Coinspeaker
Notcoin Unveils Compensation Plan as Listing Overwhelms TON Ecosystem
The TON ecosystem has released its compensation plan for users who were affected by the sudden disruption in its protocol during the listing of Notcoin.
The Notcoin listing, regarded as a significant event for the TON ecosystem, happened on May 16. In preparation for the event and a potential surge in user base, more servers were added and the TON ecosystem internal systems were optimized.
Notcoin Listing Challenges
As the listing went live, the volume of activities that the protocol saw far exceeded its expectations. At one point, user activities were highly concentrated on exchange operations with more than a hundred thousand people attempting to buy and sell Notcoin simultaneously. This volume was 20 times more than the previously recorded peak value of the TON ecosystem. Consequently, some databases were affected and a slowdown was recorded.
In no time, the growing request triggered a 6-hour halt in the functionality of Wallets and caused instability for some time. The incident resolution protocols swung into action and were able to stabilize functionality for most users. By May 17, further checks were conducted and TON services were fully restored. TON claimed that users’ funds were not compromised in the process and remain secured till this time.
However, some users complained about the challenges they experienced while all this was going on in the TON ecosystem. It turns out that many users wanted to exchange Notcoin at the time of listing but were unable to do so. Meanwhile, the coin’s price dropped by approximately 10% right after the launch. Another group of users could not access funds from Wallet Earn at all times.
Again, some transactions took longer to process than usual and P2P transactions were unpredictable, with sellers facing numerous appeals and buyers experiencing issues.
TON and Notcoin Compensation Plan for Users
Per the Notcoin compensation plan for the losses that users may have incurred during the Notcoin listing, the TON ecosystem has decided to credit an additional 10% of the deposited coins to those who chose Wallet to receive Notcoin.
This will help offset the 10% drop in Notcoin price following its launch. For sellers who made transactions on the TON platform when there were technical difficulties, their trading fees for May 16 and 17 will be refunded. There will also be a 5x increase in USDT bonuses from May 16 to 22 with a 250% APY on USDT in the bonus account.
In addition, TON intends to waive the P2P Market fees for all users on May 20, 21, and 22. This is to provide everyone with the most favorable conditions to conduct transactions. Rewards will be increased for those active users who deposited funds into bonus accounts during the USDT-TON and TON-NOT campaigns. Hence, USDT held on the Earn account between May 16 and 22 will earn 250% APY.
The last group of people are those who kept Toncoin in their Earn accounts during this period. This sect will receive double their Notcoin rewards. Noteworthy, the promotion for active users and those who kept Toncoin in their Earn accounts will be extended by a week to provide users with additional bonuses beyond initial expectations.
Overall, the 10% on the 570 million NOT airdrop and other compensation is worth over $10 million at the current rate.
Notcoin Unveils Compensation Plan as Listing Overwhelms TON Ecosystem
