In the Web3 field, most projects struggle to break through due to high barriers and complex operations, while Notcoin ($NOT) has transformed from a Telegram "tap-to-earn" mini-game into the flagship token of the TON blockchain ecosystem—by August 2025, it attracted over 50 million total users and 2.8 million on-chain holders, distributing over $220 million in rewards to the community and achieving a DEX trading volume exceeding $1 billion. This article will conduct a deep research analysis of Notcoin from five dimensions: project positioning, community scale, token economics, ecological cooperation, and risk outlook.

1. Project positioning: From "click games" to the "traffic hub" of the TON ecosystem.

Notcoin's core competitiveness lies in its "low entry threshold + ecological extension". It is not a traditional crypto project, but a Web3 popularization tool using games as a medium. Its development process clearly shows the transformation from a single product to an ecological hub.

1. Initial positioning: A "bridge" from Web2 to Web3.

When launched in early 2024, Notcoin was merely an embedded "tap-to-earn" mini-game in Telegram—users did not need to register complex wallets or understand blockchain terminology, they simply needed to click on animated tokens to "mine" Notcoin. Leveraging Telegram's social attributes with over 1 billion monthly active users, it attracted more than 35 million users in just a few months, becoming the first large-scale "click mining" application.

2. Three-phase evolution: From games to ecological complex.

◦ Mining phase (Phase 1): Mimicking Bitcoin's "fair distribution" logic, with no early whales and no pre-sales, users obtain tokens through clicking and inviting friends, with a total mining volume exceeding 35 million, stopping mining at peak user value and transitioning to a sustainable model.

◦ Token listing phase (Phase 2): In May 2024, $NOT officially landed on top exchanges like Binance and OKX, simultaneously distributing $22 million in rewards to the community, with DEX trading volume quickly exceeding $1 billion after listing.

◦ Ecological construction phase (Phase 3): From mid-2024 to now, it has transformed into a "Web3 exploration center". Users earn rewards by interacting with other Web3 projects through the "Explore" activities. More than 200 cooperative projects have been launched, attracting 22.5 million users to participate and becoming the core traffic entrance of the TON ecosystem.

2. Community scale: A "user miracle" in the Web3 field, with 96% of tokens held by the community.

The essence of Notcoin's success is "community-driven victory"; its user scale and token holding structure are rare among crypto projects, highlighting the core advantages of "decentralized distribution."

• User base: Covers 0.44% of the global population.

As of August 2025, Notcoin has over 50 million total users, with 2.8 million on-chain holders, and the average holder only owns 0.0003% of the total supply, with no "big whale" manipulation; community social accounts (such as X platform) have over 2.39 million followers, and the Telegram group has nearly 7 million members, actively engaged in meme creation, task sharing, etc., forming a strongly cohesive social ecology.

• Token distribution: Extremely community-oriented.

The project has no investors and no pre-sale, with 96% of tokens flowing into the community (only 4% used for new user incentives and future development); 61% of the total supply is already circulating on-chain, with cumulative rewards distributed to the community exceeding $220 million (in $NOT form), and mechanisms such as "click to earn" and "exploration tasks" continuously incentivizing users, achieving organic dissemination with zero marketing expenditure.

3. Token economics: Fixed supply + burning mechanism, balancing fairness and sustainability.

Notcoin's token economics (Tokenomics) is designed around "fairness" and "anti-inflation," with a fixed total supply, reducing circulation through a burning mechanism, attempting to balance user incentives and token value stability.

• Core parameters: No inflation risk.

The total supply is fixed at 102,719,221,714 $NOT, with no new issuance; of which 78% (about 80.2 billion tokens) are allocated to miners and early certificate holders, and 22% (about 22.5 billion tokens) are used for new user rewards, listing activities, and future development.

• Value support mechanism.

◦ Burning mechanism: Tokens not claimed by users will be partially burned, gradually reducing circulation through market pools to avoid "inflation dilution."

