In the Web3 track, most projects attract temporary traffic through 'airdrop speculation,' but struggle to conceal the dilemma of 'rapid user loss and hollow ecosystems.' However, Notcoin ($NOT) has walked a counterintuitive path—it began with a 'click-to-win' mini-game within Telegram, did not rely on institutional endorsements, but achieved a comeback with hard data of 2.8 million on-chain holders, over $220 million in community rewards, and $1 billion in DEX trading volume, alongside a decentralized pattern where 96% of tokens flowed into the community and 61% of the supply circulated on-chain, becoming the flagship token of the TON ecosystem and landing on 15 top trading platforms like Binance and OKX. This article will explore how Notcoin constructs an irreplicable ecological barrier anchored in 'user value' from five dimensions: 'breaking the scene, reward reconstruction, fair holding, liquidity adaptation, and ecosystem feedback.'
First, breaking the scene: embedding in Telegram allows 50 million people to 'access Web3 with zero barriers.'
The core of Notcoin's user growth is 'embedding Web3 into familiar scenes for the masses'—it does not require users to adapt to the complex rules of blockchain, but instead embeds crypto functions within Telegram, breaking the entry barriers with a 'no learning cost' experience, ultimately resulting in 2.8 million on-chain holders from 50 million users.
Its breaking logic has two key points:
1. Seamless scene integration: unlike traditional crypto projects that require users to download an app, register a wallet, and remember mnemonic phrases, Notcoin is directly embedded within the Telegram ecosystem—users can find the mini-program as soon as they open the chat interface, click on the bouncing 'Notcoin' animation to 'mine', and the tokens mined are displayed in real-time, with withdrawals available once reaching $0.1. This 'no operational burden' experience precisely addresses the public's pain point of 'wanting to try Web3 but fearing complexity', attracting 35 million 'crypto newbies' within three months and surpassing 50 million cumulative users.
2. Stepwise on-chain conversion: Notcoin is not satisfied with just 'attracting new users,' but instead drives users to deeply bind through 'small rewards guidance': after new users complete basic click tasks, the system recommends 'binding TON wallet (reward 5,000 NOT)', 'first on-chain transfer (reward 10,000 NOT)', 'inviting friends on-chain (long-term sharing 10%)', and other light tasks. Each step uses 'immediate rewards' to alleviate user concerns, ultimately converting 2.8 million users from 'gamers' to 'on-chain holders', accounting for 35% of the total on-chain users in the TON ecosystem—meaning 'for every 3 on-chain users in TON, 1 comes from Notcoin.'
Second, reward reconstruction: the $220 million reward is not 'money throwing', but rather an 'equity certificate for ecosystem participation.'
The over $220 million rewards distributed by Notcoin to the community are by no means 'short-term user acquisition gimmicks,' but rather a precise plan of 'rewards deeply bound to ecosystem contributions'—it upgrades rewards from 'pure cash incentives' to 'passports for participating in the ecosystem,' ultimately forming a positive cycle of 'rewards-participation-ecosystem activity-more rewards.'
This plan is implemented in three phases, each step serving ecological growth:
1. Enlightenment period rewards ($80 million): breaking the cognitive barrier of Web3.
Focusing on 'user entry', users only need to click on the Notcoin animation within Telegram to receive rewards, aimed at making the public intuitively feel that 'Web3 can earn while playing', breaking the stereotype of 'crypto being complex', and rapidly accumulating a user base of 50 million, reserving a 'potential user pool' for the TON ecosystem.
2. Conversion period rewards ($60 million): on-chain deep binding.
Focusing on the 'leap from Web2 to Web3,' users must complete tasks such as 'binding TON wallet', 'first transaction of $NOT', and 'inviting one friend on-chain'—this not only helped convert 2.8 million users into on-chain holders but also directly boosted the number of TON wallet accounts by 300%, with daily on-chain transactions jumping from 500,000 to 1.8 million, moving TON's infrastructure from 'technically ready' to 'user-ready.'
3. Co-construction period rewards ($80 million): ecosystem collaborative interaction.
Focusing on 'cross-scenario ecosystem participation', guiding users to experience GameFi, DeFi, and SocialFi projects within the TON ecosystem through the 'Notcoin Explore' platform—such as 'playing the TON version of Snake for 3 minutes', 'completing a small DeFi loan', 'joining a TON social group', and earning $NOT upon completion. Just in this phase, over 300,000 users were directed to more than 200 TON projects, with a certain TON GameFi project adding 150,000 trial users in three days, 35% converting into long-term players, achieving a three-way win for 'users, Notcoin, and TON projects.'
Third, fair holding: 96% community inflow + 61% on-chain circulation, solidifying the 'decentralized trust foundation.'
The 2.8 million on-chain holders of Notcoin and 61% of the on-chain supply not only show 'good data' but also embody its core positioning of 'giving the community control over the ecosystem'—this 'extremely decentralized, highly fair' holding structure is key to $NOT becoming the 'trust benchmark' in TON and is also the 'moat' of its flagship status.
Its fairness is reflected in two dimensions:
1. Absolute fairness in distribution: community ownership without 'privileged classes.'
Notcoin has no institutional private placements and no early whale holdings, with 96% of NOT flowing directly into the ordinary community through token generation activities (IEO/IDO) on major trading platforms like Binance, OKX, and Bybit—users do not need to rely on 'internal quotas' or 'private placement channels,' but can obtain tokens equally through public platforms. This 'zero-barrier distribution' means that among the 2.8 million holders, 70% are 'small users holding less than 1 million NOT (about $293)', and the top 100 addresses account for only 1.8% of the total supply, completely eliminating the risk of 'a few people controlling the market', making it the 'fairest token' in the TON ecosystem.
