NFT project OnChainMonkey (OCM) announced the launch of the KARMA token on January 24th and conducted a community airdrop, which is available to the OCM, TRAC, and PIPE communities. Previously, Jason Fang, the founder of Sora Ventures, a strong supporter of Bitcoin ecology, had hinted at a surprise from OnChainMonkey (OCM), which has now been revealed.
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Table of Contents
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KARMA Token: Strengthening Brand Influence
KARMA: A New Currency that Rewards Community Participation
Details of the NFT Holder Airdrop
Other Allocations of KARMA Tokens
Token Exchange: Strengthening the Link with Bitcoin Ecological Tokens
OnChainMonkey: Transitioning from Ethereum to Bitcoin Ecology
The launch of the KARMA token aims to enhance the brand awareness of OCM and attract market attention to their platform. This digital asset is expected to play a key role in driving the overall growth strategy of the platform.
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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. Of this, 70% (700 million tokens) will be airdropped to the OCM, TRAC, and PIPE communities.
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 receive 135,000 tokens, Genesis NFT holders will receive 40,950 tokens, and Karma 1 and Karma 2 holders will each receive 4,500 tokens.
It should be noted that only NFT assets that have been migrated from Ethereum to Bitcoin are eligible for the airdrop. Tokens will be reserved for Karma holders until they complete the migration.
In addition, 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 (200 million tokens) will be exclusively used for a token exchange for TRAC token holders, and the community treasury will receive 10% (100 million tokens) to drive ecosystem growth.
The 200 million 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 to 400 KARMA. The resulting 500,000 units of TRAC will be staked on the Trac Core to validate the Tap Protocol network.
This is based on the OCM team’s belief in the vision of Tap Protocol and the importance of building a decentralized indexer.
OCM minted 10,000 avatar-type NFTs (PFP) on Ethereum in 2021. According to OpenSea data, OCM has attracted over $1 million in community spending on Bitcoin by engraving NFTs on the Bitcoin network through Ordinals after transitioning to the Bitcoin network. OnChainMonkey is currently the most active NFT series developing on the Bitcoin network.
Celestial
KARMA
OCM
OnChainMonkey
PIPE
TRAC
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