REDMOND, WASHINGTON March 4, 2024 – $KARMA has launched the largest fungible token airdrop in bitcoin history to over 60,000 wallets. In true Web3 tradition, the collection was launched by a seven-member $KARMA Council, bringing together 10 leading ordinal communities behind the $KARMA mission.
The $KARMA Council airdrop aims to foster a sense of community among early Ordinals participants and bolster the thriving ecosystem.
Strength is in numbers: growing the ordinals ecosystem
$KARMA is a token launched by a board of seven members, including four representatives of the OnChainMonkey (OCM) community: Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). They are joined by Tap Protocol's BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs), who provide technical expertise. Jason Fang (@JasonSoraVC) of Sora Ventures, a leading 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 Council believes will be an essential step in achieving the goals of the $KARMA community. Consequently, a significant amount of tokens have been reserved for future 'Karmunity' incentives.
The $KARMA community incentive fund will continue to trigger future partnerships or activations that will help further expand the $KARMA and Ordinals community. This could include rewarding valuable community members, partnering with additional projects, or overall growth initiatives.
Ordinals Community Airdrop
With this in mind, the $KARMA Council decided to release 49,968,900 $KARMA tokens to communities within the Ordinals ecosystem. This was designed to further the $Karma Council's goal of expanding both the OCM and Ordinals ecosystems.
The Council attempted to carry out an objective selection process. For this initial airdrop, they selected the top 9 collections by market cap at the time of the snapshot at Block Height 828,888 (February 4, 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/)
Reward the OCM community
A total of 560 million $KARMA tokens are being allocated to OnChainMonkey nft holders. Eligibility for the OnChainMonkey community was based on migrating assets from ethereum to bitcoin. Except for the OCM Karma collection (https://opensea.io/collection/karma-monkey), which has its $KARMA allocation reserved until that collection is upgraded to bitcoin. Since the snapshot has not been completed for OCM Karma, people can still purchase the assets in 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 indexing economy on the Ordinals protocol that enables similar features of ERC20 but on bitcoin L1. The TAP standard that created $KARMA was made by members of the OCM community, but is now has expanded to 9 other Ordinales communities”, Jason Fang, founder of Sora Ventures, said. “The Tap protocol contains many more features compared to BRC20 that allow developers and projects to participate, send profitable airdrops, and enable token distributions that make building on top of bitcoin more profitable, secure, and scalable.”
“$Karma embodies the spirit of innovation and community, and serves as a beacon for the next generation of decentralized ecosystems. We are delighted to champion this innovative initiative led by investors and members of our OnChainMonkey community,” commented Amanda Terry, Co-Founder and COO of Metagood. “At OnChainMonkey, we are 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 from early to Ordinals at its core.”
Technical milestones for air launches
The airdrop of $KARMA tokens was done efficiently using “touching”, a core feature of the TAP Protocol. “Tapping” is a transaction process that makes it considerably cheaper and faster to distribute tokens to a large number of addresses. Using the existing BRC-20 standard, performing an airdrop for 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 inclusions for future airdrops in bitcoin.
BRC20 requires 2 transactions for a single token transfer between 2 parties. The TAP protocol allows many transfers within 2 transactions. 1 transaction with many recipients at the same time and a 2nd transaction to approve the transfers (called “tapping”). This significantly reduces airdrop costs compared to BRC20, with almost half the transactions needed. It also helps put the bitcoin network under less stress due to the lower number of transactions required.
The token authority feature of the TAP protocol allows you to even reduce it further by using just 1 transaction, making it attractive for simple individual transfers as well. However, token authorities require additional configuration settings, while airdrops work out of the box.
A note on the Tap protocol and technology
Trac Core is an indexing solution (created by Trac Systems) designed to enable decentralized tracking of Ordinals metaprotocols in bitcoin. Trac Systems is also the creator of the Tap Protocol. The community created the $KARMA tokens on the Tap protocol. Tap Protocol is similar to BRC-20 and enables features and links to DeFi that would not otherwise be possible natively. In layman's terms, Tap Protocol can be seen as BRC-20 “on steroids.”
The Taps airdrop feature is cost-effective because it combines recipients of different token types and quantities into a single enrollment.
About $KARMA (https://karmacoin.xyz/)
$KARMA is more than 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 opportunities for the entire Ordinals community and beyond. $KARMA is a network of founders, builders, industry leaders and experienced collectors in the Ordinals ecosystem.
About OnChainMonkey (www.onchainmonkey.com)
OnChainMonkey is the first collection of 10,000 non-fungible token (nft) profile images created on-chain in a single transaction on ethereum. OnChainMonkey made history again, becoming the first 10k PFP nft collection enrolled in bitcoin in a single enrollment. 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 an early investor in Canva, Dapper Labs, and more than 20 publicly traded companies. The OnChainMonkey community aims to create value for its token holders and promote positive real-world impact through Web 3.
