Tapswap delays token launch and airdrop to the third quarter

Tapswap, a popular tap-to-earn game on Telegram, pushed back its much-awaited token launch to the third quarter of 2024, the project announced on Monday. The airdrop, a type of free cryptocurrency giveaway dropped into people’s wallets, will also take place at the same time, it said.

Also read: Tapswap mum on specifics of token launch on TON blockchain

Tapswap initially scheduled the airdrop for May 30 but delayed it to July 1 due to an influx of bots that aimed to farm airdrop points, according to a previous Decrypt report . The team said the token generation event has now been postponed because it needed more time to work on its strategy.

Tapswap says token delay is ‘profitable’ for users

“The whole point is that you’ll actually benefit from this,” Tapswap wrote on X. “The success [we’ve had] comes with some ‘inconveniences.’ This level of attention requires much more detailed work on tokenomics and the right launch strategy. And that means extra time,” it said, adding:

“Know that this is all to ensure that our launch in Q3 is fair and, more importantly, profitable for all of you who stand by us no matter what.”

Tapswap did not provide a specific timeline for the launch of its token, called TAPS, on The Open Network, or TON. It also did not give specific details about the eligibility requirements for the airdrop.

Launched in February, the game rewards users for tapping the screens of their phones or computers. There are rules and limits on the number of tokens that one can tap per time based on the level they have reached. The team claims that over 50 million people play the game. It says its success has attracted both scammers and tier 1 exchange partners alike.

In a recent Ask-Me-Anything session on X, Tapswap stressed that “a significant portion of all tokens will be allocated to the community.” It said users will be updated on the effort once the tokenomics – a combination of the words “token” and “economics” used to define the elements that make a cryptocurrency valuable – are finalized.

Also read: Airdrop hunter made $750,000 on ZKsync (ZK) airdrop

The project promised to be meticulous about its token allocation for the airdrop. It said it has created a monitoring system to track user behavior, “identifying accounts that deserve to be banned.” Tapswap is also looking at ways to offer “unscrupulous users the option to voluntarily surrender for a percentage of the drop, ensuring a win/win for all.”

“We are developing clear rules for token distribution to ensure fairness, although these cannot be disclosed beforehand to prevent abuse,” it added.

Cryptopolitan Reporting by Jeffrey Gogo