Tap Protocol, which focuses on advancing financial applications on Bitcoin Ordinals, revealed its latest airdrop news yesterday (9), including the airdrop plan, execution process, and eligible ecosystem members for the $TAP token. However, important token economic details have not yet been released.
Table of Contents
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Overview of the Trac Universe: Tap Protocol, Trac Core, and Pipe
$TAP Token Airdrop Plan
Airdrop Targets
Token Distribution
Airdrop Mechanism
Eligible Wallets
Incentive Mechanism for Participants and Developers
Token Economics
Tap Protocol, a diversified asset financial protocol in the Bitcoin Ordinals field, was launched by German startup Trac Systems. The company’s flagship products include Trac Core and Pipe, which mainly focus on expanding compatibility and multifunctional applications for the Bitcoin ecosystem.
According to reports, the protagonist of this article, Tap Protocol, can help users achieve complex financial operations based on the Ordinals ecosystem directly on the Bitcoin blockchain. Its intuitive and user-friendly interface design allows users to easily transact and stake tokens, as well as access liquidity pools on the Bitcoin network without having to understand the underlying mechanisms. This is referred to as “OrdFi.”
In December last year, Tap Protocol successfully completed a funding round led by Sora Ventures, with a total amount of up to 4.2 million US dollars. The CEO of Trac Systems also emphasized that they will continue to focus on exploring the tokenization, gamification, and OrdFi fields on this network.
According to an article published by Chief Strategy Officer Raspberry, the focus of the $TAP token airdrop will be organized as follows:
Firstly, the airdrop of the TAP token will cover three 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.
He also revealed that currently, only $TRAC and $PIPE token holders are eligible, and other entertainment tokens in the ecosystem without substantial meaning will not be considered.
As the native token of the Trac ecosystem, $TRAC will account for 80% of the airdrop distribution, while the primary token of the Pipe protocol, $PIPE, will receive 20% of the airdrop distribution.
However, regarding the previously issued $-Tap token, the official statement said:
It will not exist in the form of an airdrop but will provide something special to ecosystem participants based on $-Tap after the launch of the $TAP token.
Regarding the airdrop mechanism, the official statement mentioned that it will be carried out within two key dates and intervals, including a wallet snapshot on February 28 and in the second quarter of 2024 (exact date unknown).
February 28 Snapshot: Evaluate the holdings of $TRAC and $PIPE in the wallet and airdrop $TAP tokens proportionally upon the issuance of the $TAP token.
Second Quarter of 2024 Snapshot: Conduct another wallet snapshot and distribute the second batch of $TAP airdrops.
In addition, after the second airdrop, an additional 50% of $TAP rewards will continue to be distributed to long-term holders.
Furthermore, the official statement emphasized that only wallets including Ordinal Wallet, Xverse, UniSat, etc., are eligible for participation in the airdrop. Those who purchase and hold $TRAC and $PIPE on centralized exchanges will not be included in the snapshot.
As for how to obtain the $TAP airdrop through interaction with the Tap Protocol, the official explanation stated that they will monitor the interaction with the Tap protocol in each wallet, including the use of relevant dApps, token minting, and cross-chain assets, among others.
The article mentioned DMT-NAT, Ghosty Cash, Bit Maps, and Foxxi, and revealed that more projects driven by the $TAP token will be launched in the coming months.
Additionally, the official statement emphasized that in the third and fourth quarters, they will identify the most popular protocols on Tap and reward protocol developers through the $TAP airdrop.
However, currently, the total supply of the $TAP token and other token uses and distributions are still unknown. The official statement stated that they will be announced gradually.
Ordinals
PIPE
TAP
Tap Protocol
Trac Systems
UniSat