OnChainMonkey Launches KARMA Token: NFT and TRAC/PIPE Holders Eligible for Airdrop
NFT project OnChainMonkey (OCM) announced the launch of the KARMA token and conducted a community airdrop on January 24th. The OCM, TRAC, and PIPE communities are eligible to receive the airdrop. Previously, Jason Fang, the founder of Sora Ventures, a strong supporter of the Bitcoin ecosystem, had hinted at a surprise from OnChainMonkey (OCM), which has now been revealed.
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KARMA Token: Enhancing Brand Influence
KARMA: A New Currency Rewarding Community Participation
Details of the NFT Holder Airdrop
Other Allocations of KARMA Tokens
Token Swap: Strengthening Connections with the Bitcoin Ecosystem
OnChainMonkey: Transitioning from Ethereum to the Bitcoin Ecosystem
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 crucial role in driving the overall growth strategy of the platform.
KARMA is a cryptocurrency designed to reward OnChainMonkey NFT holders and attract broader participation from the crypto community. The total supply is 1 billion tokens, with 70% (700 million tokens) allocated for the airdrop to the OCM, TRAC, and PIPE communities.
Out of the designated 700 million tokens for the airdrop, 560 million will be distributed 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 is important to note that only NFT assets migrated from Ethereum to Bitcoin are eligible for the airdrop. The tokens will be held for Karma holders until they complete the migration.
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 (200 million tokens) will be specifically allocated for token swaps limited to 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 favorable ratio of 1 TRAC for 400 KARMA. The resulting 500,000 units of TRAC will be staked on 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 through Ordinals, engraving NFTs on the Bitcoin network after transitioning from Ethereum. OnChainMonkey is currently the most active NFT series developing on the Bitcoin network.
Celestial
KARMA
OCM
OnChainMonkey
PIPE
TRAC
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