Tapswap’s airdrop, distributing 15% of TAPsupplytoearlyusers,initiallyspurreda500TAP fell 40% due to large holder sell-offs and low utility. TVL dropped from 800Mto200M as users exited, contrasting with competitors like Uniswap (TVL: 4B)andPancakeSwap(TVL:1B), which retained stability via trading fees and governance incentives. Tapswap’s social mining model (rewards for referrals) attracted 2M users but failed to convert to long-term engagement. Unlike Uniswap’s AMM innovation, Tapswap offers no unique value proposition—its DEX functionality is replicable. For investors, Tapswap’s post-airdrop performance highlights the risk of "utility-less" airdrops; projects need sustainable use cases (e.g., staking, liquidity mining) to retain value.