A Deep Dive into TAP
This week, we announced the TAP Token Launch on CoinList, live until June 5, at 18:00 UTC.
TAP is the native token of TAP Protocol, an OrdFi-enabling protocol for Bitcoin Ordinals that facilitates a more flexible and accessible platform for Bitcoin development.
We recently spoke with the TAP Protocol team to discuss how TAP expands Bitcoin’s utility, their multisend functionality, token utility and growth strategy, current Bitcoin Ordinals trends, and more.
Let’s dive in.
1. What is the TAP Protocol and what problems does it solve?
Designed to extend Bitcoin's utility, TAP Protocol facilitates innovative applications within the Ordinals framework. This includes enabling functionalities like token swaps, fractional ownership, decentralized finance (DeFi/OrdFi) applications, and Promises (a new approach on smart-contract-like computation) directly on Bitcoin. TAP enhances Bitcoin's capabilities by building directly on top of Bitcoin Ordinals, bypassing the limitations of traditional Bitcoin transactions and allowing for more complex functionalities.
Unlike its competitor, the BRC-20 standard, TAP Protocol provides a more flexible and accessible platform for users and developers, making it a direct competitor with unique advantages such as decentralized extensions and native collectible support.
Some key features of TAP:
- Seamless Integration: Leverages Bitcoin's existing infrastructure to facilitate rapid adoption and implementation.
- Simplified Usage: Enables easy minting and transferring of tokens, appealing to users with minimal technical background.
- Enhanced Security: Inherits Bitcoin’s renowned security features, ensuring a secure environment for transactions and development.
- Beyond Traditional Blockchain: TAP Protocol extends beyond the limits of traditional blockchains by introducing features such as decentralized governance, multi-send capabilities, support for complex token operations, and smart contract-like functionalities called Promises.
2. What are the inherent use cases of the TAP token?
- Discounts, rewards, and payments
- Gas fees and enabling Promises
- Incentive to run validators
- Governance
3. What is the most interesting trend in Bitcoin Ordinals that you are seeing?
One of the interesting trends in Bitcoin Ordinals in this cycle is the growing emphasis on decentralized finance (DeFi) applications. These DeFi platforms are harnessing the capabilities of the Bitcoin network to provide various financial services, such as lending, borrowing, and trading — all without relying on the typical EVM-based protocols. This represents a significant advancement that we've been striving to achieve for a long time as an ecosystem.
All of these factors suggest that the ordinals space is effectively addressing the original problem faced by Bitcoin. Although TAP Protocol has features and applications that already exist in DeFi, we've also ventured into features that unlock capabilities in other areas such as data, social finance, DePin, and much more.
4. What key features of TAP Protocol resonate most with developers and users?
One key feature of TAP Protocol that resonates strongly with both developers and users is the multisend functionality. This feature enables developers to send tokens to multiple users simultaneously, a capability that significantly reduces both time and cost compared to traditional single sends. With multisend, developers can now distribute tokens in a much more efficient manner, optimizing their resources and enhancing user experience. This efficiency translates into tangible benefits for users as well, as they receive their tokens quickly and seamlessly — a win-win situation for both developers and users.
Other key features include token and privilege authorities, which represent “hooks” into the protocol for third parties. Imagine any type of Layer 2 being able to communicate with the protocol and addressing its assets such as tokens and collectibles, ultimately extending the protocol’s capabilities beyond built-in features.
5. How does the TAP Protocol stand out from other OrdFi protocols?
Multisend and token airdrops offered by our platform are significantly more cost-effective compared to other OrdFi protocols available currently. Additionally, our Promises function enables smart contract-like functionalities that are not supported by other OrdFi protocols at present.
Privileges allow for an ordered way of asset distribution while eliminating frontrun-risks. Launchpads, art projects, and basically any deployer are able to control where the different assets are issued in a cost effective manner.
6. What strategies does TAP Protocol have in place for governance and community-led growth, development, and self-sustainability?
TAP Protocol actively engages its community through various channels, including AMAs, social media interactions, and community events. These platforms serve as avenues for discussing updates, gathering feedback on released products and features, and soliciting ideas and suggestions for improvement from community members. The TAP protocol team values open communication and encourages community participation to foster a sense of ownership among its members.
Additionally, TAP Protocol is dedicated to supporting developer initiatives by hosting virtual office hours to keep developers engaged, and plans to incentivize contributions through ecosystem grants and bounties in the future. Recognizing the critical role of the developer community in the ecosystem's growth, TAP Protocol is taking steps to facilitate seamless building and support for developers. Ultimately, TAP Protocol aims to achieve sustainable growth for both builders and users while ensuring the long-term success and resilience of the ecosystem.
7. What is the best way to get involved in the TAP Protocol community?
Connect with us on social media and follow our official accounts. We value community input as we progress with our projects. Your instant feedback is incredibly valuable, and we eagerly anticipate engaging with you.
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