Redmond, Washington March 4, 2024 – $KARMA has released the largest fungible token drop in Bitcoin history to over 60,000 wallets. In true Web3 tradition, the group was launched by the seven-member $KARMA Council, which brings together 10 leading Ordinals communities behind the $KARMA mission.
The $KARMA Council airdrop aims to foster a sense of community among early Ordinals participants and foster a thriving ecosystem.
Strength in numbers: growing the ecosystem
$KARMA is a token launched by a seven-member board, including four representatives from the OnChainMonkey (OCM) community: Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). They're joined by BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs) from Tap Protocol, offering their technical expertise. Jason Fang (@JasonSoraVC) of Sora Ventures, a lead investor in Metagood, creators of OnChainMonkey, and Tap Protocol is the latest member of the board.
Fostering strong relationships with other communities is something the $KARMA Board believes will be an essential step in achieving the goals of the $KARMA community. Accordingly, a large number of tokens have been allocated for future Karmunity incentives.
The $KARMA Community Incentive Pot will continue to drive future partnerships or activations that will help expand the $KARMA and Ordinals community. This could include rewarding important community members, partnering on additional projects, or general growth initiatives.
Ordinals Community Airdrop
With this in mind, the $KARMA Board decided to distribute 49,968,900 KARMA tokens to communities within the Ordinals ecosystem. This is designed to advance the $Karma Council's goal of expanding both the OCM and Ordinals ecosystems.
The Council sought an objective selection process. For this initial projection, they selected the top 9 blocks by market cap at the time of the snapshot at block height 828,888 (February 4, 2024).
The nine communities eligible to receive $KARMA tokens in the Community Airdrop are:
- Bitmap (https://ordinalswallet.com/collection/bitmap)
- Bitcoin Bank (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/)
OCM Community Bonus
A total of $560 million in KARMA tokens are being allocated to holders of OnChainMonkey NFTs. Eligibility for the OnChainMonkey community depends on the assets being migrated from Ethereum to Bitcoin. With the exception of the OCM Karma Collection (https://opensea.io/collection/karma-monkey), whose allocation of $KARMA has been reserved until this pool is upgraded to Bitcoin. Since the OCM Karma snapshot is not complete, people can still buy assets on ETH and when they migrate to Bitcoin, they will be eligible for an airdrop of $KARMA.
“Trac is the governance token for Tap Protocol, the first decentralized indexed economy on the Ordinals Protocol that enables features similar to ERC20 but on Bitcoin L1. The TAP standard that created $KARMA was made by members of the OCM community but has now expanded towards 9 other ordinal communities.” said Jason Fang, founder of Sora Ventures. “The Tap Protocol has many advantages over BRC20 that enable developers and projects to participate, send cost-effective airdrops, and enable token distributions that make building on Bitcoin more cost-effective, more secure, and more scalable.”
“$Karma embodies the spirit of innovation and community, serving as a beacon for the next generation of decentralized ecosystems. We are thrilled to support this pioneering initiative led by OnChainMonkey community members and our investors.” Amanda Terry, Co-Founder and COO of Metagood. “At OnChainMonkey, we are a community of builders, innovation and impact woven into our DNA. Just as Bitcoin revolutionized finance, $Karma is poised to redefine collaboration, economic empowerment and impact, with the powerful Early Ordinals communities at its core.”
Technical parameters of airdrop operations
The process of airdropping $KARMA tokens was implemented in an efficient manner using “tap”, which is a key feature of the TAP protocol. “Tapping” is a transaction process that makes distributing tokens to a large number of addresses much cheaper and faster. Using the current BRC-20 standard, airdropping 61,000 wallets would have required more than 122,000 transactions. KarmaCouncil was able to complete the entire airdrop using less than 55 transactions, thus setting a precedent for the future of community integrations for future airdrops on Bitcoin.
BRC20 requires two transactions to transfer tokens between two parties. The TAP protocol allows many transfers within two transactions. One transaction with several recipients at once and a second transaction to approve transfers (called a “click”). This reduces the costs of airdrops significantly compared to BRC20 as there are approximately half the transactions required. It also helps put the Bitcoin network under less stress due to lower transaction amounts required.
TAP Protocol's token authority feature allows it to be further reduced using just one transaction, which also makes it attractive for simple individual transfers. However, token powers require additional setup configurations, while airdrops work out of the box.
A note about click protocol and 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. $KARMA tokens on Tap Protocol are created by the community. The Tap Protocol is similar to the BRC-20 protocol and allows features and connections in DeFi that would otherwise not be possible natively. In layman's terms, Tap Protocol can be considered BRC-20 “on steroids.”
Taps airdrop is cheap because it combines receivers of different types and amounts of tokens into a single pattern.
About $KARMA (https://karmacoin.xyz/)
$KARMA is more than just a token; It is 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)
OnChainMonkey is the first non-fungible token (NFT) set of 10,000 created on-chain in a single transaction on Ethereum. OnChainMonkey has made history once again, becoming the first 10K PFP NFT block listed on Bitcoin in a single coin. The collection of 10,000 randomly generated NFTs is led by an experienced team, including Danny Yang, who founded the largest cryptocurrency exchange in Taiwan; Amanda Terry, who served as a digital media business development executive at Twitter and NBC; and Bill Tye, the legendary venture capitalist who was the first investor in Zoom and an early investor in Canva and Dapper Labs as well as more than 20 companies that have gone public. The OnChainMonkey community aims to create value for token holders and promote positive impact in the real world through Web 3.
