WASHINGTON, March 4, 2024—$KARMA has made history by releasing the largest fungible token airdrop in the Bitcoin ecosystem to over 60,000 wallets. In line with Web3 traditions, the airdrop was orchestrated by the $KARMA Council, comprising seven members from 10 leading Ordinals communities united under the mission of $KARMA.
The airdrop’s primary objective is to cultivate a strong sense of community among early Ordinals participants and support the rapidly growing ecosystem.
Growing the Ordinals Ecosystem Through Collaboration
$KARMA, initiated by a seven-member council, includes four representatives from the OnChainMonkey (OCM) community: Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). They join forces with BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs) from Tap Protocol, providing technical expertise, and Jason Fang (@JasonSoraVC) from Sora Ventures, a primary investor in Metagood, the creators of OnChainMonkey and Tap Protocol.
The $KARMA Council emphasizes the importance of establishing solid relationships with other communities, allocating significant tokens for future ‘Karmunity’ incentives.
The Ordinals Community Airdrop
With the goal of expanding the OCM and Ordinals ecosystems, the Council airdropped 49,968,900 $KARMA tokens to communities within the Ordinals ecosystem. The council selected the top nine collections by market capitalization as of Block Height 828,888 (February 4, 2024) for this initial airdrop.
The nine eligible communities are:
- Bitmap
- Bitcoin Punks
- Bitcoin Puppets
- Bitcoin Frogs
- Nodemonkes
- OMB
- RSIC
- PIPE
- TRAC
Rewarding the OCM Community
A total of 560 million $KARMA tokens are designated for holders of OnChainMonkey NFTs who have migrated their assets from Ethereum to Bitcoin. The OCM Karma collection will receive their $KARMA allocation upon upgrading their collection to Bitcoin.
The airdrop utilized “Tapping,” a core feature of the TAP Protocol, significantly reducing the number of transactions needed for distribution. Instead of the 122,000 transactions required by the existing BRC-20 standard, the Karma Council completed the entire airdrop with just under 55 transactions, setting a new standard for community airdrops on Bitcoin.
Tap Protocol and $KARMA
Trac Core, developed by Trac Systems, serves as a decentralized indexing solution for Ordinals metaprotocols on Bitcoin. Trac Systems also created the Tap Protocol, allowing for enhanced features and DeFi hooks beyond BRC-20’s native capabilities.
About $KARMA and OnChainMonkey
$KARMA aims to foster growth, community, and innovation within the Ordinals ecosystem. It serves as a catalyst for expanding engagement and opportunity within the Ordinals community and beyond. $KARMA is supported by a network of founders, builders, industry leaders, and seasoned collectors.
OnChainMonkey is the first non-fungible token (NFT) 10,000 profile picture collection created on-chain in a single transaction on Ethereum. The collection made history again as the first 10k PFP NFT collection inscribed on Bitcoin in a single inscription. OnChainMonkey is led by an experienced team including Danny Yang, Amanda Terry, and Bill Tai, and aims to create value for its token holders while promoting positive impact through Web3 initiatives.