Tap Protocol delays TAP token distribution event

• Tap Protocol has delayed its TAP token launch date from October 21, 2024 to October 23, 2024.
• TAP, with a total supply of 21 million, will go live on Bitcoin and Ethereum

Tap Protocol, a decentralized finance platform on Bitcoin, has announced that its anticipated token distribution will now occur on October 23, 2024.

The protocol has earlier announced the Token Generation Event (TGE) would be on Monday, October 21, 2024. However, it released an update early Monday noting that the TGE will now happen on Wednesday, October 23 at 12:00 UTC.

Bitcoins Why the Tap Protocol TGE delay?

According to the Bitcoin DeFi protocol, the postponement is meant to allow ecosystem partners such as bridges to be properly prepared for the potential surge in transactions.

“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,” Tap Protocol posted on X.

TAP will be available on Bitcoin and Ethereum networks at launch, while the roadmap highlights token swap, marketplace and staking as key milestones.

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We’re incredibly excited to announce that $TAP will be available on both Bitcoin and Ethereum at TGE! ????

The supply of $TAP will of course remain at 21 Million, as our revolutionary TAP<>Ethereum bridge ensures that a 1:1… pic.twitter.com/9f7Yrcyc7g

— Tap Protocol (@tap_protocol) October 17, 2024

Notable about Tap Protocol is that the TAP token will have a fixed supply of 21 million tokens. The project uses the Ordinals system, with the aim being to advance the BTC ecosystem’s DeFi and dApps capabilities via various assets. It includes non-fungible tokens (NFTs).