NEW YORK, Tuesday, May 28, 2024 – The TON blockchain said it experienced a surge in user adoption, onboarding over 1 million users within a 30-hour window, according to a May 16, 2024, announcement by the TON Foundation.1
This significant growth coincided with the launch of the “Notcoin” token, a Telegram-based gaming token utilizing the TON blockchain.
The influx of new users highlights the potential of the TON blockchain to attract a wider audience, particularly those familiar with the Telegram messaging platform. Notcoin’s distribution model, which involved airdrops and in-game rewards, likely contributed to the surge in user activity on TON.
The TON blockchain is designed to be scalable, according to a technical lead at the TON Foundation.
“Between May 16, 2024, 12:00 UTC, and May 17, 18:00 UTC, TON Blockchain processed 216,530 DEX swaps by 117,254 unique traders,” according to this report.
Its next-generation architecture ensures that all users could transact concurrently without experiencing network outages, spikes in fees, or delays in processing times, according to the source.
While the user base has expanded significantly, it is also important to consider the context of this growth.
The launch of a new token, particularly one with a gaming focus and Telegram integration, likely spurred user interest and participation.
Long-term user retention on the TON blockchain remains to be seen.
The TON Foundation emphasizes the importance of innovation and scalability in the blockchain industry. The successful onboarding of a large number of users during the Notcoin launch could position TON as a contender in the evolving blockchain landscape.
Notcoin, accessible through the Telegram messaging app, has launched with a fully diluted valuation (FDV) of $1 billion, according to a May 16, 2024, announcement by its developers, Open Builders. 2
The token, distributed via an airdrop and listed on several cryptocurrency exchanges, allows users to earn Notcoin by engaging with in-game challenges and activities within the Telegram platform.
Early adopters who participated between January and April 2024 reportedly saw their in-game balances converted to Notcoin at a 1,000:1 ratio.
Despite the $1 billion FDV 3, Notcoin’s market capitalization currently sits around $940 million. This figure reflects the total value of all Notcoin tokens currently in circulation.
Open Builders also announced the implementation of a staking mechanism to incentivize users to hold onto their Notcoin tokens.
Staking allows users to “earn extra rewards” and potentially gain access to more lucrative staking pools based on their in-game level.
For further information, read this report.
- Notcoin Token Launch: https://blog.ton.org/ton-onboards-1-million-users-in-a-single-day[↩]
- Notcoin Token Launch: https://www.theblock.co/post/294864/notcoin-not-token-airdrop-ton[↩]
- Notcoin Token Launch: https://www.coingecko.com/learn/what-is-fully-diluted-valuation-fdv-in-crypto[↩]
