REDMOND, WASHINGTON 4 March 2024 – $KARMA released the largest fungible token airdrop in Bitcoin history to over 61,000 wallets on February 27. In true Web3 tradition, the collection was launched by a seven-member $KARMA Council, bringing together 10 leading Ordinals communities behind $KARMA’s mission.
The $KARMA Council’s airdrop aims to foster a sense of community amongst early Ordinals participants and bolster the burgeoning ecosystem.
Strength in Numbers: Growing the Ordinals Ecosystem
$KARMA is a token launched by a seven-member council, including four representatives from the OnChainMonkey (OCM) community: Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). They are joined by BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs) from Tap Protocol, bringing their technical expertise. Jason Fang (@JasonSoraVC) from Sora Ventures, a lead investor in Metagood, creators of OnChainMonkey, and the Tap Protocol is the final member of the Council.
Fostering strong relationships with other communities is something that the $KARMA Council believes will be an essential step in achieving the $KARMA community’s goals. Accordingly, a significant number of tokens have been earmarked for future ‘Karmunity’ Incentives.
The $KARMA community incentive pot will continue to activate future partnerships or activations that will help to further expand the $KARMA and Ordinals community. This could include rewarding valuable community members, partnering with additional projects, or general growth initiatives.
The Ordinals Community Airdrop
With this in mind, the $KARMA Council decided to airdrop 49,968,900 $KARMA tokens to communities within the Ordinals ecosystem. This was designed to push towards $Karma Council’s goal of expanding both the OCM & Ordinals ecosystems.
The Council sought to take an objective selection process. For this initial airdrop, they selected the top 9 collections by market capitalization at the time of the snapshot at Block Height 828,888 (4 February 2024).
The 9 communities eligible to receive $KARMA tokens in the Community Airdrop are:
- Bitmap (https://ordinalswallet.com/collection/bitmap)
- Bitcoin Punks (https://bitcoinpunks.com/)
- Bitcoin Puppets (https://magiceden.io/ordinals/marketplace/bitcoin-puppets)
- Bitcoin Frogs (https://bitcoinfrogs.com/)
- Nodemonkes (https://nodemonkes.com/)
- OMB (https://magiceden.io/ordinals/marketplace/omb)
- RSIC (https://magiceden.io/ordinals/marketplace/rsic)
- PIPE (https://trac.network/Pipe/)
- TRAC (https://trac.network/)
Rewarding the OCM Community
A total of 560 million $KARMA tokens are being allocated to holders of OnChainMonkey NFTs. Eligibility for the OnChainMonkey community was based on assets being migrated from Ethereum to Bitcoin. Except for the OCM Karma collection (https://opensea.io/collection/karma-monkey), which has had their allocation of $KARMA reserved until that collection is upgraded to Bitcoin. Since the snapshot has not been completed for OCM Karma, people can still purchase the assets on ETH and when they migrate to Bitcoin, they will be eligible for the $KARMA airdrop.
“Trac is the governance token for Tap Protocol, the first decentralized indexer economy on the Ordinals protocol enabling similar features of ERC20 but on Bitcoin L1. The TAP standard that created $KARMA was conducted by members of the OCM community but has now expanded towards 9 other Ordinals communities,” Jason Fang, founder of Sora Ventures said. “Tap protocol contains many more features compared to BRC20 that enables developers and projects to stake, send cost effective airdrops, and enable token distributions that make building on Bitcoin most cost effective, safer, and scalable.”
“$Karma embodies the spirit of innovation and community, serving as a beacon for the next generation of decentralized ecosystems. We’re thrilled to champion this groundbreaking initiative led by our OnChainMonkey community members and investors,” remarked Amanda Terry, co-founder and COO of Metagood. “At OnChainMonkey, we’re a community of builders and innovation and impact are woven into our DNA. Just as Bitcoin revolutionized finance, $Karma is poised to redefine collaboration, economic empowerment, and impact, with strong communities early to Ordinals at its core.”
Technical Milestones for Airdrops
The airdrop of the $KARMA tokens was performed in an efficient manner utilizing “Tapping,” a core feature of the TAP Protocol. “Tapping” is a process of transacting that makes it considerably cheaper and faster to distribute tokens to a large amount of addresses. Using the existing BRC-20 standard, conducting an airdrop for 61,000 wallets would have required over 122,000 transactions. The KarmaCouncil was able to complete the entire airdrop using under 55 transactions, therefore setting a precedent for the future of community inclusions for future airdrops on Bitcoin.
BRC20 requires 2 transactions for a single transfer of tokens between 2 parties. The TAP Protocol allows for many transfers within 2 transactions. 1 transaction with many receivers at once and a 2nd transaction to approve the transfers (called “tapping”). This reduces the costs for airdrops significantly in comparison to BRC20 as there is almost half of the transactions needed. It also helps to put the Bitcoin network under less stress due to lesser amounts of transactions required.
TAP Protocol’s token authority feature allows it even to reduce it further using only 1 transaction, which makes it also attractive for simple individual transfers. Token authorities require additional setup configurations however, while airdrops work out of the box.
A Note on Tap Protocol and the Technology
Trac Core is an indexing solution (created by Trac Systems) designed to enable decentralized tracking of Ordinals metaprotocols on Bitcoin. Trac Systems is also the creator of the Tap Protocol. Creating the $KARMA tokens on the Tap Protocol was conducted by the community. Tap Protocol is a similar to BRC-20 and allows for features and hooks into DeFi that otherwise wouldn’t be possible natively. In layman-terms, Tap Protocol can be seen as BRC-20 “on steroids”.
Taps airdrop feature is cheap because it combines receivers of different token types and amounts into 1 inscription.
About $KARMA (https://karmacoin.xyz/)
$KARMA is more than a token; it’s a commitment to growth, community, and innovation. Designed as a catalyst to expand the OCM and Ordinals ecosystems, $KARMA is set to redefine engagement and opportunity for the entire Ordinals community and beyond. $KARMA is a network of founders, builders, industry leaders and seasoned collectors in the Ordinals ecosystem.
About OnChainMonkey (www.onchainmonkey.com)
Created by Metagood, OnChainMonkey is the first non-fungible token (NFT) 10,000 profile picture collection created on-chain in a single transaction on Ethereum. OnChainMonkey marked history again, becoming the first 10k PFP NFT collection inscribed on Bitcoin in a single inscription. The collection of 10,000 randomly generated NFTs is led by an experienced team, including Danny Yang, who founded Taiwan’s largest cryptocurrency exchange; Amanda Terry, who served as a digital media business development executive at Twitter and NBC; and Bill Tai, a legendary venture capitalist who was the first investor in Zoom and early investor in Canva, Dapper Labs as well as over 20 companies that have become publicly listed. The OnChainMonkey community aims to create value for their token holders and promote positive real world impact through Web 3.
Credit: Source link
