TapSwap, the popular tap-to-earn platform on Telegram, disappointed its users again by delaying the token generation event (TGE) or airdrop.
In an X post, the developers said the token listing would not happen later this month as previously announced. Instead, it will happen in mid-February, when they noted that the market conditions would be optimal.
TapSwap Delays Its Airdrop Again
TapSwap cited advice from a tier-1 decentralized exchange (DEX) for the delay. The DEX recommended that delaying it to February would ensure a strong debut. They also noted that the delay would allow them to work with influencers and promote the token before the launch.
TapSwap users were disappointed with the delay since the TGE date was not mentioned. Most importantly, this is not the first time the airdrop has been delayed. It was initially scheduled for listing in July last year as its users jumped. The listing was then postponed to “sometime in the second quarter.”
At the time, the developers noted that the delay would let them ink partnerships with major centralized exchanges before the listing. Also, the listing delay would let them work on the ecosystem to give the TAPS token utility.
TapSwap has always justified the listing delay by comparing the performance of most Telegram tap-to-earn projects, such as Hamster Kombat, Notcoin, and DOGS. While these were highly popular projects, their tokens plunged after their airdrops because they lacked an active ecosystem.
TapSwap has used the listing delay to build the first web3 skill gaming hub where users can compete with global players and earn tokens in the form of TAPS.
Why TAPS Price May Crash After Airdrop
However, the TAPS price will likely crash post-token generation event because of widespread holder sell-offs fueled by disappointment over delays and rollout issues.
Many TapSwap holders will probably sell their coins because of their experience with other tap-to-earn tokens. Also, many “to-earn” tokens like Sweat Economy and StepN (GMT) often crash as many users sell. Similarly, many play-to-earn tokens like Decentraland (MANA) and Axie Infinity (AXS) crashed.
One likely reason for this is a disconnect between the developers and the ecosystem participants.
Developers envision a growing ecosystem that will last for decades, while participants are only interested in short-term profits when it lists. Most of TapSwap’s tap-to-earn users will probably not be interested in the skill gaming platform or other ecosystem initiatives.
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