TapSwap players were disappointed recently when the third quarter ended without the token generation event (TGE) as initially promised in July.
Why Tapswap airdrop has been delayed
In a statement last week, the developers apologized for this and gave several reasons for the continued delay.
They noted that the tap-to-earn model was still new and that it was increasingly difficult to predict the real value of the token.
This view is correct to some extent. For example, before the recent Hamster Kombat airdrop, the consensus was that it would be a bigger token than Notcoin. Besides, Notcoin has about 40 million users, while Hamster Kombat has over 300 million. Hamster is also more popular on social media platforms like YouTube and X.
However, Notcoin has a fully diluted valuation of $806 million compared to Hamster Kombat’s $378 million.
This view, however, is common in other parts of the blockchain industry. For example, Cardano, which has little activity going on, has a market cap of $12.5 billion, while Arbitrum has an FDV of $5.7 billion.
Additionally, they are waiting for the next phase of the Tapswap project, which they noted will be a new project that will give the TAPS token more utility.
Also, the developers pointed to the ongoing market conditions as most airdrops have tumbled recently.
Read more: Here’s Why Hamster Kombat Price Crash Matters for Pi Network
Most airdrops have flopped
For starters, Tapswap is one of the most popular tap-to-earn players in the Telegram ecosystem.
It allows users to accumulate tokens by just tapping a button on its mini-application. Users can also gain more tokens by completing tasks on the network like following its social media accounts, watching its YouTube videos, editing videos, and joining the button bot.
The ultimate goal for all players is to convert their TAPS tokens into fiat currencies like the US dollar. This conversion will happen when the network launches an airdrop, also known as the token generation event.
The challenge, however, is that most airdrops have crashed hard after their airdrop. For example, Hamster Kombat, which was expected to be the biggest airdrop of the year, has plunged by 74% from its all-time high.
Notcoin, the first tap-to-earn token to airdrop, also dropped by over 73% from its highest level this year. Other tokens like Catizen and Pixelverse have also tumbled in the past few weeks.
The same is happening across other industries as well. For example, Wormhole has fallen from a record high of $1.8161 to $0.28, while ZkSync and EigenLayer have fallen sharply in the past few weeks.
Therefore, there are signs that the Tapswap token will fall after the airdrop, which explains the continued delay. At the same time, the developers are still making substantial sums from the YouTube channel, which has accumulated over 5.09 million subscribers.
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