Notcoin & UXLINK: Mass Adoption’s on-chain data comparison

1. Project Overview

1、NOTCOIN

NOTCOIN is considered to be the first “out of the circle” project in the Telegram ecosystem. Since the beginning of this year, NOTCOIN has spread rapidly with its own meme attributes and brainless Tap-to-Earn gameplay. It gained 5 million users within one week of its launch, with peak daily active users exceeding 6 million.

After the coin issuance was confirmed, the market’s feedback to NOTCOIN also exceeded most people’s expectations. NOTCOIN’s token $NOT was listed on multiple first-tier exchanges on May 16 and hit a new high of $0.021 on June 2. The total amount of $NOT is 102.7 billion, fully circulated, and the current FDV is approximately US$1.99 billion, ranking among the top 100 in market value.

2、UXLINK

UXLINK, also built on Telegram, is a social platform and infrastructure focused on socializing with acquaintances. Since its release in April 2023, UXLINK has become the traffic king of the new generation of social products with its unique Link-to-Earn gameplay. According to the project official website, UXLINK has more than 7 million registered users from 190 countries and regions, and 100,000 groups can reach more than 8 million users. Recently, UXLINK completed the first phase of NFT distribution activity, which serves as the basis for the upcoming large-scale $UXLINK token airdrop and future layered operations.

https://dapp.uxlink.io/

2. Mass Adoption Methodology

As an evergreen buzz word in the Web3 world, Mass Adoption is an issue that almost all application layer entrepreneurial teams cannot avoid. It is also the fundamental reason why gaming, social networking, RWA and other tracks have attracted much attention.

Barriers surrounding Mass Adoption can generally be classified into the following categories:

• Lack of compliant entry and exit channels for institutional funds
• The entry barrier for ordinary users is high and they lack trust.
• The developer ecosystem is imperfect
• Infrastructure cannot carry large-scale applications
• Lack of investment targets that meet public tastes

Regarding the first point, we saw the adoption of a Bitcoin ETF this cycle, and the listing of an Ethereum ETF is just around the corner. Changes in the macro environment have made the call for real “killer applications” in Web3 even stronger.

From a more intuitive perspective, the two core elements to achieve Mass Adoption are:

• Lower entry barriers, usage barriers, and smoother products,
• Positive externalities of user fission efficiency and ecological expansion capabilities

The following will be a comparative discussion around the methodologies of NOTCOIN and UXLINK on Mass Adoption.

First, let’s summarize the differences in Mass Adoption methodology between NOTCOIN and UXLINK.

1. Narrative ideas

2. NOTCOIN: Game + Meme

• The attributes of the game are reflected in its mechanism of earning money by playing
• Meme attributes are reflected in the project name and blank white paper
• It is essentially operated based on the Meme idea, a traffic business under the attention economy.

1. UXLINK: Social Platform + Infrastructure

• Build a new on-chain trustworthy social relationship based on Telegram’s traffic pool and existing relationship chains
• Within the Telegram user pool, a new incentive layer infrastructure for trust relationships on the chain has been built instead of reinventing the wheel externally through Dapp.
• The stickiness and retention of social attributes are much greater than those of games or earning platforms. UXLINK uses social interaction as an entry point to expand other ecological cooperation, which has stronger stickiness and stronger distribution capabilities.

1. User Onboard

2. NOTCOIN：Tap-to-Earn

• Integrate Telegram mini app for free and lightweight mining
• The core gameplay is simple and direct, click the screen to earn coins
• Other gameplay features include teamwork, points leagues, energy management, and referral rewards.

1. UXLINK: Link-to-Earn

• Guide users to share the invitation link of “Join UXLink’s TG Community”. Inviting users can earn UXUY points.
• Users can quickly build a real-world social graph of acquaintances on the chain through Link-to-Earn trust links.
• Acquaintance socialization can easily spread beyond one-on-one and become the basis of group and network effects.

1. Developer introduction

2. NOTCOIN: No external developers

• The game code is open source, allowing developers to audit how it works
• No external developers were introduced

1. UXLINK: Actively introduce external developers

• A large amount of social relationship data accumulated in the Dapp layer is provided to developers through the API of the protocol layer.
• The AWC protocol can handle identity and asset relationships on the chain, and assist AI models in behavioral analysis and recommendations

1. Infrastructure

2. NOTCOIN: Telegram Mini App

3. UXLINK: Build your own infrastructure

• The RWS protocol mainly solves the problem of acquaintance social graph and can help developers achieve better recommendations and growth.
• The AWC protocol mainly solves the relationship between identities and assets on the chain. It can help developers better understand users and help AI models conduct behavioral analysis and recommendations.

1. Ecological cooperation

2. NOTCOIN: Focused on Telegram Ecosystem

• Obtained public support from TON Labs and TON Foundation, and was integrated into the Telegram wallet
• Reached cooperation with Catizen (casual game), TonGifts (red envelope application), etc.

1. UXLINK: Extensive cooperation with DeFi, AI, GameFi, etc.

• Cooperate with WEB3 wallets such as Binance and OKX to distribute UXUY points and NFT
• Released the “UXLINK Social Ecological Alliance” to further expand cooperation with the developer community and third-party projects. Recent revenue and profits have grown rapidly.

