Notcoin & UXLINK: On-chain Data Comparison for Mass Adoption

*Author: Guoguo, * SevenUp DAO

1. Project Overview

1. NOTCOIN

NOTCOIN is considered the first project in the Telegram ecosystem to "break out." Since the beginning of this year, NOTCOIN has rapidly spread due to its inherent meme attributes and mindless Tap-to-Earn gameplay, gaining 5 million users within a week of launch, with peak daily active users exceeding 6 million.

After confirming the issuance of tokens, the market response to NOTCOIN exceeded most people's expectations. The NOTCOIN token $NOT was listed on several top exchanges on May 16 and reached a new high of $0.021 on June 2. The total supply of $NOT is 102.7 billion, fully circulating, with a current FDV of approximately $1.99 billion, ranking in the top 100 by market capitalization.

2. UXLINK

Also built on Telegram, UXLINK is a social platform and infrastructure focused on familiar social interactions. Since its launch 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’s official website, UXLINK has over 7 million registered users from 190 countries and regions, with 100,000 groups reaching over 8 million users. Recently, UXLINK completed the distribution of its first NFT phase, laying the groundwork for the upcoming large-scale $UXLINK token airdrop and future tiered operations.

https://dapp.uxlink.io/

2. Mass Adoption Methodology

As a perennial buzzword in the Web3 world, Mass Adoption is an issue that almost all application-layer startup teams cannot avoid, and it is the fundamental reason why sectors like gaming, social, and RWA are receiving so much attention.

The obstacles surrounding Mass Adoption can typically be categorized as follows:

• Lack of compliant channels for institutional funds to enter and exit
• High entry barriers for ordinary users, coupled with a lack of trust
• An incomplete developer ecosystem
• Infrastructure unable to support large-scale applications
• A lack of investment targets that meet the tastes of the masses

Regarding the first point, we witnessed the approval of the Bitcoin ETF during this cycle, and the listing of the Ethereum ETF is also imminent. Changes in the macro environment have intensified calls for the emergence of genuine "killer applications" in Web3.

From a more intuitive perspective, the two core elements for achieving Mass Adoption are:

• Lower entry and usage thresholds, along with smoother products,
• Positive externalities in user viral growth efficiency and ecosystem expansion capabilities

The following will compare and discuss the methodologies of NOTCOIN and UXLINK in terms of Mass Adoption.

First, let's summarize the differences in the Mass Adoption methodologies of NOTCOIN and UXLINK.

1. Narrative Approach

1. NOTCOIN: Game + Meme

• The gaming attribute is reflected in its play-to-earn mechanism
• The meme attribute is embodied in the project name and blank white paper
• Essentially operates with a meme mindset, focusing on the traffic business under attention economics

1. UXLINK: Social Platform + Infrastructure

• Builds a new on-chain trust-based social relationship using the traffic pool and existing relationship chains of Telegram
• Within the Telegram user pool, it establishes a new incentive layer infrastructure for on-chain trust relationships, rather than reinventing the wheel externally through Dapps
• The stickiness and retention of social attributes far exceed those of gaming or play-to-earn platforms; UXLINK uses social as an entry point to expand the stickiness of other ecological collaborations, enhancing distribution capabilities

2. User Onboarding

1. NOTCOIN: Tap-to-Earn

• Integrates Telegram mini apps for free, lightweight mining
• Core gameplay is simple and direct, earning coins by tapping the screen
• Other gameplay includes team collaboration, points leagues, energy management, and referral rewards

1. UXLINK: Link-to-Earn

• Guides users to share invitation links to "join the UXLink TG community," allowing them to earn UXUY points for inviting users
• Users can quickly build a real-world social graph on-chain through Link-to-Earn trust links
• Familiar social interactions can easily spread from one-on-one to become the foundation for groups and network effects

3. Developer Engagement

1. NOTCOIN: No External Developers

• Game code is open source, allowing developers to audit its operational mechanisms
• No external developers have been introduced

1. UXLINK: Actively Engaging External Developers

• A large amount of social relationship data accumulated at the Dapp layer is provided to developers through the protocol layer's API
• The AWC protocol can handle on-chain identity and asset relationships, assisting AI models in behavior analysis and recommendations

4. Infrastructure

1. NOTCOIN: Telegram Mini App

2. UXLINK: Self-built Infrastructure

• RWS protocol primarily addresses the issue of familiar social graphs, helping developers achieve better recommendations and growth
• AWC protocol mainly resolves the relationship between on-chain identities and assets, enabling developers to better understand users and assist AI models in behavior analysis and recommendations

5. Ecological Collaboration

1. NOTCOIN: Focused on the Telegram Ecosystem

• Received public support from TON Labs and TON Foundation, integrated into the Telegram wallet
• Collaborated with Catizen (casual games), TonGifts (red envelope applications), etc.

