Tap Protocol token airdrop is coming soon! Understand snapshot date, token distribution, and eligible wallets in one go!
Tap Protocol, which focuses on advancing financial applications on the Bitcoin Ordinals, revealed the latest airdrop news on the 9th, including details on the $TAP token airdrop plan, execution process, and eligible ecosystem members. However, crucial token economic details have not been disclosed yet.
Happy Lunar New Year to the TTP (TRAC, TAP, PIPE) ecosystem!
Finally, the time is here to announce the $TAP airdrop, in which the whole of the @trac_btc ecosystem will be incentivized & rewarded. Also, we have many more announcements to follow over the next few days and weeks,…
— Tap Protocol (@tap_protocol) February 9, 2024
Table of Contents
Trac Universe Overview: Tap Protocol, Trac Core, and Pipe
As a diversified asset financial protocol in the Bitcoin ordinals field, Tap Protocol is introduced by the German startup company Trac Systems. The company's products include Trac Core and Pipe, focusing on expanding compatibility and multifunctional applications for the Bitcoin ecosystem.
It is reported that the protagonist of this article, Tap Protocol, can help users directly achieve complex financial operations based on the Ordinals ecosystem on the Bitcoin blockchain:
Its intuitive and user-friendly interface design allows users to easily carry out token transactions, staking, liquidity pool functions on the Bitcoin network without the need to understand complicated operational mechanisms; that is, "OrdFi."
In December last year, Tap Protocol successfully completed a round of financing led by Sora Ventures, with an amount as high as $4.2 million. The CEO of Trac Systems also emphasized that they will continue to focus on exploring tokenization, gamification, and OrdFi in the network.
Tap Protocol Secures $4.2 Million Investment to Drive Growth in Bitcoin Ordinals
$TAP Token Airdrop Plan
According to the article released by Chief Strategy Officer Raspberry, the focus of the $TAP token airdrop this time will be summarized below:
Airdrop Targets
Firstly, the TAP token airdrop will cover 3 members of the Trac ecosystem, including $TRAC and $PIPE token holders, Tap Protocol participants, and Tap Protocol builders, aiming to incentivize the entire Trac ecosystem.
It was also revealed that currently only holders of $TRAC and $PIPE tokens are eligible, and other meaningless entertainment tokens in the ecosystem will not be considered.
Token Distribution
As the native token of the Trac ecosystem, $TRAC will account for 80% of the airdrop distribution, while the main token of the Pipe Protocol, $PIPE, will receive 20% of the airdrop distribution.
However, regarding the previously issued $-Tap token, the official statement is:
It will not exist in the form of an airdrop but will provide something special to ecosystem participants based on $-Tap after the $Tap token is launched.
Airdrop Mechanism
Regarding the airdrop mechanism, the official statement indicates that it will take place on 2 key dates and intervals, including a wallet snapshot on February 28 and an unknown date in the 2nd quarter of 2024.
- February 28 Snapshot: Evaluate the holdings of $TRAC and $PIPE in the wallets and airdrop $TAP tokens proportionally upon token issuance
- 2nd Quarter 2024 Snapshot: Conduct another wallet snapshot and distribute the 2nd batch of $TAP airdrop
In addition, after the second airdrop, an additional 50% of $TAP rewards will continue to be distributed to long-term holders.
Eligible Wallets
Furthermore, the official statement emphasizes that only wallets such as Ordinal Wallet, Xverse, UniSat, etc., can participate in the airdrop, and those who purchase and hold $TRAC and $PIPE on centralized exchanges will not be included in the snapshot.
Reward Mechanism for Participants and Developers
As for how to receive $TAP airdrops through interaction with Tap Protocol, the official explanation states that they will monitor interactions with the Tap Protocol in each wallet, including using related dApps, minting, and cross-chain assets.
The text mentions DMT-NAT, Ghosty Cash, Bit Maps, and Foxxi, and reveals that more projects will be launched in the coming months, all driven by the $TAP token.
Furthermore, the official statement emphasizes that in the 3rd and 4th quarters, they will identify the most popular protocols on Tap and reward protocol developers through the $TAP airdrop.
Token Economics
However, the total supply of $TAP tokens and other token uses and distributions are currently unknown, with the official statement indicating that this information will be disclosed progressively.