Notcoin & UXLINK: Mass Adoption on-chain data comparison

Original source: Guoguo, SevenUp DAO

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 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. The total amount of NOT is 102.7 billion, fully circulated, and the current FDV is about $1.99 billion, ranking in the top 100 in market value.

2. UXLINK

UXLINK, also built on Telegram, is a social platform and infrastructure that focuses on social interaction among 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'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/

II. 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, and it is also the fundamental reason why games, social networking, RWA and other tracks 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

· Imperfect developer ecosystem

· 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 real "killer applications" in Web3 even stronger.

From a more intuitive perspective, the two core elements of 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, let’s 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 the 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 chain, a new on-chain trusted social relationship is built

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

· 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

· Integrate Telegram mini app for free and lightweight mining

· The core gameplay is simple and direct, click on the screen to earn coins

· Other gameplay includes teamwork, points league, energy management and referral rewards

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 social graph of acquaintances on the chain through Link-to-Earn trust links

· Acquaintance social networking can easily spread from one-to-one to become the basis of groups 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 are 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

· The AWC protocol can handle the identity and asset relationship on the chain and assist AI Model for behavior 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, and can help developers achieve better recommendations and growth

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

5. Ecological cooperation

1. NOTCOIN: Focus on Telegram ecology

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

· Reached cooperation with Catizen (casual games), TonGifts (red envelope application), etc.

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

· Cooperated with WEB3 wallets such as Binance and OKX UXUY points and NFT distribution

· Released the "UXLINK Social Ecological Alliance" to further expand the developer community and third-party project cooperation, and revenue and profit have grown rapidly recently

6. Incentive method

1. NOTCOIN: fair distribution + full circulation

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

· Full circulation upon launch

2. UXLINK: Tiered operation + long-term incentive

· Tiered operation is achieved by issuing 4 levels of community NFT

· A large proportion of 65% of incentives is reserved for the community

· Active users can obtain UXLINK for a long time And the incentives for projects within the ecosystem

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 Dapp usage fees, of which 85-90% is allocated to community users

· Users pay UXLINK as transaction commissions (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 largest 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=overviewp=1

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

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

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

Since UXLINK has not yet issued a token, we use the on-chain points and NFT holdings to estimate the future UXLINK token holders. 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 points requirements can mint NFTs to become NFT holders, and NFT holders can get 100% of airdrops, so it can be considered that UXLINK had about 1.5 million holders before listing, which is almost the same as the scale after NOT list. As time goes on, 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 the active holders of NOT TGE and the following 5 days as an estimate of NOTCOIN's daily activity. It can be seen that the data shows an overall downward trend, 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 airdrop to active users after listing, there is reason to believe that UXLINK will be able to maintain its user stickiness.

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 generation is based on the Proof of Link (POL) mechanism, without pre-minting, and 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 UXLINK tokens is 1,000,000,000. 65% of them 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.

IV. Conclusion

Whether it is STEPN, which is an example of Mass Adoption in the previous cycle, or NOTCOIN and UXLINK, which have entered the attention stage 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 being a modified version of Web3 Messaging product. Low threshold, fun and correct incentives are their common points, which 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 large-scale adoption of Web3.

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