2. Healthy and controllable circulation: ecosystem demand drives value stability.
61% of the total supply of NOT (approximately 6.26 billion tokens) has circulated on-chain, with 80% of circulating tokens used for 'ecosystem participation'—such as unlocking advanced tasks, staking dividends, and exchanging NFTs, with only 20% used for market trading, effectively reducing the impact of 'speculative selling pressure' on prices. More importantly, unclaimed reward tokens are burned monthly, with over 5.1 billion tokens burned by August 2025, gradually reducing circulation as the ecosystem becomes more active, providing 'deflationary support' for NOT's value and increasing the community's confidence in its long-term value.
Fourth, liquidity adaptation: 15 major platforms + $1 billion in transactions, meeting the dual demands of 'the masses and the ecosystem.'
Notcoin's ability to become TON's flagship token is inseparable from its 'scenario-based liquidity layout'—it does not blindly pursue 'the number of exchanges,' but instead adopts a dual-track strategy of 'CEX covering the masses, DEX serving the ecosystem,' solving the pain points of 'easy to hold, hard to liquidate,' and meeting the demand for 'convenient on-chain use,' ultimately driving DEX trading volume to exceed $1 billion.
The core of its liquidity layout is 'adapting to different user habits':
1. CEX services for 'mass users': lowering entry barriers.
Landing on top 15 centralized exchanges such as Binance, OKX, and Bybit, these platforms are the most familiar crypto trading channels for ordinary users—where Binance's IEO subscription rate exceeded 400 times, with first-day trading volume surpassing $150 million, allowing even 'users unfamiliar with Web3' to purchase $NOT through familiar platforms, further expanding the user base.
2. DEX serves 'ecological users': improving usage efficiency.
The launch of the 'NOT/TON' trading pair on decentralized exchanges like TON Swap and Ston.fi within the TON ecosystem supports users in directly exchanging TON for NOT—without relying on third-party platforms. Users can quickly participate in staking, NFT exchanges, and other operations within the ecosystem using NOT. By August 2025, the cumulative trading volume of NOT's DEX exceeded $1 billion, of which 70% came from 'small-scale ecosystem participation transactions' (single transactions below $50), reflecting the community's 'real usage demand,' rather than short-term speculation.
Fifth, ecosystem feedback: $NOT is not just a 'token,' but also TON's 'growth engine.'
Notcoin's value lies not only in its impressive data but also in its ability to create a multiplier effect for the entire TON ecosystem—using the traffic of 2.8 million holders and $1 billion in liquidity to activate TON's infrastructure and project ecosystem, transforming $NOT from a 'single token' into an 'ecosystem connector,' solidifying its flagship status.
This feedback effect is reflected in three aspects:
1. Infrastructure activation: from 'cold start' to 'hot operation.'
Users need to open a TON wallet and complete on-chain transactions to hold and trade $NOT—this directly increased the total number of TON wallet accounts from 8 million to 24 million (of which 4.8 million came from Notcoin), with daily on-chain trading activity growing by 260% and transaction fee revenue increasing threefold, transforming TON's infrastructure from 'niche usage' to 'mass adoption.'
2. Empowering small and medium projects: low-cost market entry.
Its 'Explore platform' provides small and medium projects within the TON ecosystem with a 'zero-barrier customer acquisition channel'—projects only need to provide a minimum of $20,000 in $NOT as rewards to reach 50 million Notcoin users, with customer acquisition costs only $0.1-0.2 (far lower than the industry average of $10-20). By August 2025, over 200 TON projects have acquired customers through this platform, with 10% growing into leading projects in the TON ecosystem, forming a virtuous cycle of 'Notcoin igniting projects, and projects feeding back into the ecosystem.'
3. Strengthening ecological cohesion: cross-scenario value closed loop.
$NOT, as the 'universal reward token' of the TON ecosystem, connects multiple scenarios such as GameFi, DeFi, and SocialFi: users can earn NOT in GameFi, use it for DeFi staking to earn yields, or exchange it for social rights in SocialFi—this 'cross-scenario value circulation' makes users more willing to stay within the TON ecosystem, and elevates $NOT's 'flagship status' from 'traffic advantage' to 'ecosystem necessity.'
Summary
The rise of Notcoin ($NOT) is not a 'fortuitous hit' in Web3, but an inevitable result of being 'user-centric and ecosystem-focused'—it breaks through the entry barriers of Web3 by embedding within the Telegram scene, activates deep user participation through ecosystem rewards, earns community trust through fair holding, and ensures value circulation through dual-track liquidity, ultimately growing from a 'click-and-play game' to the 'core pillar' of the TON ecosystem.
For the Web3 industry, the lesson from Notcoin is that a true 'flagship project' does not need to rely on technical gimmicks or capital speculation; as long as it can meet user needs and build a win-win ecosystem, it can attract the public to actively step into Web3. For the TON ecosystem, $NOT is not only a 'traffic entry point' but also a 'growth engine'—it brings in 50 million users and supports the growth of over 200 projects, with its 'non-speculative growth' model laying a key foundation for TON to transition from a 'niche public chain' to a 'mass ecosystem.'
