REDMOND, WASHINGTON March 4, 2024 – $KARMA launched 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 board, uniting 10 core Ordinals communities behind the $KARMA mission.
The $KARMA Council airdrop aims to foster a sense of community among the first Ordinals participants and strengthen the burgeoning ecosystem.
Strength in numbers: developing the ordinals ecosystem
$KARMA is a token launched by a seven-member board, including four representatives from the OnChainMonkey Community (OCM): Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). They are joined by BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs) of Tap Protocol, lending their technical expertise. Jason Fang (@JasonSoraVC) of Sora Ventures, a lead investor in Metagood, creator of OnChainMonkey, and Tap Protocol is the newest member of the Board.
Fostering strong relationships with other communities is something that the $KARMA Council believes will be an essential step in achieving the goals of the $KARMA community. As a result, a significant number of tokens have been reserved for future “Karmunity” incentives.
The $KARMA Community Incentive Pot will continue to activate 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 general growth initiatives.
The community release of Ordinals
With this in mind, the $KARMA Council has decided to airdrop 49,968,900 $KARMA tokens to communities in the Ordinals ecosystem. This was designed to achieve the $Karma Council's goal of expanding the OCM and Ordinals ecosystems.
The Council sought to adopt an objective selection process. For this first airdrop, they selected the top 9 collections by market capitalization 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/)
Rewarding the OCM community
A total of 560 million $KARMA tokens are allocated to OnChainMonkey NFT holders. Eligibility for the OnChainMonkey community was based on assets migrated from Ethereum to Bitcoin. With the exception of the OCM Karma collection (whose $KARMA allocation has been reserved until this collection is upgraded to Bitcoin. As 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 of the Tap Protocol, the first decentralized indexing economy on the Ordinals protocol enabling similar functionality of ERC20 but on Bitcoin L1. The TAP standard that created $KARMA was led by members of the OCM community but has now expanded to 9 other Ordinary communities”, Jason Fang, founder of Sora Ventures, said. “The Tap protocol contains many more features than BRC20 that allow developers and projects to participate, send profitable airdrops, and enable token distributions that make building on Bitcoin the most profitable, secure, and secure. more scalable.”
“$Karma embodies the spirit of innovation and community, serving as a beacon for the next generation of decentralized ecosystems. We are excited to champion this groundbreaking initiative led by our OnChainMonkey community members and investors,” said Amanda Terry, co-founder and COO of Metagood. “At OnChainMonkey, we are a community of builders and innovation and impact are ingrained in our DNA. Just as Bitcoin revolutionized finance, $Karma is poised to redefine collaboration, economic empowerment and impact, with strong communities from the start of the Ordinals at its heart.”
Technical milestones for airdrops
The $KARMA token airdrop was done efficiently using “Tapping”, an essential functionality of the TAP protocol. Tapping is a transaction process that makes distributing tokens to a large number of addresses significantly cheaper and faster. Using the existing BRC-20 standard, completing an airdrop of 61,000 wallets would have required over 122,000 transactions. The KarmaCouncil was able to complete the entire airdrop using less than 55 transactions, setting a precedent for the future of community inclusions for future airdrops on Bitcoin.
BRC20 requires 2 transactions for a single token transfer between 2 parties. The TAP protocol allows many transfers in 2 transactions. 1 transaction with several receivers at the same time and a 2nd transaction to validate the transfers (called “tapping”). This significantly reduces airdrop costs compared to BRC20, as almost half of the transactions are required. This also helps reduce stress on the Bitcoin network due to fewer transactions required.
The TAP protocol's token authority feature even allows it to be scaled down further using a single transaction, making it attractive for simple individual transfers as well. Token authorities require additional configuration setup, however, while airdrops work out of the box.
A Note on Tap 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. The creation of $KARMA tokens on the Tap protocol was carried out by the community. The Tap protocol is similar to BRC-20 and enables features and connections to DeFi that would otherwise not be possible natively. Simply put, Tap Protocol can be considered a BRC-20 “on steroids”.
Taps' airdrop feature is cheap because it combines receivers of different token types and amounts into a single registration.
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 intended to redefine engagement and opportunity for the entire Ordinals community and beyond. $KARMA is a network of founders, builders, industry leaders and seasoned collectors from the Ordinals ecosystem.
About OnChainMonkey (www.onchainmonkey.com)
Created by Metagood, OnChainMonkey is the first collection of 10,000 non-fungible token (NFT) profile photos created on-chain in a single transaction on Ethereum. OnChainMonkey made history again, becoming the first $10,000 PFP NFT collection listed on Bitcoin in a single listing. 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 head of digital media business development 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 as well as 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.