Tap Protocol Delays Token Launch
- New TGE Date: The TAP token launch is now scheduled for October 23, 2024.
- Token Supply: A total of 21 million TAP tokens will be launched on both Bitcoin and Ethereum.
Tap Protocol, a decentralized finance (DeFi) platform built on Bitcoin, has revised its token distribution timeline, shifting the anticipated Token Generation Event (TGE) to October 23, 2024.
This change comes after an earlier announcement set for October 21, 2024. The protocol communicated the shift early on Monday, confirming the new time of 12:00 UTC on the updated date.
Reasons Behind the Delay
According to Tap Protocol, the delay is necessary to ensure that the ecosystem’s partners, including bridges, are fully equipped to handle the expected influx of transactions.
“While no one enjoys delays, we must postpone our TGE to October 23 at 12:00 UTC. We appreciate your patience, but it’s critical we ensure all systems are optimized for the anticipated user volume,” stated Tap Protocol on their official X account.
What to Expect from TAP
Upon its launch on both the Bitcoin and Ethereum networks, TAP aims to introduce several significant features:
- Token Swap: Facilitating exchanges between different token standards.
- Marketplace: Launching a comprehensive trading platform for various assets.
- Staking Mechanisms: Allowing users to earn rewards through staking their tokens.
Bitcoin L1 🤝 $TAP 🤝 Ethereum L1
Exciting news! $TAP will launch on both Bitcoin and Ethereum at TGE! 🔥
With a fixed supply of $TAP at 21 million, our unique TAP<>Ethereum bridge will ensure seamless transactions. pic.twitter.com/9f7Yrcyc7g
— Tap Protocol (@tap_protocol) October 17, 2024
Conclusion
The TAP token, featuring a capped supply of 21 million, is set to leverage the Ordinals system to enhance Bitcoin’s DeFi and decentralized application (dApp) landscape. This innovative move seeks to integrate various assets, including Non-Fungible Tokens (NFTs), to foster growth within the cryptocurrency space.
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