🌎 Tapswap Token Launch Amid Market Challenges

Tapswap Token Launches Amidst Challenges in the Tap-to-Earn Market

The Tapswap (TAPS) token recently launched its airdrop or token generation event, causing its price to waver on Monday. As of the launch, the token was trading at $0.07058, slightly above its opening price, with a market cap of $34 million, according to market data.

In contrast to other popular tap-to-earn tokens like Hamster Kombat and Notcoin, Tapswap’s market cap is significantly smaller. The token’s allocation was distributed among strategic investors, the community, community rewards, treasury, and the team, with a cliff unlock period ranging from 12 to 36 months.

Listing and Availability Challenges

The Tapswap token is currently only available on Bitget and STON.fi, the largest decentralized exchange on the TON blockchain. The lack of listing on tier-1 exchanges like Binance or Coinbase may have contributed to the token’s price volatility.

Initially, the developers had planned to launch on the more popular BNB Chain, which has millions of users and top decentralized exchanges like PancakeSwap, Uniswap, and Then. However, this plan was abandoned after Telegram insisted that all games within its ecosystem must list on the TON blockchain.

Tapswap’s Ambitions and Challenges

Tapswap aims to become the largest gaming platform on Telegram, with a tap-to-earn game and a skills-based game in development. The developers hope that its ten million weekly users will transition to the new skills game, providing additional utility for the token.

However, Tapswap faces significant challenges, mirroring those of other “to-earn” tokens that have struggled after their initial launch. The token’s value may decline as holders sell off their tokens and new buyers remain hesitant, following the trend of other tap-to-earn tokens like Hamster Kombat and Notcoin.