On December 21st, 2020, we launched the Tap Platform Rewards Program . This new addition to the Tap Project increased incentives for liquidity providers and brought farming to the Tap Platform by providing users with additional rewards for farming on the platform. The loot farm allowed users to yield farm Tapcoin (TTT) by depositing the UNI-V2 LP tokens (Uniswap Liquidity Provision Tokens) they received from providing liquidity on Uniswap.
The farming section introduced four main pools, TTT/ETH, MANA/ETH, ENJ/ETH and AXS/ETH.
Rewards were calculated on a month-to-month basis.
The 1st Month (ending on January 21st, 2021) yielded approximately 23.4M TTT
The 2nd Month (ending February 21st, 2021) yielded approx. 21M TTT
The 3rd Month (ending March 21st , 2021) yielded approx. 18.8M TTT
The anticipated circulating supply at the end of the rewards period was assumed to approximately 313M TTT. After the first 3 months of the rewards program the Tapcoin circulating supply had amounted to approximately 329M TTT and had over 13K+ Uniswap Liquidity Tokens deposited!
At the beginning of the liquidity rewards program, the Tap Team advised that every 30 days the liquidity rewards would be analyzed to ascertain a better way to incentivize users and appeal to the broader crypto community.
With the launch of Uniswap V3 this will allow users to provide a concentrated range of liquidity to each pool thus reducing their risk and maximizing the reward. Therefore, it is important to adapt with the change and allow users to select a concentrated range and earn from the new rewards system.
Why is liquidity important?
In order for gamers and users to feel comfortable earning rewards, converting scores to Tapcoins, and exchanging Tapcoin for its associated value, it must have sustainable liquidity. This encourages community growth, utility, and the proposed value that it brings as a connector between games. Therefore, liquidity is important to the Tap Project and its coin.
As of April 21st, 2021, we will be restructuring the Tapcoin liquidity rewards program to further incentivize long term holders and new believers of the project and allow users to make way for Uniswap V3. One of the downsides to providing rewards through the Tap Platform was the skew in analytical data. As liquidity tokens were deposited into the platform this would remove the liquidity value from Uniswap. Thus, causing confusion among users when viewing liquidity. Since starting our liquidity program in December, there have been advancements in third party tools to assist with liquidity reward whilst keeping the data on Uniswap. We aim to take advantage of these new options as we continue to further/advance/grow the program.
What will the new program look like?
We want to create this new system with the community in mind. Which is why we will be creating a discourse/snapshot forum which will allow for community input and ways to shape the program. In addition, we are looking at introducing a governance token to liquidity provision holders that allows for a sense of ownership and a step towards decentralizing certain aspects of the platform. Liquidity providers/governance token holders will be provided additional rewards and the ability to vote on specific functions and items within the platform.
Over the next couple of weeks we will be providing steps and instructions for users with respect to liquidity. We aim to conclude the first phase of the liquidity rewards on the above mentioned date and transition to a deeper incentivized program backed by the community. All this will be done in great timing with Uniswap V3 and allow for new members to be welcomed comfortably into the space.
Stay tuned for the conversation on our telegram channel as we make actionable steps towards the broader goal — providing a safe, lucrative, and rewarded system to holders and believers of the Tap Project.
Want to get involved? Join the conversation on our Telegram channel and we work towards a successful program!