We are only a few weeks away from our new platform updates which introduce farming, staking and Dega Gas tokens on the Tap platform. We wanted to take this time to provide a brief overview on how each system will work on the platform and what it means for each user.
The loot farm allows users to farm Tapcoin (TTT) by depositing UNI-V2 LP tokens, received from https://app.uniswap.org/#/swap .
Upon launch of the update there will be four pools that users can earn TTT from.
*Pools are subject to change upon launch*
Why should we deposit into the TTT-ETH UniV2 Pool?
Those who deposit TTT-ETH UniV2 LP tokens receive approximately 5X the rewards as other the other pools as well as decentralized gaming gas tokens (Dega). Dega gas tokens can can be acquired and used on the Tap platform to save up to 30% on gas fees — a limited supply of 20,000 Dega gas tokens will be available.
Bonus TTT will be distributed to each pool at launch to incentivize users. Rewards are based on a time multiplier and are issued per block. For example, the longer a user deposits their UniV2 LP tokens the more TTT they will earn, simply depositing and withdrawing will NOT earn any TTT as there is no flash TTT deposits but rather automatically calculated per block.
*Exact liquidity rewards schedule and bonus amount will be released closer to platform update*
Tap Platform staking will be located at www.tapplatform.io and allows users to stake their TTT in order to receive TapcoinX (“TTTX”) (Currently the internal project name, name may change upon release). Users receive a proportional % of Tap Platform fees based on the amount of TapcoinX tokens that they hold.
How does it work?
When users make transactions on the Tap Platform a fee of 0.35% is taken. The 0.35% fee is applied to all elements of the Tap Platform whether it be from game conversion, Steam in-game achievements or Tap Platform farming.
0.25% of the fee is added to the TapcoinX pool and is distributed among pool users based on the amount of TapcoinX tokens that they hold propotionate to the total TapcoinX amount in the pool.
0.05% is provided to the developer and 0.05% is provided to the Tap Team.
1 Tapcoin = 1 TapcoinX . Users are then able to swap their TapX for Tapcoins to realize their rewards.
For example, if two users both have 10,000 TTT equally and both of them stake it into the Tapcoin staking slot. They will each receive 10,000 TTTX and the TTTX pool will hold a value of 20,000 TTTX. This means that each user (2) will receive 50% of the fees that are entered into the TapcoinX pool (Since they both share an equal amount of the TTTX in the pool)
Can’t I deposit and withdraw to receive the same amount as everyone?
By staking and immediately withdrawing you will not be eligible to receive TTT based on the fees associated. Users will receive an amount of TTTX based on the fees that were taken in during the period in which they staked, proportionate to the total.
Using the same example above if 50TTTX worth of fees were taken, both users would receive 25TTTX each. However, if user C came in and deposited 20K TTT (increasing the pot to 40K TTT), and then removed prior to any fees being taken by the pool. User C would receive zero extra TTT upon removing.
Each user will be able to see an active ticker that will display their TTTX value.
There are currently over 16,000+ registered users of the Tap Platform and we anticipate and increased growth of users once the update and strategic partnerships/marketing commences. This will generate a large amount of transactions on the platform which will increase the amount receivable from the TapcoinX pool.
Tapcoin Contractual Burn
Each farming and staking contract on the Tap Platform activates the Tapcoin Contractual Burn. The burn contract is set to burn approximately 500M TTT over its course of time as a maximum of 1–2% of the burn supply will be used per month — Ultimately reducing the supply from 1.5B to 1B TTT by the end of the entire cycle.
The Tap Platform will automatically calculate the amount set to be burned based on the mathematical average of transactions in the previous month. Any amount that was not burnt from the previous month will be rolled to the next month.
We look forward to an amazing update and are super excited to see this brought out into the ecosystem. We will continue to monitor much of these aspects and will provide further updates as they continue to grow and change.
What is the Tap Project?
The Tap Project is a revolutionary blockchain project that aims to decentralize the gaming industry by providing gamers and developers with options and opportunities when it comes to in-game virtual currencies; By allowing gamers opportunities to convert and transfer their in-game currencies across multiple platforms and games. The Tap plugin built for Unity and Unreal, increases discoverability, engagement, cross-platform play and revenue for developers using a tiered transactional revenue model.
The Tap Project Milestones:
- Tap N Go Rewards : Over 100K Downloads on Google Play Store
- 20K Users on the Tap Platform allowing gamers to play, games, and convert game score to TTT
- Patent Pending IP
- Proof of Mastery Protocol
- 3 Year Platform Development and Strong Core Development Team
Tap N Go Rewards: https://play.google.com/store/apps/details?id=net.tapngo.android