KarmaCoin ($KARMA): Forging New Paths in Digital Assets

$KARMA Coin
5 min readFeb 13, 2024

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Together. Stronger.

By bringing together 10 of the leading Ordinals communities behind $KARMA’s mission, we will foster a strong sense of unity and connection amongst early Ordinals participants. Together, we are stronger.

Milestones in Migration

The recent closure of the 4th migration portal on January 30, 2024, marked a significant milestone for the OnChainMonkey community, with 7,836 Genesis monkeys successfully upgraded to Bitcoin.

(Image courtesy of @imjoshocm)

A total of 320,884,200 $KARMA tokens (40,950 per OCM Genesis monkey) will be airdropped to holders at the time of the airdrop.

In addition, Dimensions 300 holders as well as holders of revealed Celestials will receive an airdrop of $KARMA tokens at the same time.

Holders of unrevealed Celestial NFTs as well as Karma monkey holders will have their tokens reserved and airdropped following the migration of Karma to Bitcoin.

Allocation Summary

** The allocation for the remaining 2164 unmigrated OCM Genesis, that was initially reserved pre portal #4, has been reallocated to Community Incentives and Ordinals Community Airdrop **

Partnerships & Community Incentive Allocation

A total of 44,307,900 tokens have been reserved for the $KARMA partnerships & community incentives program. These tokens were reallocated from the supply which became available as a result of 2164 OCM Genesis not migrating to Bitcoin during portal #4.

At a high level, the community incentive pot will be used to activate future partnerships or activations that will help to further expand our community. This could include rewarding valuable community members, partnering with additional projects, or general marketing growth initiatives.

Ordinals Community Airdrop: Growing the ‘Karmunity’

Fostering strong relationships with other communities is something that the $KARMA Council believes will be an essential step in achieving the $KARMA community’s goals, and so the union of community and $KARMA is what we refer to as our ‘Karmunity’.

With this in mind, the $KARMA Council has decided to airdrop 49,968,900 $KARMA tokens to a select number of distinguished communities within the Ordinals ecosystem, as we believe that together, we can go further towards our goal of expanding both the OCM & Ordinals ecosystems.

The Council sought to take an approach which was as objective as possible, and for this initial airdrop we selected the top 7 collections by market capitalization at the time of our snapshot at Block Height 828,888. Looking ahead, there are a significant number of tokens that have been reserved for future Community Incentives.

The 7 collections eligible to receive $KARMA tokens in the Community Airdrop are:

  • Bitmap
  • Bitcoin Punks
  • Bitcoin Puppets
  • Bitcoin Frogs
  • Nodemonkes
  • OMB
  • RSIC

The number of unique addresses holding one or more of the NFTs listed above is 53,730 and the amount of $KARMA that will be airdropped to each address is 930 tokens. The snapshot for this airdrop was taken at Block 828,888. All members of these communities will be able to check their eligibility via the KarmaCoin webpage at https://karmacoin.xyz.

Countdown to $KARMA: What’s Next?

We are excited for the following stages of the $KARMA launch. These are the critical snapshot dates for the various stages of the $KARMA airdrop. The Ordinals Community Airdrop snapshot was taken at Block Height 828,888, while the snapshots for the other stages will be taken on 15 Feb 2024.

Token Swap Explained

The next phase of the $KARMA airdrop will be the token swap of $TRAC for $KARMA. A total of 200 million $KARMA tokens will be available for a maximum of 500,000 $TRAC tokens at a ratio of 1 $TRAC to 400 $KARMA.

Interest Period — Commencing at 5pm PST on Feb 15 / 1am UTC on Feb 16 / 9am SGT on Feb 16 for 72 hours.

During this period, if you wish to participate in the token swap you will be able to indicate your desired allocation. The maximum allocation will be based on a snapshot of $TRAC balances taken a few hours prior to the start of the Interest Period. Only those wallets that participate during the Interest Period will have their wallet addresses whitelisted. At the end of the Interest Period, you can return to the swap site to see your allocation. Allocations will be determined on a prorata basis based on the total amount of desired allocations.

Swap Period Phase 1 — Commencing at 5pm PST on Feb 19 / 1am UTC on Feb 20 / 9am SGT on Feb 20 for 12 hours.

During Phase 1 of the Swap Period, if you participated in the Interest Period, you may send an amount of $TRAC tokens up to the amount you have been allocated. Sending more than your allocation may result in an incomplete swap and any excess will be refunded, less costs. In the event that the full 500,000 $TRAC allocation is fully subscribed in Phase 1, the team will refund excess $TRAC.

Swap Period Phase 2 — Commencing 12 hours following the start of Phase 1 for a period of 24 hours.

During Phase 2 of the Swap Period, if there is any allocation remaining of the 500,000 $TRAC, all whitelisted addresses will be permitted to send additional $TRAC on a first come first served basis until the threshold has been met. Any transfer of $TRAC above the threshold of 500,000 $TRAC will be rejected and refunded at the end of the Swap Period.

Swap Period Phase 3 — Commencing 24 hours following the start of Phase 2 for a period of 24 hours.

During Phase 3 of the Swap Period (Public Phase), if there is any allocation remaining of the 500,000 $TRAC, non-whitelisted addresses may send $TRAC on a first come first served basis until the threshold has been met. Any transfer of $TRAC above the threshold of 500,000 $TRAC will be rejected and refunded at the end of the Swap Period.

The deposit address will be announced on the official $KARMA website and will be an multisignature address controlled by the Council. Any $TRAC that has been sent in excess of the allocations in Phase 1, and any $TRAC sent that is over the 500,000 $TRAC threshold in Phase 2 and 3 will also be refunded at this time.

Press & Media Inquiries
hello@karmacoin.xyz

Find us
www.karmacoin.xyz
https://x.com/realkarmacoin

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$KARMA Coin

More than a Token | $KARMA is a Commitment to Community, Innovation & Growth | Designed to expand the OCM & Ordinals Ecosystems | Built on @tap_protocol