OnChainMonkey launches KARMA token: NFT holders, TRAC/PIPE holders eligible for airdrop
The NFT project OnChainMonkey (OCM) announced the launch of the KARMA token on January 24th, and conducted a community airdrop for OCM, TRAC, and PIPE communities. Jason Fang, founder of Sora Ventures, who has been a strong supporter of the Bitcoin ecosystem, previously hinted at a surprise from OnChainMonkey OCM, which is now revealed.
Bitcoin ecosystem united! UniSat successfully upgraded to Jubilee, and Jason Fang, founder of Sora Ventures, gifted 1 BTC.
Curious to learn more about $KARMA and the token distribution and eligibility criteria? The alpha is that the snapshot date has not been set yet!https://t.co/ClVH9BYEIv
โ KarmaCoin ๐๐ช (@realkarmacoin) January 24, 2024
Table of Contents
KARMA Token: Enhancing Brand Influence
The launch of KARMA token aims to boost the brand awareness of OCM while attracting market attention to their platform. This digital asset is expected to play a crucial role in driving the overall growth strategy of the platform.
KARMA: A New Coin Rewarding Community Participation
KARMA is a cryptocurrency designed to reward OnChainMonkey NFT holders and attract broader participation from the crypto community, with a total supply of 1 billion tokens. 70%, which is 700 million tokens, will be airdropped to the OCM, TRAC, and PIPE communities.
NFT Holder Airdrop Details
Out of the designated 700 million tokens for the airdrop, 560 million will be allocated to OnChainMonkey NFT holders. Each Celestial NFT will receive 1 million tokens, Dimensions 300 NFTs will get 135,000 tokens, Genesis NFT holders will receive 40,950 tokens, and Karma 1 and Karma 2 holders will each get 4,500 tokens.
It is worth noting that only NFT assets migrated from Ethereum to Bitcoin are eligible for the airdrop. Tokens will be reserved for Karma holders until they complete the migration.
Other Allocations of KARMA Tokens
Additionally, 112 million KARMA tokens will be distributed to TRAC token holders, while PIPE token holders will receive 28 million KARMA. 20% of the total supply, which is 200 million tokens, will be specifically used for token swaps limited to TRAC token holders, and the community treasury will receive 10%, which is 100 million tokens, to drive ecosystem growth.
Token Swap: Strengthening Connection with Bitcoin Ecosystem Tokens
2 billion KARMA tokens will enable the community treasury to generate 500,000 TRAC. TRAC holders can exchange their tokens for KARMA at a discounted ratio of 1 TRAC for 400 KARMA. The resulting 500,000 units of TRAC will be staked on the Trac Core to validate the Tap Protocol's network.
This is based on the OCM team's belief in the vision of the Tap Protocol and the importance of building a decentralized indexer.
OnChainMonkey: Transitioning from Ethereum to Bitcoin Ecosystem
OCM minted 10,000 avatar-style NFT PFPs on Ethereum in 2021. According to OpenSea data, OCM has attracted a community spending of over $1 million after transitioning to the Bitcoin network, engraving NFTs on the Bitcoin network through Ordinals. OnChainMonkey is currently one of the most actively developing NFT series on the Bitcoin network.