The market value increased by 2 billion US dollars in one week. Review of NOT's "large-scale wealth creation" action

Luccy

2024-06-03 19:22

Read this article in 11 Minutes

Notcoin's success may not be replicated.

On June 3, according to CoinGecko market information, NOT's 24-hour network trading volume reached $4.646 billion, second only to Bitcoin, Ethereum and USDT, ranking fourth in the network's trading volume.

Among them, the NOT/USDT trading volume on Binance platform reached $2.175 billion, accounting for 46.56% of the total trading volume of the token, and the NOT/USDT trading volume on OKX platform reached $628 million, accounting for 13.45% of the total trading volume of the token. As of writing, the price of NOT is $0.02.

Can NOT continue to rise? In What factors drove the surge of NOT? 》 summarizes the views of other researchers. This article will review Notcoin's path out of the circle from the timeline.

From Telegram to Binance

NOT's pull-up is inseparable from Binance's support. Perhaps, as some people in the community say, "Binance Cartel is real", most of the tokens supported by Binance will magically rise.

(Translator's note: Cartel is a monopoly structure, the author actually alludes to the potential manipulation of the market and the price of specific tokens)

Of course, NOT itself reduces the circulating supply through the mortgage function, and the token destruction carried out by the ecosystem project party is also one of the main reasons for its rise. About 18 million NOT (about $350,000) were destroyed and permanently withdrawn from circulation (reducing selling pressure). Crypto community member @CryptoStreamHub said that although this does not seem like much, investors may expect more destruction in the future. After all, this is cryptocurrency and the valuation does not have to be reasonable.

TON's out-of-circle meme

In mid-November 23, the TON ecosystem exclusive conference The Gateway was held in Dubai. The theme of the conference was to bring cryptocurrency into everyone's pocket by building a Telegram Web3 super application.

Notcoin made its debut at a conference for over 500 crypto enthusiasts, developers and investors.

Although it is part of the TON ecosystem, Notcoin’s relationship with TON goes beyond that. Notcoin’s promoter Sasha Plotvinov is the CEO of Open Builders, and the products under Open Builders overlap with the TOP organization of Andrew, the founder of the TON Foundation. It can be said that they are basically the same group of people. This gives Notcoin a stronger endorsement.

After the conference, a small number of KOLs appeared in the tg group to promote Notcoin, and an invitation reward was launched at the end of the month. After entering December, with the promotion of Andrew, the founder of TON Foundation, Notcoin began to get on the right track, and the beta version points will be cleared on January 1, 2024 with the release of the official version.

On the other hand, the meme pattern brought by Solana since this year has given memes a certain ecological niche on the public chain, while there is no meme ecological niche on TON, which also gives NOT a meme pattern on TON. As ACcapital founding partner @TeddyAC01 said, Notcoin brings traffic to TON, and TON tilts its operating resources towards Notcoin.

However, there have been many articles about "whether NOT meme can help TON", and Notcoin officials said that they "have never been just a meme coin"

Early layout of Binance

After Andrew's promotion, Notcoin cooperated with multiple projects, such as holding a certain NFT will issue points, which largely enabled Notcoin to achieve 20 million users in 26 days. As a result, Notcoin attracted the attention of Binance and launched a joint event on February 29,

Image source: Community tg screenshot

Subsequently, Notcoin announced on April 12 that it had completed the point mining after three months. On May 9, OKX Jumpstart launched NOT (Notcoin), and TON holders can stake TON to mine NOT tokens, with a maximum of 4,000 TON per person.

On the same day, Binance launched the 54th phase of the new coin mining project, using BNB and FDUSD to mine Notcoin (NOT), and officially listed Notcoin (NOT) on May 16, and opened NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD and NOT/TRY trading markets.

More than "Tap-to-Earn"

Notcoin is essentially a game that "mines through clicks". This track is still in the niche stage, but it may become a new narrative to attract users to participate. For example, on May 26, according to the data of Artemis, an on-chain analysis agency, Aptos also created 95.6 million daily transactions due to the "click mining" game Tapos, setting a new record for the daily transaction volume of the L1 public chain.

In addition, Notcoin's invitation and team mechanism also made the project popular through viral marketing.

But Notcoin’s success is not just based on new narratives. ACcapital founding partner @TeddyAC01 said in reviewing Notcoin’s success that Notcoin’s success cannot be replicated.

Because Notcoin is a user group that directly uses Telegram, Telegram can increase the cost of haircuts. In addition, Notcoin stated that it was "probably nothing" during its promotion, which raised the haircut costs of Notcoin.

In addition, @TeddyAC01 also said that the market determines that the god disk cannot be copied. Web3 projects are extremely network-scale economies. Our market is a unified large market, and the market segmentation is not that large. Copycats are directly competing with the god disk, and they cannot win or lose. If they win, the god disk will collapse and the copycat will collapse. Now it is the middle and late stages of the bull market. Copycats need to develop for half a year like Notcoin, and there is no time.

According to Notcoin officials, it will transform into a culture + ecosystem and launch a win-win subsystem. Among them, Notcoin Explore is one of them, and games and competitions will continue to be explored.

Notcoin says some of these subsystems will be working and evolving from day one (and exploration has yielded great results so far). The main goal is to build enough working, value-added subsystems with the community over the next 4-5 years to be fully autonomous and self-evolving. With Notcoin values at the core, of course.