Notcoin developers burned 210 million NOT tokens worth $3 million

What’s new? The Notcoin project team reported the destruction of 210 million native tokens NOT worth $3 million. They added that “Notcoin Tokenomics is now extremely community oriented,” and another $4,2 million in NOT tokens will be used to reward gold and platinum status users as part of the Notcoin Explore initiative.

Source: X.com

What else is known? Notcoin Explore was introduced last month, under the program users can earn coins and other bonuses for completing various tasks from third-party projects.

Any project can contribute NOT tokens to the Explore program pool and offer Notcoin users to perform tasks to earn coins. Among the tasks, there are also very simple ones, such as subscribing to the accounts of projects in social networks. By launching this initiative, Notcoin team attracts users to new interesting projects and helps them with promotion.

A user’s level in the Notcoin game itself affects his or her capabilities within Explore. Users with higher levels can expect more NOT as rewards, as well as participation in airdrops and receiving other exclusive offers from participating projects.

And for inviting friends, users will receive a percentage of the rewards they earn within Explore.

By June 9, Explore users were able to earn $1,5 million by participating in 20 different campaigns.

Source: X.com

In a new statement, the Notcoin team clarified that 94,18% of the NOT offering is in the hands of 11,5 million users, including traders, miners, and stakers. Another 5,82% of the funds have been placed in the treasury and will be used to develop the project in the coming years.

“With the community as a main stakeholder, the future seems bright. Thank you all, frens,” the developers concluded.

At the time of writing the news, NOT ranks 67th in the overall ranking of cryptocurrencies by market capitalization with a value of $1,5 billion and is trading at $0,01467, having added 8,6% over the day. The weekly decline at the same time amounted to 3,8%.

NOT was originally the in-game currency of the Notcoin clicker game in the Telegram messenger. Coins could be mined by tapping on the screen. NOT was later released as a cryptocurrency on the blockchain, and on May 16, it was listed on exchanges, allowing players to make real profits.