Notcoin unveils compensation plan for those affected by Wallet error as listing overwhelms TON ecosystem.
The compensation plan for users impacted by the abrupt disruption in the TON ecosystem’s protocol during the listing of Notcoin has been made public.
The Notcoin listing took place on May 16, considered a momentous occasion for the TON ecosystem. In anticipation of the occasion and a possible increase in the number of users, additional servers were implemented, and the internal systems of the TON ecosystem were optimized.
Notcoin Listing Difficulties
After the listing went live, the protocol experienced a significantly higher volume of activities than anticipated. At one juncture, user engagement was exceptionally focused on exchange operations, with over one hundred thousand individuals concurrently attempting to purchase and sell Notcoin.
This volume was observed to be twenty times greater than the TON ecosystem’s previous highest recorded value. As a result, specific databases experienced an impediment, and a decrease in performance was documented.
The increasing demand quickly precipitated a six-hour interruption in the operation of Wallets and led to a period of instability. The incident resolution protocols were implemented and successfully restored functionality for most users.
Additional inspections were conducted on May 17, and TON services were reinstated. TON asserts that its users’ funds were not compromised during the procedure and remain protected now.
Nevertheless, several users complained about their difficulties throughout this period within the TON ecosystem.
It was discovered that numerous users could not exchange Notcoin at the time of listing. In contrast, the coin’s price dropped by roughly 10% immediately following its introduction. An additional group of users occasionally could not access funds from Wallet Earn.
Once more, certain transactions were processed more slowly than usual, and peer-to-peer transactions could have been more reliable, with buyers encountering difficulties and vendors being subject to numerous appeals.
Plan for User Compensation Using TON and Notcoin
As per the Notcoin compensation plan, those elected to receive Notcoin via Wallet will receive 10% of the deposited coins from the TON ecosystem. This credit is intended to compensate users for losses they may have sustained during the Notcoin listing.
This will assist in mitigating the 10% decline in the price of Bitcoin after its introduction. Despite technical difficulties, the trading fees of vendors who conducted transactions on the TON platform on May 16 and 17 will be refunded. In addition, USDT incentives will increase by a factor of five from May 16 to May 22, and the bonus account will accrue 250% APY on USDT.
Additionally, on May 20, 21, and 22, TON plans to waive the P2P Market fees for all users. This aims to ensure all parties have optimal circumstances for transactions. Those active users who deposited into incentive accounts throughout the USDT-TON and TON-NOT campaigns will receive increased rewards. The USDT held in the Earn account from May 16 to May 22 will accrue an APY of 250%.
Those individuals who maintained Toncoin in their Earn accounts throughout this period comprise the final cohort. The rewards received by this sect in Notcoins will be doubled.
Significantly, the promotion will be extended by one week for active users and those who maintained Toncoin in their Earn accounts to provide users with incentives over their initial expectations.
At the current exchange rate, the 10% contribution to the 570 million NOT airdrop and other forms of compensation exceeds $10 million in value.