Understanding Binance Launch 54 Project Notcoin (NOT)

Compiled by Golden Finance; Source: Binance, Golden Finance, Plisio

On May 9, 2024, Binance announced that Binance Newcoin Mining has launched the 54th project - Notcoin (NOT), a community token that introduces users to web3 through a click-to-earn mining mechanism.

1. Understanding Notcoin (NOT)

Notcoin is a free and easy-to-use Telegram game. Its gameplay is mainly for people to earn coins by clicking on the mobile phone screen. Since its launch on January 1, 2024, its popularity has surged. Currently, the number of participants in the game exceeds 30 million, and the average daily activity reaches 5 million, making it the fifth-ranked channel on Telegram.

In early March, Notcoin launched a feature that allows elite players to convert large amounts of in-game currency into NFT vouchers, which can be traded before its token is officially issued. Players can choose to exchange 10 million or 100 million game coins for coupon NFTs. Currently, the NFT has been listed on the TON ecosystem NFT trading platform Getgems for early trading and pricing. When the token is officially issued on the chain, the NFT can be exchanged for tokens.

II. Token Economics and Binance Launchpool

（1）Token Information

• Token Name: Notcoin (NOT)

• Maximum Token Supply: 102,719,221,714 NOT

• Initial Circulation: 102,719,221,714 NOT (100% of the maximum token supply)

（2）Launchpool Mining

• Total Mining: 3,081,576,651 NOT (3% of the maximum token supply)

Mining Pool:

• BNB Mining Pool: Total Minable 2,619,340,153 NOT (85%)

• FDUSD Mining Pool: A total of 462,236,497 NOT (15%) can be mined

• Mining time: 08:00 on May 13, 2024 to 07:59 on May 16, 2024, Eastern Time

III. How the Notcoin game works

Notcoin runs entirely through the Telegram app, without the need for an official cryptocurrency wallet, exchange account or transaction fees, making it very easy to use. The premise of the game is simple: players tap on their phone screen to "mine" and accumulate Notcoin. Every new player to the game is given 2,500 NOT tokens, while Telegram Premium subscribers are given 50,000 NOT tokens to start their gaming experience.

Game Dynamics and Player Incentives

The game features an energy system that limits the amount of NOT a player can earn at one time. Initially, players are rewarded with 1 NOT per click, and they can continue playing until they reach a cap of 1,000 NOT, at which point they must wait for the energy to refill. To increase their earning rate, players can invest in "boosters," which temporarily increase the energy capacity and the amount of Notcoin earned per click.

Engagement and Rewards through Additional Features

Notcoin also includes dynamic gameplay elements to keep players engaged. Occasionally, a rocket icon will appear, activating turbo mode, allowing players to earn additional NOT without consuming energy. Players can also increase their earnings by completing simple tasks, such as referrals, which is one of the easiest ways to earn more NOT. Additionally, joining or forming a squad can add a competitive edge, allowing players or groups to compete against others. As players complete various tasks, they advance through different league levels—from bronze to diamond—which enhances the competitive nature of the game.

Strategic Growth and Community Engagement

This structure not only keeps players engaged, but also encourages strategic thinking and community interaction within the game. By integrating these elements, Notcoin goes beyond traditional mobile games to introduce players to the basic concepts of cryptocurrency and the digital economy in a fun and interactive way. By innovatively using the Telegram platform, Notcoin sets a new standard for mobile crypto games.

Fourth, the crypto community's attitude towards Notcoin

Notcoin's rapid rise has sparked discussions about its authenticity, and there are mixed views in the cryptocurrency community. It is common for emerging projects to be questioned and optimistic.

Reasons for caution about Notcoin:

• The Notcoin team's lack of an outstanding track record and unclear long-term goals have raised questions about its ability to deliver on its promises.

• As of January 2024, no real tokens have been issued, so the in-game currency has no real value. This situation has fueled skepticism about whether the promised cryptocurrency will ever materialize.

• There are concerns that player statistics could be inflated by the use of bots or fake accounts.

• The referral and bonus structures bear similarities to those found in pyramid schemes, although such systems are not uncommon in both the gaming and cryptocurrency sectors.

Reasons to be positive about Notcoin:

• Notcoin is backed by well-known players in the blockchain ecosystem, TON Labs and the TON Foundation, which bolsters its credibility.

• The open nature of the game’s code allows developers to review and audit its functionality, helping to alleviate concerns about fraudulent activity.

• The strong interest in the upcoming token from cryptocurrency exchanges suggests they believe in its potential viability.

• This game has gained wide popularity without paid advertising, which shows that users are indeed involved and interested in it.

V. Summary

At present, the increase in meme coins has become an important way for the public chain ecosystem to break through. The TON ecosystem is currently in a relatively early stage, but backed by Telegram's huge number of users, its development potential is unquestionable. Compared with the development of TVL of ecological projects, meme-driven popularity has become a more achievable method in the short term. Overall, the Notcoin project has received official support from TON and has a huge user base, and has the opportunity to become a meme coin choice that breaks through the circle. However, the risk is that the current token economy is still unclear. More than 20 million US dollars of NFTs have been circulated before the secondary launch, and there is a lot of selling pressure when it is launched, but based on fundamentals, it is believed that the project has potential in the medium term.