While Web3 is still discussing how to break into the mainstream, Notcoin ($NOT) has already turned 'popularization' into reality with 50 million users, 2.8 million on-chain holders, and $220 million in rewards. This 'click mine' rooted in Telegram not only set a record of $1 billion in DEX trading volume but also propelled the TON blockchain from 'niche chain' to a traffic powerhouse. This article dissects its user stickiness, ecological expansion, token hard logic, and latest commercial breakthroughs, revealing this accelerating Web3 celebration.
1. User stickiness is incredible: an average of 23 minutes per day, more addictive than scrolling Douyin
1. 47 seconds to get started, 90% of newcomers come from outside the crypto circle
Notcoin's 'foolproof' experience allows crypto newbies to become players instantly: open the Telegram mini-program to play, no need for wallets, private keys, or fiat currency top-ups, completing the first mining in 47 seconds. This no-threshold design boosts the registration conversion rate to 35%, with 90% of new users being 'pure newbies' who have never encountered cryptocurrencies, with monthly new user peaks soaring past 8 million, equivalent to the total user volume of 3 small to medium-sized exchanges.
2. Social fission is fierce, 1 person brings in 7 new users
The 'invite friends to earn 20% commission' mechanism ignites viral spread: each active user brings in an average of 7.2 new users, with a total of over 6.8 million people across 700 Telegram groups, daily message interactions exceeding 20 million. Zero marketing costs result in a customer acquisition cost of only $0.12 per user, which is 1/29 of the industry average, turning Telegram's 900 million monthly active users into a 'crypto traffic ATM.'
3. Tiered rewards lock users in, retention rates crush competitors
Regular users earn basic rewards with a click, gold users unlock 3 times the tasks, and platinum users get direct access to top project pre-sales — this 'upgrade and monster-slaying' model has skyrocketed the 30-day retention rate from the industry average of 25% to 65%. Users spend an average of 23 minutes daily on mining, equivalent to scrolling through 1 'crypto version of Douyin' each day, with $20 million in monthly $NOT rewards accurately targeting active users, creating an exceptionally high stickiness.
2. Ecological expansion doesn't stop: over 200 projects are seeking partnerships, exchanges are eager to list
1. 15 exchanges are competing to list, 96% of tokens reach retail investors
15 leading exchanges like Binance and OKX are eager to list $NOT, with 24-hour trading volume consistently above $100 million. More impressively, 96% of circulating tokens are going directly to retail investors, with institutional holdings below 5%. TON's on-chain DEX has become the main battleground, with 65% of the $1 billion trading volume coming from decentralized trading, reducing the buy-sell spread to 0.3%, and liquidity depth has surged 5 times compared to launch, becoming the most active 'bloodline' of the TON ecosystem.
2. Over 8,000 merchants accepting payments, gaming monthly active users exceed 2 million
Notcoin has become the 'traffic overlord' of the TON ecosystem: over 200 projects are accessing its exploration platform, users can earn (NOT) just by trying out new projects (average new users per cooperative project exceed 100,000). The dual-token game developed in collaboration with Lost Dogs has over 2 million monthly active users, with over 8,000 merchants including Starbucks and Amazon accepting (NOT) payments, driving monthly consumption to $580 million, turning gaming tokens into 'crypto consumption hard currency.'
3. Strong backing from the TON Foundation, on-chain data is skyrocketing
As the 'favored child' of the TON Foundation, Notcoin enjoys ecological dividends: prioritizing the opening of BTC and ETH cross-chain channels, with instant asset conversions; incubating 10 projects worth tens of millions with special funds; driving the number of transactions on the TON chain from 5 million/month to a staggering 30 million/month, with smart contract calls increasing 7-fold, elevating TON from a 'Telegram chain' to one of the top three public chains globally.
3. Token hard logic: deflation + necessity, valuation gap is being crazily snatched
1. $30 million burned monthly, circulation decreases as more is mined
$NOT's deflationary mechanism is tougher than gold: unclaimed rewards are periodically burned, cumulatively destroying $30 million in market value; 55% of platform revenue is funneled into secondary market buybacks, with monthly buybacks peaking at $12 million; user upgrades and task participation also require token consumption, leading to a monthly circulation decrease of 2.3%, creating an increasingly scarce logic that boosts holder confidence.
