Notcoin Announces $10M Burning for Ecosystem Development
The game team unveiled Notcoin Burning, an initiative that will redistribute some unclaimed tokens to improve the ecosystem.
The Notcoin Burning initiative is scheduled for June 16. The team will distribute some unclaimed tokens to fund future developments, and some will be burned. The total amount of the burning will be $10 million, according to some estimates. Details will be provided by the team at a later date.
By burning tokens, Notcoin aims to stabilize and potentially increase the value of the token by reducing its overall supply. The redistribution of unclaimed tokens is part of the team's strategic plan for the long-term development of the project.
In a recent post, the Notcoin team said it has already burned tokens totaling $3 million. Another $4.2 million will be used to reward Notcoin Explore users with Gold and Platinum status.
Interestingly, the team boasted other data. Airdrop NOT outperformed LayerZero and ZKsync combined. The game attracted more people to the Web3 space than any other initiative in just six months.
11.5 million people received NOT tokens during the airdrop. The price reached an all-time high in June, rising 250% in just seven days. The ZKsync and LayerZero airdrop reached 695,000 and 1.28 million users, respectively. Additionally, LayerZero's ZRO token from LayerZero was met with criticism immediately after the airdrop due to its controversial distribution criteria. ZK token from ZKsync also faced similar criticism during the distribution.