◦ Use cases: $NOT can be used to participate in project launches within the ecosystem, redeem task rewards, and unlock advanced rights (such as gold/platinum users can participate in top token issuances), gradually expanding to DeFi, NFT, and other use cases.

• Market performance: High liquidity + high volatility.

$NOT has been listed on mainstream trading platforms including Binance, Bybit, OKX, with DEX trading volume exceeding $1 billion; as of August 2025, its market capitalization is approximately $301 million, with a price of $0.00293, down about 70% from its historical high (0.028 USD), reflecting significant price volatility and market differentiation in expectations for its ecological development.

4. Technology and ecology: Backed by the TON blockchain, multi-field cooperation expands boundaries.

Notcoin's technological foundation and ecological cooperation are key to its sustained growth—relying on the performance advantages of the TON blockchain, combined with the synergy with Telegram, top exchanges, and Web3 projects, it continuously expands the ecological boundaries.

• Technical foundation: "Natural adaptation" of the TON blockchain.

Notcoin is developed based on the TON blockchain, leveraging the TON's "high-speed, low-cost" transaction characteristics (processing thousands of transactions per second with near-zero fees) to achieve smooth interactions within Telegram; simultaneously seamlessly integrating with Telegram Wallet, allowing users to complete token storage and transfer without switching, further lowering the usage threshold.

• Core cooperation: Multi-dimensional binding of ecological partners.

◦ TON Foundation: Receiving direct support from the TON Foundation, it is a "key support project" of the TON ecosystem, leveraging TON's resources to accelerate user growth.

◦ Exchange cooperation: Expanding influence through token generation activities (IEO) on 15 platforms including Binance and OKX, among which Binance once exclusively launched a "90-day marathon event," offering a $150,000 $NOT reward.

◦ Third-party cooperation: Launched a Telegram game accelerator in collaboration with AI analysis company Helika, supporting developers in creating mini-games; through the "Notcoin Explore" platform, more than 200 Web3 projects have been accessed, helping partners quickly acquire users (with an average activity cost of only $0.1-0.2 per project).

5. Risks and future: Opportunities lie in "mass adoption," challenges lie in "price volatility and regulation."

As a phenomenal project, Notcoin has the potential for large-scale Web3 popularization, but it also faces common risks in the crypto industry. Its future development depends on ecological landing capabilities and risk response.

• Core opportunities: First-mover advantages in the "massification" of Web3.

Currently, there are only tens of millions of Web3 users, but Notcoin has reached 50 million users, making it one of the few projects to break through the "crypto circle"; its long-term goal is to expand to 300 million new users, building a self-sustaining subsystem to achieve "complete decentralization." If it can continuously integrate DeFi, NFT, and other functions, it is expected to become a "super entrance" to Web3. Moreover, if the TON blockchain lands on exchanges like Coinbase in the future, it will also bring liquidity dividends to $NOT.

• Major risks: High volatility and regulatory uncertainty.

◦ Price risk: $NOT has no lock-up period, 100% unlocked at listing, and due to its "meme coin" attributes, the price is highly volatile (down 70% from highs), with strong speculation.

◦ Regulatory risk: As an embedded application in Telegram, if global regulation on "social platforms + crypto" tightens, it may affect its operations.

◦ Ecological risks: The current ecology still relies on "task rewards" for driving. If rewards decrease in the future or user novelty declines, it may face user loss.

Summary

The rise of Notcoin ($NOT) is a successful validation of "simplification + community" in the Web3 field—using Telegram mini-games as an entry point, it addresses the core pain point of high barriers in crypto projects, becoming the flagship token of the TON ecosystem, attracting 50 million users and distributing $220 million in rewards, sufficient to prove its "traffic capability."

However, it should be noted that it still faces risks such as high price volatility, ecological dependence on rewards, and regulatory uncertainties. Its future ability to evolve from a "phenomenal game" to a "sustainable Web3 ecology" depends on user retention, use case expansion, and risk response capabilities. This article is only a project research analysis and does not constitute any purchase advice. Cryptographic asset investment requires careful evaluation of one's risk tolerance.