Tapswap Delays Token Generation Event Amid Market Concerns
Tapswap, a prominent player in the tap-to-earn sector, has faced disappointment among its user base following the postponement of its Token Generation Event (TGE), originally scheduled for July.
Developers issued an apology last week, citing several factors contributing to the delay.
One key reason highlighted was the novelty of the tap-to-earn model, which has made it challenging to assess the token's value accurately. This sentiment reflects broader trends within the blockchain industry, where established projects like Cardano, with a market cap of $12.5 billion, exist alongside newer entrants such as Arbitrum, valued at $5.7 billion.
The developers also noted that ongoing market conditions have influenced their decision to delay. Recent airdrops in the sector have experienced significant declines, raising concerns about the sustainability of new tokens post-launch.
For instance, the recently anticipated Hamster Kombat airdrop saw its token plummet by 74% from its peak, while Notcoin, the first tap-to-earn token, dropped over 73%.
Tapswap operates within the Telegram ecosystem, allowing users to earn tokens by completing tasks such as following social media accounts and engaging with content.
Users’ ultimate goal is to convert their TAPS tokens into fiat currencies like the U.S. dollar, a process tied to the forthcoming airdrop.
