TAP Token Unlock Update
–– 22 Jun 2021
There have been a lot of questions lately regarding what is happening with the TAP token unlocks, so in this blog post we hope to bring some clarity on the matter and ease the minds of our users.
Our token release schedule was designed by the team keeping in mind the best outcome for the TAP token ecosystem and community. Knowing this, we wanted to provide the facts and context behind the token release schedule.
The original plan:
Public Sale – The public sale token allocation was originally 15 million but was changed to 5 million before the sale began, however we decided to keep all 15 million unlocked releasing them slowly over the course of 2021 for marketing, rewards, and liquidity purposes.
Team – Locked for 7 months and vested over 3 years. These tokens are intended to reward the team on the success of the project.
Advisors – Locked for 7 months and vested over 1 year. These tokens are intended to incentivize contributions to the project and reward those who provide valuable information.
Equity Investors – Locked for 7 months and vested for 3 years.
Reserve – Unlocked but vested over 10 years. The purpose of reserves is to provide liquidity to the project, exchanges, rewards, application purposes, marketing, and anything else the project may need.
Below is the original proposed token distribution chart:
What happens next?
Following our shareholders meeting last week, we decided to postpone the distribution, therefore no new tokens will be entering the market until at least October 1st. This was decided based upon current market trends and community concerns.
We have also acquired equity investor tokens which will be returned to our reserves.
It is our belief all of the decisions made for token unlocks are in the best interest of the project. This is the most productive way forward and shows our commitment to building the best product around. We hope you are just as excited about the next chapter as we are, stay tuned for more!