1. Incentive methods

2. NOTCOIN: fair distribution + full circulation

• Give up ownership, 0% transaction tax, increase decentralization and fairness
• Full circulation once online

1. UXLINK: layered operation + long-term incentives

• Implement hierarchical operations by issuing 4 levels of community NFTs
• A large proportion of 65% of the incentives are reserved for the community
• Active users can receive long-term incentives from UXLINK and projects within the ecosystem

1. Token use cases

2. NOTCOIN: Meme coin has no utility yet

3. UXLINK: Clear Token empowerment + deflation expectations

• Developers use $UXLINK to pay for protocol, data, and Dapp usage, 85-90% of which is allocated to community users
• Users pay $UXLINK as trading commission (1%-3%) to obtain airdrop/investment opportunities
• Partners pay $UXLINK for customer acquisition help
• Under the premise of limited supply, $UXLINK has clear usage scenarios and can form a benign deflationary model.

3. On-chain data insights

Due to the uncertainty in the source and caliber of off-chain data, this section mainly compares the on-chain data of NOTCOIN and UXLINK. The main data of NOTCOIN on-chain is on TON, and the main data of UXLINK is on Arbitrum/EVM.

1、Holders

Holders are a key indicator of the degree and potential of Mass Adoption, and a considerable number of holders is the basis for consensus. Almost all of the current cryptocurrencies with the highest number of holders have formed a Lindy effect and gained strong reputation in the community.

Pepe is currently the meme coin with the fourth largest number of holders, second only to DOGE, SHIB, and MEME. Since the number of holders exceeded 100k for the first time in May this year, the price of Pepe has entered a good rising range.

https://bitscreener.com/Top-Cryptos-With-Most-Holders?t=overview&p=1

https://dune.com/wuligy/pepe-metrics

According to data on the TON chain, NOTCOIN had approximately 220,000 $NOT holders before TGE. It has steadily increased since being listed on the exchange, and the current total number of holders has exceeded 1.6 million.

https://tonalytica.redoubt.online/public/dashboards/DdU5wpspip3RiIozMgVm2Tv8D9skZjSaNdMoumck?org_slug=default

Since UXLINK has not issued tokens yet, we use on-chain points and NFT holdings to estimate future $UXLINK token holders. According to Dune data, UXLINK currently has more than 4.4 million points and NFT holders on the chain, including more than 1.5 million NFT holders. Only high-quality community users who meet certain points requirements can mint NFT and become NFT holders, and NFT holders can 100% receive airdrops. Therefore, it can be considered that the holders of $UXLINK before listing are about 1.5 million. This number is the same as that after $NOT list. are almost the same size. As time goes by, it is expected that the number of pre-TGE shareholders will be higher, making it the airdrop with the largest coverage in history.

https://dune.com/uxlink/uxuy

https://x.com/UXLINKofficial

1. Active users

We use $NOT TGE and the active holders in the following 5 days as an estimate of NOTCOIN daily activity. We can see that the data overall shows a downward trend, gradually decreasing from 500,000 at the beginning to 200,000.

https://tonalytica.redoubt.online/public/dashboards/DdU5wpspip3RiIozMgVm2Tv8D9skZjSaNdMoumck?org_slug=default

DappRadear data shows that UXLINK has more than 500,000 daily active users, with 574,000, 1 million and 3.8 million users on 24H, 7D and 30D respectively, which is more consistent with the official data. Since UXLINK has established a strong Web3 social network among users, and $UXLINK will continue to be airdropped to active users after being listed, there is reason to believe that UXLINK will be able to better maintain its user stickiness.

https://dappradar.com/rankings/social

https://dune.com/queries/3477817/5845084

1. Token distribution

According to NOTCOIN’s official X account, the total supply of $NOT tokens is 102,719,221,714. Among them, 80,219,221,714 (accounting for 78%) will be allocated to miners (Tap-to-Earn) and Voucher (NFT) holders, and the remaining 22,500,000,000 (accounting for 22%) will be allocated to future ecosystem funds, development funds, etc. .

According to the white paper information, UXLINK will adopt a dual-token model, including a utility token ($UXUY points) and a governance token ($UXLINK).

$UXUY point generation is based on the Proof of Link (POL) mechanism, with no pre-minting, and users earn tokens by inviting others and contributing to the ecosystem. Rewards will gradually decrease based on time, network connection, and total network size.

The total supply of $UXLINK tokens is 1,000,000,000. 65% of it will be allocated to community contributors and developers (POW, Link-to-Earn & Build-to-Earn), and the remaining 35% will be allocated to investors, teams and project development.

4. Conclusion

Whether it is STEPN, which was an example of Mass Adoption in the last cycle, or NOTCOIN and UXLINK, which are on the attention stage this cycle, their outstanding results in a short period of time are the result of taking large-scale adoption as the starting point of product design rather than a specific category. Specifically, STEPN and NOTCOIN are not game projects in the standard sense, and UXLINK is far from an improved version of Web3 Messaging product. Low threshold, fun and correct incentives are what they have in common, and they are also Mass Adoption deeply embedded in the product DNA. Gene. We look forward to products as great as NOTCOIN and UXLINK that can infinitely shorten the distance between us and mass adoption of Web3.

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