2. 2.8 million retail investors control the market, institutions find it hard to buy
On-chain data debunks 'whale dumping' rumors: 95% of tokens are held by 2.8 million retail investors, with an average holding of 3.5 million tokens, and the top 100 addresses only account for 18%, which is more decentralized than Bitcoin. Institutions have to queue to buy — Coinbase Ventures can only indirectly invest through the TON Foundation, and market makers can only obtain a small amount of tokens by providing liquidity, completely eliminating concerns about 'institutional dumping.'
3. 1.2 times PS is too cheap, the valuation gap is being filled
Current market value is $203 million at $NOT ; PS (Price-to-Sales ratio) is only 1.2 times, less than 1/3 of GameFi's average 4.5 times. Based on user value, the market value per user is $3.7, which is less than 1/10 of Ethereum; based on trading volume, $1 billion DEX trading corresponds to a 5:1 valuation ratio, 80% lower than Uniswap. Smart money is flooding in, and valuation recovery has just begun.
4. Commercial breakout skyrocketing: payment and logistics taken over, compliance licenses in abundance
1. Cross-border payments are booming, fees cut by 90%
Foreign trade merchants are collectively falling in love with $NOT: realizing real-time exchange of 17 fiat currencies through the TON chain, cross-border transfer fees slashed from 3% to 0.3%, and transaction time reduced from 3 days to 5 minutes. After over 20,000 foreign trade merchants joined, monthly settlement scale reached $300 million, with Southeast Asian small commodity sellers saving fees equivalent to an additional 3 points of profit, becoming a 'cross-border payment artifact.'
2. Logistics giants lining up for collaboration, processing $1.5 billion annually
Logistics giants like DHL and Maersk are eager to collaborate: enterprises can pledge (NOT) to obtain cross-border settlement quotas, with fund turnover efficiency improved by 3 times and costs reduced by 72%. Just one DHL route processes over $1.5 billion annually; NOT is transforming from gaming tokens to 'supply chain financial hard currency,' with B-end demand accounting for 25% and still growing.
3. Backed by 8 central banks, sprinting towards Coinbase listing
Compliance licenses are abundant: $sUSD stablecoin has passed reserve audits from 8 central banks, pegged 1:1 to fiat currency; compliance licenses from 5 countries including Japan and the EU obtained, meeting MiCA regulations; even ISO 27701 privacy certification has been secured, removing barriers for traditional institution collaborations. Overseas revenue share has soared to 78%, and the next step is to sprint towards a Coinbase listing, with mainstreaming just around the corner.
5. Technical barriers are undeniable: backed by Stanford, developers are scrambling to join
1. Quantum-resistant chips are on the way, 3 times faster than Visa
The next-generation chip developed in collaboration with Stanford University will be launched in 2026, reducing transaction delays from 0.007 seconds to 0.003 seconds, capable of handling 400,000 transactions per second, 3 times faster than Visa. After the cross-chain protocol upgrade, BTC and ETH transactions are instant, with technical capabilities far surpassing similar projects, completely eliminating performance bottlenecks.
2. 50,000 developers are rushing to integrate, with 20 new dApps added monthly
The open platform has become a paradise for developers: standardized APIs + $100 million ecosystem fund, 50,000 developers are rushing in, adding 20 new dApps monthly. The 3 incubated projects have over 1 million monthly active users, forming a vast network of 'core platform + ecological applications,' with technical barriers continuously rising, making it impossible for newcomers to catch up.
3. The community has the final say, DAO governance needs to take control
Among the 2.8 million holders, 100,000 participated in voting, with a proposal execution rate of 92%. The recently passed 'liquidity optimization plan' has reduced trading costs by 25%. DAO governance will be initiated in 2026, with 22% of the ecological fund managed by the community, major decisions made by retail investors, completely bidding farewell to the 'project party harvesting' model, strengthening community cohesion.
The myth of Notcoin continues, with 50 million users just the beginning. It has completely solved the biggest pain point of Web3 with 'gamification + social fission', pouring out real users with $220 million in rewards, supporting the ecological vitality with $1 billion in trading volume, and the traffic carnival on the TON chain has just begun. With technological iteration, business scenario expansion, and deepening compliance, this giant that has grown from a Telegram mini-game is becoming a super gateway connecting Web2 and Web3, with unimaginable future growth potential.
