$KARMA is the largest fungible token airdrop in Bitcoin history.

Redmond, Washington March 4, 2024 – $KARMA launched the largest fungible token airdrop in Bitcoin history on February 27th, reaching over 61,000 wallets. In true Web3 tradition, this collection was initiated by the seven-member $KARMA Committee, bringing together ten key Ordinals communities in support of $KARMA’s mission.

The $KARMA Committee’s airdrop aims to create a sense of community among early Ordinals participants and strengthen the burgeoning ecosystem.

Strength in Numbers: Growing the Ordinals Ecosystem

$KARMA is a token launched by a council of seven members, including four representatives of the OnChainMonkey (OCM) community: Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs) from Tap Protocol join to provide technical expertise. Jason Fang (@JasonSoraVC) of Sora Ventures, a major investor in Metagood, founder of OnChainMonkey and Tap Protocol, is the final member of the committee.

Cultivating strong relationships with other communities is something the $KARMA Committee believes will be an essential step in achieving the goals of the $KARMA community. Therefore, a significant number of tokens have been allocated for future ‘Karmunity’ incentives.

The $KARMA Community Incentive Port will continue to enable future partnerships or activations that will help further expand the $KARMA and Ordinals communities. This may include rewarding valuable community members, partnerships with additional projects, or general growth initiatives.

Ordinals Community Airdrop

With this in mind, the $KARMA Committee has decided to airdrop 49,968,900 $KARMA tokens to the community within the Ordinals ecosystem. This is designed to achieve the $Karma Council’s goal of expanding both the OCM and Ordinals ecosystems.

The committee pursued an objective selection process. For this initial 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 nine 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/)

Rewards for 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 assets being migrated from Ethereum to Bitcoin. Excludes the OCM Karma collection (https://opensea.io/collection/karma-monkey) where $KARMA allocations are reserved until that collection is upgraded to Bitcoin. Since the snapshot for OCM Karma is not complete, people can still purchase assets in ETH and receive $KARMA airdrops when migrating to Bitcoin.

“Trac is the governance token of the Tap Protocol, the first decentralized indexer economy of the Ordinals protocol, enabling similar functionality to ERC20 but on Bitcoin L1. The TAP standard, which created $KARMA, was carried out by OCM community members but has now expanded to 9 .Other Ordinals Communities,” Jason Fang, founder of Sora Ventures, said:. “The Tap Protocol includes more features compared to BRC20 that enable developers and projects to stake, send cost-effective airdrops, and distribute tokens that make Bitcoin the most cost-effective, 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 excited to champion this groundbreaking initiative led by OnChainMonkey community members and investors,” he said. Amanda Terry, Co-Founder and COO of Metagood. “At OnChainMonkey, we are a community of builders, and innovation and influence are woven into our DNA. Just as Bitcoin revolutionized finance, $Karma is bringing collaboration, economic empowerment, and influence to life with a strong community at its core, from its early days to Ordinals. Ready to redefine .”

Airdrop technical milestones

The airdrop of $KARMA tokens was performed in an efficient manner utilizing “Tapping”, a core feature of the TAP protocol. “Tapping” is a transaction process that makes distributing tokens to large numbers of addresses much cheaper and faster. Using the existing BRC-20 standard, performing an airdrop to 61,000 wallets would require over 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 inclusion for future Bitcoin airdrops.

BRC20 requires two transactions to transfer a single token between two parties. The TAP protocol allows many transfers within two transactions. A primary transaction with many recipients at once, and a secondary transaction that authorizes the transfer (called “tapping”). This significantly reduces airdrop costs compared to BRC20 as it requires almost half of the transactions required. It also helps reduce stress on the Bitcoin network as fewer transactions are required.

Using the TAP protocol’s token authority feature, this can be further reduced to just one transaction, making it attractive for simple private transfers as well. However, airdrops work out of the box, although token authorities require additional settings configuration.

Notes on Tap Protocol and Technology

Trac Core is an indexing solution (built by Trac Systems) designed to enable distributed tracing of the Ordinals metaprotocol in Bitcoin. Trac Systems is also the creator of Tap Protocol. In the Tap protocol, $KARMA token creation was done by the community. The Tap protocol is similar to BRC-20 and allows for DeFi features and connectivity that would not be possible natively. In layman’s terms, Tap Protocol can be viewed as BRC-20 “steroids”.

The Taps airdrop feature is inexpensive because it combines recipients of different token types and amounts into one inscription.

About $KARMA (https://karmacoin.xyz/)

$KARMA is more than a token. It’s a commitment to growth, community, and innovation. Designed as a catalyst to expand the OCM and Ordinals ecosystem, $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, created by Metagood, is the first non-fungible token (NFT) 10,000 profile photo collection created on-chain in a single transaction on Ethereum. OnChainMonkey has once again made history, becoming the first collection of 10,000 PFP NFTs engraved on Bitcoin with a single inscription. 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; Legendary venture capitalist Bill Tai, who was the original 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 token holders and drive positive real-world impact through Web 3.