As a long-time observer of the crypto space, I've witnessed the meteoric rise of Telegram's Tap-to-Mine projects. Who could have predicted that a simple concept would capture the hearts of millions, only to leave them feeling cheated and disillusioned? In this post, I'll delve into the story of Tap-to-Mine's ascent and its subsequent downfall, highlighting the lessons we can learn from this cautionary tale.
It all began in 2023 when Telegram launched the Mini Apps platform, enabling developers to create innovative applications. The launch of NOTCOIN, a tap-to-earn project, marked the beginning of a new era. Its massive success, with over 35 million users, set the stage for a string of tap-to-mine projects, each attracting millions of users.
DOGS, HAMSTER KOMBAT, CATS, and ROCKY RABBIT, among others, followed suit, with user bases ranging from 30 million to 300 million. The numbers were staggering, and the TON ecosystem was booming. By June 2024, TON's TVL had surged by 5600% to $800 million.
However, beneath the surface, cracks began to form. Projects that initially promised a free airdrop or minimal transactions started to change their tune. They began asking for money, introducing new criteria, and altering their commitments. The community, once enthusiastic and engaged, started to feel betrayed.
Let's look at some numbers:
NOTCOIN: 78% supply for the community, with an average user receiving $200+
DOGS: 72% supply for the community, with an average user receiving $30+
HAMSTER KOMBAT: 60% supply for the community, with an average user receiving $5
The numbers reveal a disturbing trend: as the user base grew, the airdrop value per user declined. But the real problem lay in the inconsistency and lack of transparency. Projects that initially promised a free airdrop or minimal transactions started to demand money, leaving users feeling cheated.
The final straw came when projects began to prioritize referrals over loyal users who had invested time and effort. HAMSTER KOMBAT's sudden shift in focus, CATIZEN's emphasis on spending, and ROCKY RABBIT's compulsory transaction requirements all contributed to a growing sense of distrust.
So, what can we learn from this tale of woe?
Transparency is key: Projects must be clear about their criteria and future plans, avoiding last-minute changes that can erode trust.
Fairness is essential: Implementing a referral cap and balancing the approach for users who can and cannot afford transactions can help maintain a loyal community.
Know when to stop: Projects should introduce phases or halve the points system to prevent attracting an unwanted user base and manage growth sustainably.
Honesty is the best policy: Clearly communicate whether a project is offering a free airdrop or an ICO-style airdrop that requires payment.
As the TON ecosystem continues to evolve, it's essential for projects to prioritize transparency, fairness, and honesty. By doing so, they can rebuild trust and create a sustainable, loyal community. The Tap-to-Mine saga serves as a reminder that even the most promising projects can fall victim to broken trust. Let's learn from these mistakes and strive to create a better, more transparent future for all.
