Upcoming Tap Protocol Token Airdrop: Understanding Snapshot Date, Token Distribution, and Eligible Wallets

Tap Protocol, which focuses on advancing financial applications on Bitcoin Ordinals, revealed its latest airdrop news yesterday (9). The content includes the airdrop plan, execution process, and eligible ecosystem members of the $TAP token. However, important token economic details have not yet been released.

Table of Contents
Overview of the Trac Universe: Tap Protocol, Trac Core, and Pipe
$TAP Token Airdrop Plan
Airdrop Targets
Token Distribution
Airdrop Mechanism
Eligible Wallets
Incentive Mechanism for Participants and Developers
Token Economics

Tap Protocol, a diversified asset financial protocol in the Bitcoin Ordinals domain, was launched by Trac Systems, a German startup company. The company’s flagship products include Trac Core and Pipe, which mainly focus on expanding compatibility and multifunctional applications for the Bitcoin ecosystem.

According to reports, the protagonist of this article, Tap Protocol, can help users directly achieve complex financial operations based on the Ordinals ecosystem on the Bitcoin blockchain. Its intuitive and user-friendly interface design allows users to easily transact and stake tokens, as well as provide liquidity pools on the Bitcoin network without the need to understand the underlying mechanisms. This is known as “OrdFi.”

In December last year, Tap Protocol successfully completed a round of financing led by Sora Ventures, with a total amount of up to $4.2 million. The CEO of Trac Systems also emphasized that they will continue to focus on exploring tokenization, gamification, and OrdFi in this network.

According to an article published by the Chief Strategy Officer, Raspberry, the focus of the $TAP token airdrop will be summarized in the following:

First, the airdrop of the TAP token will cover three members of the Trac ecosystem, including $TRAC and $PIPE token holders, Tap Protocol participants, and Tap Protocol builders. The aim is to incentivize the entire Trac ecosystem. It was also revealed that only holders of $TRAC and $PIPE tokens are currently eligible, and other entertainment tokens in the ecosystem without substantial significance will not be considered.

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

However, regarding the previously issued $-Tap token, the official statement is that it will not exist in the form of an airdrop, but will provide something special to ecosystem participants based on $-Tap after the launch of the $TAP token.

Regarding the airdrop mechanism, the official statement mentions that it will take place on two key dates and periods, including the wallet snapshot on February 28th and the second quarter of 2024 (exact date unknown).

February 28th Snapshot: Evaluate the holdings of $TRAC and $PIPE in wallets and airdrop $TAP tokens proportionally upon the release.
Second Quarter of 2024 Snapshot: Conduct another wallet snapshot and distribute the second batch of $TAP airdrop.
Furthermore, after the second airdrop, an additional 50% of $TAP rewards will continue to be distributed to long-term holders.

Additionally, the official statement emphasizes that only wallets including Ordinal Wallet, Xverse, and UniSat are eligible for participation in the airdrop. Holders who purchase and hold $TRAC and $PIPE on centralized exchanges will not be included in the snapshot.

As for how to obtain the $TAP airdrop through interaction with the Tap Protocol, the official statement mentions monitoring the interaction of each wallet with the Tap protocol, including the use of relevant dApps, as well as token minting and cross-chain assets.

The article mentions DMT-NAT, Ghosty Cash, Bit Maps, and Foxxi, and reveals that more projects will be launched in the coming months, all driven by the $TAP token.

Additionally, the official statement emphasizes that in the third and fourth quarters, the most popular protocols on Tap will be confirmed, and protocol developers will be rewarded through the $TAP airdrop.

However, the total supply of the $TAP token and other token uses and distributions are currently unknown, and the official statement mentions that they will be announced gradually.

Ordinals
PIPE
TAP
Tap Protocol
Trac Systems
UniSat