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

• Collaborated with WEB3 wallets like Binance and OKX for the distribution of UXUY points and NFTs
• Launched the "UXLINK Social Ecosystem Alliance," further expanding the developer community and third-party project collaborations, with recent rapid growth in revenue and profits

6. Incentive Mechanisms

1. NOTCOIN: Fair Distribution + Full Circulation

• Abandoned ownership, 0% transaction tax, increasing decentralization and fairness
• Fully circulating upon launch

1. UXLINK: Tiered Operations + Long-term Incentives

• Achieves tiered operations through the issuance of four levels of community NFTs
• Retained a large proportion of 65% incentives for the community
• Active users can receive long-term incentives from UXLINK and projects within the ecosystem

7. Token Use Cases

1. NOTCOIN: Meme coin with no utility

2. UXLINK: Clear Token Empowerment + Deflationary Expectations

• Developers use $UXLINK to pay for protocol, data, and Dapp usage fees, of which 85-90% is allocated to community users
• Users pay $UXLINK as transaction fees (1%-3%) to gain airdrop/investment opportunities
• Partners pay $UXLINK for customer acquisition assistance
• With limited supply, $UXLINK has clear usage scenarios, forming a positive deflationary model

3. On-chain Data Insights

Due to the uncertainty of off-chain data sources and metrics, this section primarily compares the on-chain data of NOTCOIN and UXLINK, where NOTCOIN's on-chain data is on TON, and UXLINK's main data is on Arbitrum/EVM.

1. Holders

Holders are a key metric for measuring the degree and potential of Mass Adoption; a considerable number of holders is the foundation of consensus. Currently, cryptocurrencies with a high number of holders have almost all formed the Lindy effect, gaining strong prestige in the community.

Pepe is currently the fourth-ranked meme coin by the number of holders, following DOGE, SHIB, and MEME. Since the number of holders first surpassed 100k in May, Pepe's price has entered a favorable upward range.

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

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

According to TON on-chain data, NOTCOIN had about 220,000 $NOT holders before the TGE, steadily increasing after launch, with the total number of holders now exceeding 1.6 million.

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

Since UXLINK has not yet issued tokens, we estimate the future $UXLINK token holders based on on-chain points and NFT holdings. According to Dune data, UXLINK currently has over 4.4 million on-chain points and NFT holders, including over 1.5 million NFT holders. Only high-quality community users who meet certain point requirements can mint NFTs to become NFT holders, and NFT holders can receive 100% of the airdrop, so it can be inferred that the number of $UXLINK holders before listing is about 1.5 million, a figure almost equivalent to the scale after the $NOT list. As time progresses, the number of holders before TGE is expected to be even higher, becoming the largest airdrop in history.

https://dune.com/uxlink/uxuy

https://x.com/UXLINKofficial

2. Active Users

We use the active holders of $NOT during the TGE and the following 5 days as an estimate for NOTCOIN's daily active users, showing an overall downward trend, gradually decreasing from 500,000 to 200,000.

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

DappRadar data shows that UXLINK has over 500,000 daily active users, with 24H, 7D, and 30D figures at 574,000, 1 million, and 3.8 million, respectively, which aligns with the official data. Since UXLINK has already established a strong Web3 social network among users, and $UXLINK will continue to airdrop to active users after listing, there is reason to believe that UXLINK will maintain good user stickiness.

https://dappradar.com/rankings/social

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

3. Token Distribution

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

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

$UXUY points are generated based on a proof of link (POL) mechanism, with no pre-mining; users earn tokens by inviting others and contributing to the ecosystem. Rewards will gradually decrease based on time, network connections, and total network size.

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

4. Conclusion

Whether as a model of Mass Adoption in the previous cycle like STEPN, or the attention-grabbing NOTCOIN and UXLINK in this cycle, their impressive achievements in a short time are a result of designing products with large-scale adoption as the starting point rather than as a specific category outcome. Specifically, STEPN and NOTCOIN are not standard gaming projects, and UXLINK is far from a Web3-enhanced messaging product; low barriers, fun, and correct incentives are their commonalities and are deeply embedded in the product DNA as the Mass Adoption gene. We look forward to more excellent products like NOTCOIN and UXLINK that can significantly shorten the distance to large-scale adoption in Web3.