Telegram communities continue to be a source of Web3 users. Notcoin is one of the projects with an early start, which continues to add new supporters.
Notcoin (NOT) is gaining new support from its Telegram community. In the past month, the Notcoin channel was among the fastest-growing ones, adding around 4.9M new subscribers. The Notcoin community is only surpassed by the Dogs game channel, with more than 11.8M new subscribers in the past month.
The Notcoin community now has more than 13M subscribers, with steep growth in August. The channel is the most active social media for NOT holders, with a bigger reach even than its X handle. Notcoin is also a proxy for the Toncoin chain reach and capabilities to add traffic and advertisements revenue.
One of the immediate causes of growth is the launch of Not Games, a new approach to on-chain earnings. Notcoin will offer a new selection of games specifically for its Telegram followers, in an attempt to revive a sustainable form of play-to-earn.
The rise in NOT Telegram subscribers coincided with a recent price rally, where the asset survived the market-wide selling and became one of the big short-term gainers. NOT is still at $0.012 and is a relatively accessible token for the Toncoin ecosystem. The asset is held in 6.2M wallets, with possible growth due to the increased Telegram activity. The Notcoin community also serves as an information hub, due to its high citation index of 3,132 points.
NOT is a highly active asset on Binance, and paved the way for the subsequent cautious listing of Toncoin (TON) with a Seed tag.
Notcoin games will also rely on previous achievements and tiers of users, accrued during the mining stage for NOT. Currently, NOT is also used in up and coming mini-games and challenges. NOT is also locked in reward pools, used to build up the traffic and communities of additional games.
Not Games ⚡️
New platform, new adventure, new rules.
Today, we are opening another chapter of this phase: Not Games.
We know how to build great experiences, now we want other game builders to deliver their best to you, frens. pic.twitter.com/B1AsEnVwuJ
— Notcoin Ø (@thenotcoin) August 1, 2024
Levels and reputation will be key to earning more from Not Games. Notcoin also expanded its reach after being added to Trust Wallet at the end of July, for a more seamless participation in the Toncoin ecosystem.
Notcoin is still a smaller channel compared to the absolute leader, Hamster Kombat, with 53M subscribers. With time, however, the original tap-to-earn project may catch up to Tapswap. Notcoin has far surpassed the recently popular Catizen with around 5M subscribers. Notcoin won out in the longer term, despite new meme token channels also growing rapidly in the past week.
Toncoin aims for wider mainstream adoption
The Toncoin ecosystem aims to become one of the alternative L1 layers, with a bid to revive Web3 games. Currently, Toncoin’s activity exists between X and Telegram, where user engagement follows daily challenges and combos for the hottest tap-to-earn features.
However, Toncoin’s chain is nowhere near the adoption of Ethereum or Solana. The ecosystem is still heavily swayed to Russian language channels, reflecting the distribution of Telegram users. Despite the growth of Toncoin active wallets, the chain is still viewed with some skepticism.
The other reason is that Toncoin has a different family of meme tokens, which are competing with more widely known assets on Solana or Ethereum. Additionally, Toncoin locks in just around $578M in value, a fraction of the liquidity available on other chains. Toncoin DEXs are also illiquid, with around $273.5M locked on Ston.fi liquidity pools.
The TON asset has performed with reasonable stability, trading at $6.28 even after the market correction. The short-term expectations for TON are to reach valuations of $10.
Despite the extreme popularity of games that far surpass even leading Web3 products, Toncoin’s ecosystem still lags in terms of performance, liquidity and reliable trading communities. Toncoin ecosystem tokens have a total valuation of $17B, of which $16B are made up by TON and NOT, with a multitude of small illiquid tokens. In comparison, Solana-based tokens have a total valuation of $216B with multiple unicorn tokens valued above $1B.
Cryptopolitan reporting by Hristina Vasileva
