Tap protocol token airdrop

This article aims to provide the community with a better understanding of the specifics regarding the $TAP airdrop.

We’ve received numerous inquiries about which tokens will qualify for the airdrop, the numbers involved, exchanges, etc.
Although our team is deeply committed to developing the Tap protocol and expanding the TTP ecosystem, we wish to take this opportunity to shed some light on the airdrop planned for the community in the upcoming weeks. In this document, we’ll offer some insights into the workings of the airdrop mechanism.

The airdrop will encompass three primary segments: Holders, TAP Protocol participants, and TAP Protocol Builders. These segments aim to incentivise and reward the entire ecosystem, fostering ongoing growth.

Hold $TRAC (and $PIPE..) get $TAP

Currently, the ecosystem is teeming with various tokens — some are community-supported, some are directly backed by Trac Systems, and some are merely for fun ($Beny, anyone?). We have decided to primarily focus on tokens that will contribute meaningful utility to the ecosystem.

Allocation and Token

The airdrop will be conducted in two phases, over a few months.

$TRAC, being the original token of the ecosystem, has been designated to receive 80% of the available airdrop allocation.

$PIPE, as the main token of the Pipe Protocol, will be allocated 20% of the available airdrop allocation.

Regarding $-Tap, we have something special prepared for it. It won’t be in the form of an airdrop, but rather, something will be made available after the launch of the $Tap token.

Our focus is on rewarding token holders, long-time supporters, and future validators of Trac Core (those who have been holding $TRAC). As such, our airdrop to individuals will be carried out in multiple phases.

Phase 1

The first phase of the airdrop will involve a straightforward balance snapshot on the 28th of February. We will assess the holdings of $TRAC and $PIPE in each wallet and distribute the airdrop on a pro-rata basis at the market launch of $TAP token.

Phase 2

A second snapshot will be taken at some point in Q2 2024. We will once again snapshot the wallets of holders and distribute a second batch of the $TAP airdrop to $TRAC & $PIPE holders.

Although this phase will airdrop $TAP tokens to new holders, we will also incentivise further wallets that have retained their $TRAC & $PIPE holdings between the two snapshots. These longer term holders will receive an additional 50% boost on the airdrop allocation.

Where do i keep my $TRAC & $PIPE

Being able to airdrop to users means ensuring that the recipient’s address is compatible with the Tap protocol, as well as guaranteeing that our holders receive the airdrop. We have communicated with centralized exchanges (CEX) about this, but we are encountering multiple challenges. These include the Tap Protocol not yet having full integration into their exchange/marketplace without a specified timeline for it, alongside issues such as fees and other priorities on their side. Due to these uncertainties, we have decided to exclude balances on CEXs from the airdrop for the time being.

Only self-custodial wallets such as Ordinal Wallet, Xverse, Unisat, etc., will be considered for the snapshot. With the latest release of the Inspip Wallet for PIPE, Ordinal assets will be protected from spending. This is important for PIPE holders who seek to receive TAP token airdrops.

This situation may change and evolve within the airdrop timeframe with additional $TRAC listings and Tap protocol integrations. We will keep you updated on any developments on this. However, as of today, centralized exchanges (CEXs) will be excluded from the airdrop.

Interact with Tap Protocol, get $TAP

We aim to incentivise users that interact with the Tap protocol. This will include users that mint, transfer, and use dApps already built or ones that will be built on the Tap protocol. A few notable names already on Tap protocol being: DMT-NAT, Ghosty Cash, Bit Maps, and Foxxi; amongst many others.
In the coming months, we anticipate the launch of additional projects as well as some infrastructure developments in-house by the Trac Systems team, all powered by the $TAP token.

We plan to monitor the usage of the Tap protocol across each wallet and reward users who have interacted with the Tap protocol — whether by minting items, bridging assets, or using various protocols built on Tap. This airdrop will be executed in two phases, in Q2 and Q4, respectively. Our goal is to encourage engagement and inspire users to explore and enjoy the diverse offerings built on Tap.

Build on Tap get $TAP

Last but not least, we aim to encourage development on the Tap protocol. We are providing tools and infrastructure designed to attract developers to Tap, enabling them to create new, cutting-edge applications. Additionally, we plan to reward innovations that meet the needs of the Tap ecosystem and bring fresh, market-driven solutions.

To this end, in Q3 and Q4, we will identify the most utilized protocols built on Tap and reward them with $TAP allocations. Our goal is to foster development within the Tap Protocol and motivate developers to invent innovative products that have the potential to reach millions of users.

Stay updated

We hope this article has shed some light on the qualifications and dynamics of the airdrop. We encourage you to bookmark this page, as we may update it with new information from time to time. As always, thank you for reading this far, and we hope everyone is excited about the upcoming airdrop.

Socials

Trac Systems Discord: https://discord.gg/trac
TRAC on X: https://x.com/trac_btc
TAP on X: https://x.com/tap_protocol
Pipe Protocol on X: https://x.com/PipeBtc
TAP Protocol Telegram : https://t.me/tap_protocol
Pipe Protocol Telegram: https://t.me/pipe_btc