REDMOND, WASHINGTON 4 March 2024 – $KARMA launched the largest fungible token airdrop in Bitcoin history to over 61,000 wallets on February 27. In true Web3 custom, the assortment was launched by a seven-member $KARMA Council, bringing collectively 10 main Ordinals communities behind $KARMA’s mission.
The $KARMA Council’s airdrop goals to foster a way of neighborhood amongst early Ordinals members and bolster the burgeoning ecosystem.
Energy in Numbers: Rising the Ordinals Ecosystem
$KARMA is a token launched by a seven-member council, together with 4 representatives from the OnChainMonkey (OCM) neighborhood: Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). They’re joined by BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs) from Faucet Protocol, bringing their technical experience. Jason Fang (@JasonSoraVC) from Sora Ventures, a lead investor in Metagood, creators of OnChainMonkey, and the Faucet Protocol is the ultimate member of the Council.
Fostering robust relationships with different communities is one thing that the $KARMA Council believes will likely be a vital step in attaining the $KARMA neighborhood’s objectives. Accordingly, a big variety of tokens have been earmarked for future ‘Karmunity’ Incentives.
The $KARMA neighborhood incentive pot will proceed to activate future partnerships or activations that may assist to additional increase the $KARMA and Ordinals neighborhood. This might embrace rewarding helpful neighborhood members, partnering with extra tasks, or basic development initiatives.
The Ordinals Neighborhood Airdrop
With this in thoughts, the $KARMA Council determined to airdrop 49,968,900 $KARMA tokens to communities inside the Ordinals ecosystem. This was designed to push in the direction of $Karma Council’s aim of increasing each the OCM & Ordinals ecosystems.
The Council sought to take an goal choice course of. For this preliminary airdrop, they chose the prime 9 collections by market capitalization at the time of the snapshot at Block Peak 828,888 (4 February 2024).
The 9 communities eligible to obtain $KARMA tokens in the Neighborhood 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 Neighborhood
A complete of 560 million $KARMA tokens are being allotted to holders of OnChainMonkey NFTs. Eligibility for the OnChainMonkey neighborhood was primarily based on property being migrated from Ethereum to Bitcoin. Apart from the OCM Karma assortment ( which has had their allocation of $KARMA reserved till that assortment is upgraded to Bitcoin. Since the snapshot has not been accomplished for OCM Karma, individuals can nonetheless buy the property on ETH and after they migrate to Bitcoin, they are going to 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 neighborhood, serving as a beacon for the subsequent era of decentralized ecosystems. We’re thrilled to champion this groundbreaking initiative led by our OnChainMonkey neighborhood members and traders,” remarked Amanda Terry, co-founder and COO of Metagood. “At OnChainMonkey, we’re a neighborhood of builders and innovation and influence are woven into our DNA. Simply as Bitcoin revolutionized finance, $Karma is poised to redefine collaboration, financial empowerment, and influence, with robust communities early to Ordinals at its core.”
Technical Milestones for Airdrops
The airdrop of the $KARMA tokens was carried out in an environment friendly method using “Tapping,” a core characteristic of the TAP Protocol. “Tapping” is a means of transacting that makes it significantly cheaper and sooner to distribute tokens to a considerable amount of addresses. Utilizing the present BRC-20 commonplace, conducting an airdrop for 61,000 wallets would have required over 122,000 transactions. The KarmaCouncil was in a position to full the total airdrop utilizing below 55 transactions, due to this fact setting a precedent for the way forward for neighborhood inclusions for future airdrops on Bitcoin.
BRC20 requires 2 transactions for a single switch of tokens between 2 events. The TAP Protocol permits for a lot of transfers inside 2 transactions. 1 transaction with many receivers directly and a 2nd transaction to approve the transfers (referred to as “tapping”). This reduces the prices for airdrops considerably in comparability to BRC20 as there is virtually half of the transactions wanted. It additionally helps to place the Bitcoin community below much less stress as a consequence of lesser quantities of transactions required.
TAP Protocol’s token authority characteristic permits it even to cut back it additional utilizing only one transaction, which makes it additionally engaging for easy particular person transfers. Token authorities require extra setup configurations nevertheless, whereas airdrops work out of the field.
A Notice on Faucet Protocol and the Expertise
Trac Core is an indexing resolution (created by Trac Methods) designed to allow decentralized monitoring of Ordinals metaprotocols on Bitcoin. Trac Methods is additionally the creator of the Faucet Protocol. Creating the $KARMA tokens on the Faucet Protocol was performed by the neighborhood. Faucet Protocol is a just like BRC-20 and permits for options and hooks into DeFi that in any other case wouldn’t be doable natively. In layman-terms, Faucet Protocol might be seen as BRC-20 “on steroids”.
Faucets airdrop characteristic is low-cost as a result of it combines receivers of various token varieties and quantities into 1 inscription.
About $KARMA (https://karmacoin.xyz/)
$KARMA is greater than a token; it is a dedication to development, neighborhood, and innovation. Designed as a catalyst to increase the OCM and Ordinals ecosystems, $KARMA is set to redefine engagement and alternative for the total Ordinals neighborhood and past. $KARMA is a community of founders, builders, trade 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 image assortment created on-chain in a single transaction on Ethereum. OnChainMonkey marked history once more, turning into the first 10k PFP NFT assortment inscribed on Bitcoin in a single inscription. The gathering of 10,000 randomly generated NFTs is led by an skilled workforce, together with Danny Yang, who based Taiwan’s largest cryptocurrency trade; Amanda Terry, who served as a digital media enterprise growth government at Twitter and NBC; and Invoice Tai, a legendary enterprise capitalist who was the first investor in Zoom and early investor in Canva, Dapper Labs in addition to over 20 firms which have turn out to be publicly listed. The OnChainMonkey neighborhood goals to create worth for his or her token holders and promote optimistic actual world influence by Net 3.
