TL;DR
- Tap Protocol delayed the launch of the TAP token to October 23, 2024, to prepare its ecosystem.
- The delay will allow the optimization of bridges and technical infrastructure to handle a high volume of transactions.
- The token will be available on the Bitcoin and Ethereum networks, with a limited supply of 21 million tokens.
Tap Protocol announced a delay in the launch of its token, postponing the distribution date from October 21 to October 23, 2024.
The platform, which operates in the decentralized finance (DeFi) ecosystem of Bitcoin, reported that the new date for the Token Generation Event (TGE) will be Wednesday, October 23 at 12:00 UTC. According to the update, the purpose of the delay is to ensure that all components of the ecosystem, including bridges and other associated products, are fully prepared to handle the expected increase in transaction volume.
Nobody likes delays, but unfortunately, we have to postpone our TGE to the 23rd of October at 12:00 UTC.
While we understand the wait may be difficult, we want to ensure that our bridge and other products are in perfect condition to support the expected high volume of users pic.twitter.com/I30ieRZjR0
— Tap Protocol (@tap_protocol) October 21, 2024
The Tap Protocol team justified the decision, explaining that while they understand the frustration a delay can cause, they believe it is essential to ensure that the project’s technical infrastructure is in perfect condition. By doing this, they aim to avoid potential issues that could arise from the high level of activity anticipated on the launch day, including network interoperability. To this end, they are taking additional steps to optimize connections with the bridges that will facilitate asset exchanges between the Bitcoin and Ethereum networks.
Tap Protocol Will Launch a Staking Platform in the Future
The TAP token will be available on the Bitcoin and Ethereum blockchains at launch, and the project intends to integrate both networks into its operations. One of the most notable features of the token is its limited supply, which will be capped at 21 million units. This fixed supply, combined with the use of the Ordinals system, positions the TAP token as a key player in expanding DeFi capabilities within the Bitcoin ecosystem. Additionally, the project aims to promote the use of decentralized applications (dApps) and non-fungible tokens (NFTs).
Tap Protocol’s roadmap includes several important milestones to solidify its proposal. Among the key achievements are the launch of a token swap system, a marketplace for digital assets, and a staking platform that will allow users to earn rewards by actively participating in the network