approximately US$22.5 million, a total transaction volume of 2 million TON, and a transaction amount of approximately 10 million.

Since March 15, the trading volume of Notcoin NFT has become active. On the 25th, the recent highest transaction volume was 25,000, with an average transaction price of 10 M= 6.7 TON and a transaction volume of 837,500 US dollars. On the 26th, 21,000 transactions were made, with an average transaction price of 10 M= 9.9 TON and a transaction volume of 1,039,500 US dollars. The highest transaction price appeared on March 13 at 10 M= 66 TON, and the lowest price appeared on March 20 at 10 M= 3.7 TON.

Bybit announced on Monday that the Telegram-based meme coin Notcoin ($NOT) will be listed on its pre-market trading platform from 10:00 am UTC on Monday. According to data on the 27th, the bybit pre-market trading price was 10 M= 60-90 US dollars, which is a considerable premium over NFT market transactions.

Compared with FISH, the current meme coin ranked first in the TON ecosystem, its current market value is 39 million and its 24-hour trading volume is 2.55 million. During the NFT trading phase, Notcoin’s market value and trading volume are about 1/2 of FISH’s.

IV. Conclusion

Currently, the rise of meme coins has become an important way for the public chain ecosystem to break through. The TON ecosystem is currently in a relatively early stage, but backed by Telegram's huge number of users, its development potential is unquestionable. Compared with the development of TVL of ecological projects, meme-driven popularity has become a more achievable method in the short term. Overall, the Notcoin project has received official support from TON and has a huge user base, and has the opportunity to become a meme coin option that breaks through the circle. However, the risk is that the current token economy is still unclear. More than 20 million US dollars of NFTs have been circulated before the secondary listing, and there is a lot of selling pressure when it is launched, but based on fundamentals, it is believed that the project has potential in the medium term.