TapSwap's Disassociation from Solana Raises More Red Flags About Its Legitimacy

Scam or Shifting Gears?

A Nigerian man on TikTok, using the handle @szymansk_i, raised red flags about recent changes to the TapSwap app, a popular mining game on Telegram.

Szymansk_i highlighted two seemingly nonsensical "tasks'' within the app.

Clicking on these tasks, he revealed, didn't lead to further mining opportunities as expected.

Instead, they redirected him to entirely different Telegram channels – one focused on sports news, the other dedicated to Nigerian news.

This bizarre behavior cast doubt on the legitimacy of TapSwap's mining process.

Further fueling skepticism, szymansk_i pointed out a significant alteration in TapSwap's branding.

The app previously boasted "powered by Solana" prominently displayed near its in-game coin. However, this inscription has mysteriously vanished, replaced by the more generic "powered by community."

The in-game coin originally displayed "powered by Solana" (left), but it has since been replaced with "powered by community" (right).

This change raises questions about TapSwap's initial claims of being built on the Solana blockchain technology.

Is TapSwap a House of Cards?

Szymansk_i's observations ignited a debate within the cryptocurrency community.

His concerns resonated with many, suggesting potential manipulation by TapSwap's developers.

The nonsensical tasks and the sudden shift away from Solana could be interpreted as a deliberate attempt to mislead users.

TapSwap's Confusing Tokenomics – Solana Launch and Binance UID?

A recent social media post regarding TapSwap has raised eyebrows concerning its tokenomics and launch strategy.

The crux of the issue lies in TapSwap's desire to:

• Launch on Solana blockchain, a popular platform for decentralised applications (dApps).
• Require users to pay 1 $TON (possibly referring to Telegram Open Network) to double their Tapshares.
• Mandate users to connect their Binance UID (Unique Identifier) for participation.

The point of contention is the apparent incompatibility between these elements. Solana operates on its own native token (SOL), not $TON.

Additionally, connecting a Binance UID, which centralises user identification, seems incongruous with the decentralised nature of Solana and potentially TapSwap itself.

This inconsistency has sparked questions about TapSwap's development team's clarity regarding their chosen platform and tokenomics, and raised concerns about whether the project is legitimate.

Community Over Blockchain?

However, not everyone is convinced of TapSwap's ill intent.

Cryptocurrency analyst Ekeson Egwuonwu offered a contrasting perspective. He suggests the changes might be part of a fundraising strategy.

Egwuonwu points out that Solana publicly distanced themselves from TapSwap, denying any association.

This casts doubt on TapSwap's initial claim of being Solana-powered.

Egwuonwu argues that the revised "powered by community" branding reflects a shift in TapSwap's approach.

He interprets it as a reliance on the user base itself, the very people actively mining the coins, to fuel the project's success.

The seemingly unrelated tasks, in his view, could be sponsored content, a way for businesses to leverage TapSwap's large user base for promotion.

TapSwap's Reliance on Banned Binance Raises Security Concerns

TapSwap's decision to utilise Binance as its primary referral program partner raises several red flags for users, particularly those residing in regions where Binance operates under regulatory restrictions.

Here's a closer look at the potential issues:

○ Restricted Access, Encouraged Workarounds

Concerns arise where Binance is banned due to regulatory non-compliance, yet TapSwap's system requires Binance verification.

This creates a situation where users, particularly those in restricted regions, might be tempted to use VPNs to bypass geo-restrictions.

This practice of location masking to access the app raises serious security concerns for both the platform and its users.

○ Platform Risk Due to Underlying Infrastructure

By hitching its wagon to a potentially risky exchange, TapSwap inherits some of that risk.

If Binance faces further regulatory issues or suffers a security breach, it could have a domino effect on TapSwap's stability and user trust.

While TapSwap's partnership with Binance might offer certain benefits, the potential risks associated with accessing a restricted platform and the security implications of using VPNs warrant serious consideration by users.

More Red Flags Shadows Over TapSwap

While TapSwap boasts millions of users and a supposedly free "tap-to-earn" model, there are several other red flags raising concerns about its legitimacy.

1. Broken Promises and Frustrating Glitches

Many users have been plagued by persistent technical glitches.

From being locked out of the Telegram interface for days to facing wallet connection problems, TapSwap's user experience falls far short of expectations, especially for a project of its size.

Compared to the smooth operation of Notcoin, another popular crypto project, TapSwap's constant hiccups are a major cause for concern.

2. Who's Behind the Curtain?

Adding fuel to the fire is the complete anonymity of the TapSwap development team.

Unlike most legitimate projects, there's no information about the people behind TapSwap.

This lack of transparency makes it difficult for users to trust the project and its motives.

3. Blockchain Launch Uncertainty

TapSwap initially announced a launch on the Solana blockchain, a popular choice for its scalability.

However, in a sudden about-face on 27 May, the team scrapped those plans citing unspecified issues.

With no alternative blockchain named, TapSwap's 28 million users are left in the dark about the project's future.

4. The Mystery of the Missing Community Space

A hallmark of credible crypto projects is a thriving community space where users can interact, share knowledge, and hold the project accountable.

However, TapSwap stands out for its lack of a dedicated community forum or channel.

This absence of a platform for open dialogue raises questions about the project's commitment to user engagement and feedback.

5. From Free to Pay? The "Double Your Points" Gamble

TapSwap's airdrop campaign initially promised free rewards through its "tap-to-earn" system. But in a move that surprised many, the project introduced a feature requiring users to pay 1 Ton token (roughly $7) to double their earned points.

This not only contradicts the initial promise of a free airdrop but also disadvantages users who invested time and effort in accumulating points without spending.

6. Web 2 Integration gone Wrong

In early June, TapSwap introduced a new task that required users to subscribe to two Nigerian news channels to gain points.

This strange integration with Web 2 platforms raised eyebrows within the crypto community.

Some suspect it might be a ploy to boost the news channels' readership rather than a legitimate part of the TapSwap experience.

These red flags paint a concerning picture for TapSwap. With its lack of transparency, technical problems, and questionable practices, the project faces an uphill battle to regain the trust of the Nigerian crypto community.

So, Scam or Sustainable Model?

From broken promises and suspicious tokenomics to a lack of transparency and an unclear future roadmap, TapSwap faces an uphill battle to regain user trust.

The jury is still out on TapSwap. While some argue the recent changes might be part of a fundraising strategy, the complete anonymity of the development team and the project's shift away from a decentralised blockchain raise serious questions about its legitimacy.

With its current trajectory, TapSwap appears to be more smoke and mirrors than a sustainable model.