TapSwap, the popular Telegram tap-to-earn platform, has left players in limbo regarding the token generation event.
In a relatively vague X post, the developers mentioned they were working on “lots of exciting news and announcements” but did not specify the airdrop’s date.
Dear Tapswappers,We know you're eagerly waiting for the DATE, but we also understand that you're a bit busy this week (🐹). Just a quick FYI — lots of exciting news and announcements are on the way!
— tapswap (@tapswapai) September 25, 2024
The latest statement is notable because TapSwap’s airdrop was initially scheduled for July. It was then postponed to “sometime in Q3”, a period that starts in July and ends in September.
In justifying the July delay, the developers explained that they were working on the platform and holding talks with tier-1 exchanges about the listing.
As a result, there is little chance that the developers will launch the airdrop as it is urgently working against the clock with time not in its favour.
@tapswapai , Pls Enough of the Teasers! You promised Q3, and we're still waiting. 🥴It's almost Two weeks of Silence, we don't want another Vague tweet? When is the launch ? Thanks🙌
— LuxuryNad (@luxurytreats247) September 25, 2024
The ongoing airdrop delay mirrors that of Pi Network, the pioneering tap-to-earn platform that attracted over 30 million users. Launched in 2018, miners have continued to accumulate tokens they cannot convert into fiat currencies like the US dollar.
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Tapswap, which has over 70 million players, uses the same business model as other mini apps like Notcoin and Hamster Kombat. Users earn tokens by tapping a button on the app and completing simple tasks such as watching YouTube videos and following its social media accounts.
These activities have made TapSwap’s social media accounts highly popular among users. Its YouTube channel has over 6.08 million subscribers, while its X account has 6.4 million followers.
Most tap-to-earn applications follow a common roadmap toward their airdrop. For example, Hamster Kombat and Catizen initially partnered with exchanges like OKX, which offered pre-market futures trading. TapSwap has not taken such steps or mentioned the exchanges that will list its token.
A likely reason for the delay is that the developers have seen the performance of the recently launched Telegram coins. Notcoin (NOT) has dropped by over 70% from its all-time high while Catizen has erased most of its initial gains. Others like Pixelverse and Avecoin have also retreated.
At the same time, the developers are believed to be earning substantial sums from YouTube, where their videos have garnered over 441 million views.
The key challenge for tap-to-earn and play-to-earn platforms is growing their ecosystem after the airdrop. As with Axie Infinity and Decentraland, users often abandon the platform once the token retreats.
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