Tap Protocol, which focuses on promoting financial applications on Bitcoin Ordinals, revealed the latest airdrop news yesterday (9), including the $TAP token airdrop plan, execution process, and eligible ecological members. However, the still important details of the token economics have not yet been released.

Happy Lunar New Year to the TTP (TRAC, TAP, PIPE) ecosystem!

Finally, the time is here to announce the $TAP airdrop, in which the whole of the @trac_btc ecosystem will be incentivized & rewarded. Also, we have many more announcements to follow over the next few days and weeks,…

— Tap Protocol (@tap_protocol) February 9, 2024

A look at the Trac universe: Tap protocol, Trac Core and Pipe

As a diversified asset financial protocol in the field of Bitcoin ordinals, Tap protocol was launched by Trac Systems, a new German startup company. The company's products include Trac Core and Pipe, which mainly focus on expanding compatibility and multi-tasking for the Bitcoin ecosystem. Functional application.

It is reported that the protagonist of this article, Tap protocol, can help users implement complex financial operations based on the Ordinals ecosystem directly on the Bitcoin blockchain:

Its intuitive and user-friendly interface design allows users to easily implement functions such as token trading and staking, and liquidity pools on the Bitcoin network without having to go through incomprehensible operating mechanisms; that is, "OrdFi".

In December last year, Tap Protocol successfully completed a $4.2 million round of financing led by Sora Ventures. The CEO of Trac Systems also emphasized that he will continue to focus on exploring the areas of tokenization, gamification and OrdFi on the network.

(Tap Protocol received $4.2 million in investment, which will bring momentum to Bitcoin’s ordinal growth)

$TAP Token Airdrop Program

According to the article published by Chief Strategy Officer Raspberry, the key points of this airdrop of $TAP tokens will be summarized below:

airdrop target

First, the airdrop of TAP tokens will cover three members of the Trac ecosystem, including $TRAC and $PIPE token holders, Tap protocol participants and Tap protocol builders, aiming to incentivize the entire Trac ecosystem.

He also revealed that currently only those holding $TRAC and $PIPE tokens are eligible, and other entertainment tokens that have no substantial meaning in the ecosystem will not be considered.

Token distribution

Then, as the native token of the Trac ecosystem, $TRAC will account for 80% of the airdrop allocation, while $PIPE, the main token of the Pipe protocol, will receive 20% of the airdrop allocation.

However, regarding the previously issued $-Tap tokens, officials stated:

It will not exist in the form of an airdrop, but will provide something special to ecosystem participants based on $-Tap after the $Tap token is launched.

Airdrop mechanism

Regarding the airdrop mechanism, officials stated that it will be conducted on 2 key dates and ranges, including wallet snapshots on February 28 and Q2 2024 (unknown date).

  • February 28 Snapshot: Assess the holdings of $TRAC and $PIPE in the wallet, and airdrop proportionately when $TAP tokens are issued

  • 2024 Quarter 2 Snapshot: Another wallet snapshot and allocation of the 2nd batch of $TAP airdrops

In addition, after the second airdrop, an additional total of 50% of $TAP rewards will continue to be distributed to long-term holders.

Eligible wallets

In addition, the official also emphasized that only wallets including Ordinal Wallet, Xverse, UniSat and other wallets can participate in the airdrop. Those who purchase and hold $TRAC and $PIPE on centralized exchanges will not be snapshotted.

Reward mechanism for participants and developers

As for how to obtain $TAP airdrops by interacting with Tap Protocol, the official statement will monitor the interaction with Tap Protocol in each wallet, including the use of related dApps, as well as minting and cross-chain assets, etc.

The article mentioned DMT-NAT, Ghosty Cash, Bit Maps and Foxxi, and revealed that more projects will be launched in recent months, all of which will be powered by $TAP tokens.

In addition, the official also emphasized that in Seasons 3 and 4, the most popular protocols on Tap will be confirmed and protocol developers will be rewarded through $TAP airdrops.

Tokenomics

However, the total supply of $TAP tokens and the use and distribution of other tokens are still unknown, and officials said they will be announced in succession.

This article Tap Protocol token airdrop is coming soon! Understand the snapshot date, token allocation and qualified wallets at once! First appeared in Chain News ABMedia.