TAC Protocol’s token launched on Binance Alpha on July 15, 2025, at 10:00 UTC. Fifteen minutes later, it had lost more than 90% of its value, cratering to roughly $0.0063.

What happened

TAC, an EVM-compatible Layer 1 blockchain built to bridge Ethereum dApps with Telegram’s TON ecosystem, made its exchange debut through Binance’s Alpha platform. Eligible holders with sufficient Alpha points received airdrops of 1,875 TAC tokens each.

The selling pressure was immediate and overwhelming. Within roughly 15 minutes of the listing going live, TAC’s price had shed over 90%. The token continued sliding even further, dipping near $0.0055 shortly after launch as the initial wave of dumping cascaded through order books.

TAC had raised $11.5 million in funding before launch, with investors including Hack VC, TON Ventures, and Animoca Brands.

The Binance Alpha pattern

The mechanics are straightforward. Airdrops distribute free tokens to eligible wallets. Recipients who have zero cost basis face no downside in selling immediately. When thousands of wallets simultaneously dump tokens into a nascent order book with limited buy-side depth, prices crater.

Trading volumes in the aftermath exceeded millions of USD in the first 24 hours as the price whipsawed through extreme swings. Additional exchange listings followed on platforms like HTX.

What TAC actually does

TAC is built on Cosmos SDK architecture. The core value proposition centers on a TON Adapter, a cross-ecosystem messaging layer that lets Ethereum-native dApps operate within Telegram’s ecosystem. The goal is hybrid decentralized applications accessible through Telegram Mini Apps, which Telegram’s 900-million-plus user base can interact with directly inside the messaging platform.

What this means for investors

The $11.5 million TAC raised from venture investors came at valuations negotiated in private markets. Those investors got their tokens at prices far below whatever the listing price briefly touched. Even after a 90% decline, some early backers may still be above water depending on their entry terms.

Trading continued at depressed levels after the initial crash, with 24-hour trading volumes still active and additional exchange listings expanding access.