The TON (The Open Network) blockchain and the mini-games integrated into the Telegram app are generating massive interest. Millions of users have discovered games like Notcoin and Hamster Kombat, which promise to reward their activity on Telegram with real cryptocurrencies. However, a few months after their market introduction, most of these tokens have experienced marked underperformance. This article aims to analyze the fundamental reasons for this dynamic.

1. The mechanism of Telegram token farming

Telegram has integrated Web3 mini-applications, accessible via bots, which allow any user to "farm" tokens by interacting with the game interface, often by tapping on the screen or performing simple, repetitive actions. These accumulated points can be converted into real tokens issued on the TON blockchain. Direct integration with Telegram's crypto wallet (via @wallet or TON Space) has eliminated technical barriers and enabled mass adoption, particularly in emerging markets.

2. Flagship projects: Notcoin and Hamster Kombat

The Notcoin project pioneered this trend. Its principle was based on a simple click game where users collected "coins." These coins were converted into NOT tokens during a major airdrop that involved over 35 million players. The NOT token was then listed on major platforms such as Binance and OKX, generating high trading volume in its early days.

Hamster Kombat followed, with a different but equally accessible gameplay, attracting up to 300 million claimed users. Again, users accumulated virtual resources by playing, waiting for an airdrop that would turn their efforts into digital assets. The launch of the HMSTR token also benefited from a listing on Binance, but the post-launch trend was similar to that observed for Notcoin: a rapid decline in value.

3. Factors explaining underperformance

Massive over-dilution of supply

Projects distributed a very significant, if not majority, proportion of their total supply from the outset. Tens of billions of tokens ended up in the hands of users who accessed these assets without any upfront cost. This structure created immediate selling pressure on the markets, as holders were incentivized to quickly monetize their gains.

Fragile economic model and dependence on the short term

These games incorporate very few value capture mechanisms. The token often has no utility beyond gameplay and is not associated with a widely used decentralized infrastructure or product. This reinforces their highly speculative nature and limits the prospects for organic growth in the medium term.

Community engagement overrated

While adoption figures are impressive, they often mask superficial activity. Click farming doesn't imply loyalty or commitment to the project. Many users create multiple accounts or use scripts to maximize their earnings without engaging with the community. These behaviors artificially inflate the statistics.

Addiction to fashion

The success of these projects has relied on viral dynamics. But once the airdrop is over, the enthusiasm quickly dissipates. Lacking new features or solid strategic developments, these tokens find themselves marginalized by the market. The lack of a clear roadmap or gameplay developments limits their longevity.

4. Market performance: key figures

Within weeks of their listing, the majority of these tokens saw their market capitalization plummet. Notcoin lost nearly 85% of its initial value. HMSTR, Hamster Kombat's token, saw a drop of over 70% in the first month. Trading volume plummeted, reflecting a gradual disaffection among the community and investors.

5. Outlook for the evolution of the TON ecosystem

Faced with this, several teams are attempting to rethink their strategies. Notcoin has announced a "gaming hub" in which the token would be used as a central currency. Telegram, for its part, continues to invest in TON's development, for example by integrating the TON Space wallet to offer a better user experience.

The TON blockchain retains strong potential due to its native integration with Telegram. However, to move from opportunistic to functional adoption, the ecosystem will need to offer real-world use cases, solid business models, and long-term incentives.

The tap-to-earn model has enabled large-scale testing of Web3 integration into social messaging. However, cryptocurrencies derived from these games are now showing their limitations: a lack of fundamentals, unsustainable valuation, and a weakening community. The lessons learned from these experiences will be essential for future projects deployed on TON.

Disclaimer

The information contained in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell digital assets, or financial, legal, or tax advice. Past performance is not a guarantee of future results. Cryptocurrency markets are volatile and involve significant risks, including partial or total loss of invested capital. Each investor is advised to conduct their own research and consult professional advisors before making any decisions. Binance disclaims any liability for any investment decisions made based on this article.