Tapswap, the popular tap-to-earn game on Telegram, has delayed its airdrop or token generation event (TGE) once again, a move that has disappointed many users who have spent months mining new coins.
Why was the Tapswap airdrop delayed?
Tapswap announced that it has delayed the much-anticipated token generation event from February 14 to February 17.
The company justified the decision with a recent statement from Telegram, which hosts its mini application.
Telegram notified developers in its ecosystem that all their token generation events would happen only on the TON Blockchain.
That was a big change since last week, Tapswap said that it would leverage the BNB Chain to launch its airdrop. It noted that BNB was an ideal network because of its vibrant ecosystem, faster speeds, and lower transaction costs.
That decision made sense because BNB Chain has emerged as an ideal player in the smart contract industry. It has a big ecosystem of decentralized exchanges (DEX) like PancakeSwap, Thena, and Uniswap.
🚨 Important Update on TapSwap’s Token Launch The Telegram team has recently updated its rules, requiring all Telegram mini-apps to operate exclusively on the TON blockchain. To ensure TapSwap remains fully compliant and accessible to our community, we have made the strategic…
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The TON ecosystem, on the other hand, is fairly small, with the only notable DEX networks being STON.fi, DeDust, Blum, and GasPump. Recent data shows that the volume handled in this ecosystem has continued to fall. The monthly volume peaked at over $1.7 billion in January last year, and has now dropped to $317 million this month.
Tapswap developers likely believe that the TAPS token will also face the same challenge as others in the TON network. Most of them, including Hamster Kombat and Notcoin have all plunged after their airdrop.
Read more: As TapSwap airdrop nears, TAPS token price risks rise
Tapswap has had airdrop delays in the past
The current Tapswap airdrop delay is largely justified since it was outside the team’s control. However, most TAPS holders are rightly justified to be disappointed because of its long-history of delays.
The Tapswap airdrop was initially set to happen in July last year. It was then deferred to “sometime in the third quarter”, which did not happen. The fourth quarter came and passed without a word.
Most recently, the Tapswap was supposed to happen in January, until it was delayed again to February 14.
The developers have justified these delays to the need to avoid the mistakes that other tap-to-earn networks like Hamster Kombat and Notcoin.
Hamster Kombat vs Catizen vs Notcoin
All these tokens crashed after the airdrop as many holders dumped their tokens, mostly because the token did not have any utility at the time.
They have used the delays to build a skills game that will be powered by the TAPS token. Also, they have created incentives to prevent holders from selling the token. For example, holders will get a chance to earn staking rewards over time.
TAPS price prediction
The most likely scenario is where the TAPS token will crash after the airdrop. That’s because all tap-to-earn tokens that have been listed have crashed over time. As such, many TAPS holders will likely aim to avoid the mistake of holding for so long.
The other reason for the crash is that most gaming tokens have crashed over time. This includes tokens like Axie Infinity and Gala Games that are down by over 80% from their all-time highs.
Further, the TAPS price will also drop because of the divergent views between the developers and the token holders. Tapswap developers envision a platform that people will keep playing in the long term. However, miners just want a quick buck and move on to other things.
The Tapswap price will also crash because of the state of the crypto industry, with most altcoins being in the bear market. In most periods, airdrops do well when there is a bull market.
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