By
Mayowa Adebajo
June 27th, 2024
Notcoin has established itself as a significant player in the Web3 space, surpassing the performance of LayerZero and ZKsync.
Notcoin, a Telegram-based crypto project featuring tap-to-earn game, has taken the crypto community by storm with its unparalleled growth. Its native token, NOT, has established itself as a significant player in the Web3 space since its listing in May, surpassing the performance of the two other highly anticipated drops, LayerZero and ZKsync.
Notcoin has attracted more users to Web3 than any other initiative in just six months. The token achieved a market capitalization of over $2.5 billion in just two weeks after being listed on prominent exchanges such as Binance.
Notably, earlier in June, NOT defied trends by surging over 275% in a single week to achieve its all-time high, despite the fact that the broader crypto market was experiencing declines. Currently, the token is trading at $0.0142, up by 7% in the past 24 hours.
The NOT airdrop distributed tokens to 11.5 million users without any locks or vesting. Its airdrop was valued at approximately $250 per user at its peak, totaling around $2.7 billion. Over 90% of NOT’s supply was allocated to the community through in-game mining, launch pools, and trading activities. Notably, what began as a seemingly insignificant project with no initial investors, quickly grew into a community-driven phenomenon.
Notcoin vs. LayerZero and ZKsync
In contrast, LayerZero and ZKsync have experienced less success with their recent airdrops. On June 20, LayerZero, a cross-chain interoperability protocol, introduced its token, ZRO. Nevertheless, the airdrop was met with criticism due to a disputed donation criterion for token claims.
ZKsync’s ZK token airdrop also sparked debate. The ZK token distribution plan, which was announced on June 11 and launched on June 17, distributed 17.5% of the total 21 billion tokens to early users. Nevertheless, the community disapproved of the allocation breakdown, which included 16.1% for the ZKsync team and 17.2% for investors. This resulted in a substantial decrease in the protocol’s total value locked (TVL).
When comparing user engagement and total airdrop value, Notcoin stands out. It reached 11.5 million users, while ZKsync and LayerZero engaged 695,000 and 1.28 million users, respectively. The total value of Notcoin’s airdrop at its all-time high was $2.5 billion, dwarfing ZKsync’s $954 million and LayerZero’s $323 million.
In the interim, the last of the four most anticipated releases of the year is imminent. The token airdrop for Blast, an Ethereum Layer 2 network that was developed by the founder of the renowned NFT marketplace Blur, is scheduled to start on Wednesday.
While the border market is bleeding, with bitcoin hovering around the $60,000 mark, the question remains: which of these newly launched tokens will sustain long-term engagement and growth?