Notcoin vs UXLINK: Mass Adoption on-chain data comparison

Author: Guo Guo

I.Project Overview

1. NOTCOIN

NOTCOIN is considered to be the first "out-of-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 has gained 5 million users in one week after its launch, and its peak daily active users exceeded 6 million.

After confirming the issuance of the coin, the market's feedback to NOTCOIN also exceeded most people's expectations. NOTCOIN's token $NOT landed on many first-tier exchanges on May 16, and hit a new high of $0.021 on June 2. $NOT has a total of 102.7 billion, fully circulated, and currently has a FDV of approximately $1.99 billion, ranking in the top 100 in terms of market value.

2. UXLINK

UXLINK, also built on Telegram, is a social platform and infrastructure that focuses on social networking among acquaintances. Since its release in April 2023, UXLINK has become the traffic king of a new generation of social products with its unique Link-to-Earn gameplay. According to the project's 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 the NFT distribution event as a basis for the upcoming large-scale $UXLINK token airdrop and future tiered operations.

https://dapp.uxlink.io/

2.Mass Adoption Methodology

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

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

• Institutional funds lack compliant inflow and outflow channels

• The entry threshold for ordinary users is high and lacks trust

• The developer ecosystem is imperfect

• The infrastructure cannot support large-scale applications

• Lack of investment targets that meet the public's taste

Regarding the first point, we have witnessed the passage of Bitcoin ETF in this cycle, and the listing and trading of Ethereum ETF is just around the corner. Changes in the macro environment have made the call for the emergence of a real "killer application" in Web3 even stronger.

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

• lower entry barriers, usage barriers, and smoother products,

• positive externalities of user fission efficiency and ecological expansion capabilities

The following will focus on the comparative discussion of NOTCOIN and UXLINK’s methodology on Mass Adoption.

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

1. Narrative ideas

1. NOTCOIN: Game + Meme

• The game attribute is reflected in its play-to-earn mechanism

• The Meme attribute is reflected in the project name and blank white paper

• It is essentially operated with the idea of ​​Meme, a traffic business under the attention economy

2. UXLINK: Social platform + infrastructure

• Based on Telegram's traffic pool and existing relationship chains build a new on-chain trusted social relationship

• Inside the Telegram user pool, a new on-chain trust relationship incentive layer infrastructure is built, rather than reinventing the wheel in vitro through Dapp

• The stickiness and retention of social attributes are far greater than the stickiness and retention of games or play-to-earn platforms. UXLINK uses social as a starting point to expand other ecological cooperation with stronger stickiness and stronger distribution capabilities

2. User Onboard

1. NOTCOIN: Tap-to-Earn

• Integrated Telegram mini app for free and lightweight mining

• Other gameplay includes teamwork, points league, energy management, referral rewards and other functions

2. UXLINK: Link-to-Earn

• Guide users to share the invitation link of "Join UXLink's TG community", and the invited users can get UXUY points

• Users can quickly build a real-world acquaintance social graph on the chain through the Link-to-Earn trust link

• Acquaintance social networking can easily spread from one-to-one to become the basis of group and network effects

3. Developer introduction

1. NOTCOIN: No external developers

• The game code is open source, allowing developers to audit its operating mechanism

• No external developers were introduced

2. 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

• AWC protocol can handle the relationship between identities and assets on the chain, and assist AI models in behavioral analysis and recommendation

4. Infrastructure

1. NOTCOIN: Telegram Mini App

2. UXLINK: Self-built infrastructure

• RWS protocol mainly solves the problem of social graph of acquaintances, which can help developers achieve better recommendations and growth

• AWC protocol mainly solves the relationship between identity and assets on the chain, which can help developers better understand users and help AI models perform behavior analysis and recommendations

5. Ecological Cooperation

1. NOTCOIN: Focused on Telegram Ecosystem

• Received public support from TON Labs and TON Foundation and integrated into Telegram wallet

• Achieved cooperation with Catizen (casual games) and TonGifts (red envelope application)

• Cooperate with WEB3 wallets such as Binance and OKX to distribute UXUY points and NFTs

• Released the "UXLINK Social Ecological Alliance" to further expand the developer community and third-party project cooperation. Revenue and profit have grown rapidly in recent years

6. Incentive method

1. NOTCOIN: Fair distribution + full circulation

• Give up ownership, 0% transaction tax, increase decentralization and fairness

• Full circulation after going online

7. Token use cases

1. NOTCOIN: Meme coin has no utility

2. UXLINK: Clear Token empowerment + deflation expectations

• Developers use $UXLINK to pay for protocols, data, and Dapps

• Users pay $UXLINK as transaction commission (1%-3%) to obtain airdrop/investment opportunities

• Partners pay $UXLINK to get customer acquisition help

• Under the premise of limited supply, $UXLINK has clear and specific usage scenarios and can form a benign deflationary model

III. On-chain data insights

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

1. Holders

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

Pepe is currently the fourth meme coin in terms of the 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, Pepe's price has entered a good upward range.

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

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

According to TON chain data, NOTCOIN had about 220,000 $NOT holders before TGE, and it has been rising steadily since listing. The total number of holders has exceeded 1.6 million.

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

Since UXLINK has not yet issued a token, we use on-chain points and NFT holdings to estimate the future $UXLINK token holders. According to Dune data, UXLINK currently has more than 4.4 million on-chain points and NFT holders, including more than 1.5 million NFT holders.  Only high-quality community users who have reached a certain score requirement can mint NFT and become NFT holders, and NFT holders can get 100% of the airdrops, so it can be considered that the number of holders of $UXLINK before listing is about 1.5 million, which is almost the same as the scale after $NOT list. As time goes by, it is expected that the number of holders before TGE will be higher, becoming the airdrop with the largest number of people in history.

https://dune.com/uxlink/uxuy

https://x.com/UXLINKofficial

2. Active users

We use $NOT TGE and the active holders of the next 5 days as the estimate of NOTCOIN daily activity. It can be seen that the data shows a downward trend as a whole, from 500,000 at the beginning to 200,000.

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

According to DappRadear data, UXLINK has more than 500,000 daily active users, 574,000, 1 million and 3.8 million in 24H, 7D and 30D respectively, which is 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 listing, there is reason to believe that UXLINK will be able to maintain its user stickiness well.

https://dappradar.com/rankings/social

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

3. Token distribution

According to the official X account of NOTCOIN, the total supply of $NOT tokens is 102,719,221,714. Of these, 80,219,221,714 (78%) will be allocated to miners (Tap-to-Earn) and Voucher (NFT) holders, and the remaining 22,500,000,000 (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 points are generated based on the proof-of-link (POL) mechanism, without pre-minting, and users obtain 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 $UXLINK tokens is 1,000,000,000. 65% of the total 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.

Fourth,Conclusion

Whether it is STEPN, which is an example of Mass Adoption in the previous cycle, or NOTCOIN  and UXLINK, which have been on the stage of attention in this cycle, their outstanding performance in a short period of time is the result of taking mass 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 a modified version of Web3 Messaging product. Low threshold, fun, and correct incentives are their common points, and they are also the Mass Adoption genes deeply embedded in the product DNA. We expect that excellent products like NOTCOIN and UXLINK can infinitely shorten the distance between us and the mass adoption of Web3.