TapSwap growth accelerates as focus shifts to Q3’s TAPS airdrop

TapSwap, the fast-growing tap-to-earn platform, has continued making waves recently as the number of users in its ecosystem continued. 

TapSwap growth is accelerating

The most recent data on its Telegram mini application shows that it has added over 62 million users from around the world. 

These users have made over 2.99 trillion swaps, a figure that could hit 3 trillion in the next few days. More data shows that the platform has over 18 million daily users, making it the third-biggest player in the industry.

TapSwap is also seeing substantial traction in social media platforms. For example, it recently launched a YouTube channel that has achieved over 3.92 million subscribers. Data shows that users have watched its videos over 37 million times.

TapSwap’s growth has happened for three main reasons. First, investors have seen the success of Notcoin, whose token is now valued at over $1.4 billion. This makes it one of the biggest cryptocurrencies in the world. Therefore, TapSwap users hope that they too will make a fortune when the token launches its airdrop.

Second, TapSwap and other tap-to-earn platforms are easy to use since all you need is to open its page on Telegram and start earning. One can also add to their tokens by just doing simple tasks like following it on social media and watching YouTube videos.

Third, the growth has happened because of the popularity of Telegram, a social media platform  with over 900 million users. 

TapSwap delays airdrop

The biggest TapSwap news of the week was that the developers decided to delay the shares-to-token exchange event. This was an important stage that enabled people who have accumulated the tokens to exchange them for fiat currencies.

In the statement, the developers said that they were having talks with leading tier-1 exchanges to ensure that the process was successful. They still hope to launch the event later in the third quarter. 

A key concern among many TapSwap holders is whether the TAPS token will do well after it starts trading. 

A good way to look at this is to focus on how Notcoin traded after its airdrop. Initially, the NOT price soared from about $0.0020 to over $0.030, a move that benefited most token holders who had not exited their trades.

Since then, the NOT price has continued to slump and has crashed by more than 52%. Its market cap has moved from over $2.5 billion to about $1.4 billion today. TapSwap will likely see a similar move after going public as most holders sell their tokens.

Competition is rising

The other thing to consider is that the tap-to-earn industry is seeing robust competition from other platforms.

Hamster Kombat has reached over 200 million users and its YouTube channel has accumulated over 30 million subscribers. It has become the most viral tap-to-earn platform in the world.

Similarly, Avacoin has seen its number of users jump to over 7 million while other networks like Dotcoin and Yescoin are seeing traction.

Additionally, there is a risk that these platforms will follow the direction of other key networks in the blockchain industry. For example, play-to-earn platforms like Axie Infinity and Decentraland were among the hottest players in the industry. Today, most of these platforms see only a handful of users and their tokens have plunged.

Similarly, tap-to-earn could become the next move-to-earn platforms like StepN and Sweatcoin. These platforms reward users for doing simple activities like walking and running. While they were highly popular at their peak, they have become fallen angels. StepN’s GMT has a market cap of over $333 million while SWEAT is valued at $43 million.