OnChainMonkey (OCM) is set to make a lasting mark with the introduction of the $KARMA token. This token embodies a strategic initiative meticulously crafted to elevate the OCM brand further in the web3 space, and unite its own thriving community with many others.
Who Are OCM?
OnChainMonkey, who’s origins began on Ethereum, recently marked history by becoming the first 10k PFP NFT collection inscribed on Bitcoin in a single inscription. Led by Danny Yang, who founded Taiwan’s largest cryptocurrency exchange, OCM aims to “do well and do good,” creating value for token holders and promoting social good.
$KARMA Distribution
At the heart of the $KARMA launch lies a profound commitment to OCM’s mission, encapsulated in the RISE! values that the community has become so well known for. With a total supply of 1 billion $KARMA tokens, pictured below are the allocation plans in place that will ensure fair distribution:
The foundation of $KARMA alignins with OCM’s long-term goals of fostering close ties with other communities. Initially, it was announced that OCM and Trac had formed an alliance that would see holders of both $TRAC and $PIPE receive a generous allocation.
However, a total of 44,307,900 additional tokens later became reserved for a $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. The The 7 collections eligible to receive $KARMA tokens in the Community Airdrop are Bitmap, Bitcoin Punks, Bitcoin Puppets, Bitcoin Frogs, Nodemonkes, OMB, and RSIC.
So for $TRAC holders you have two ways to get $KARMA
1 – The airdrop that all $TRAC holders will get with the snapshot taking place 15th Feb 3PM PST
2 – Then from 15th Feb 5PM PST $TRAC holders will get the opportunity to swap $TRAC for $KARMA. For every $TRAC token you swap…
— 🌹 SMB BRC-20 FUND 🌹 (@Smb_Vc) February 14, 2024
It’s becoming more common that collections are looking to migrate away from Ethereum and over to Bitcoin, and OCM dangling the carrot of this token allocation to their ETH holders is a strong signal of that movement.
Additionally, a token swap incentive will go live on 15th February, where holders of $TRAC will get the opportunity to swap $TRAC for $KARMA. The exchange rate on this equates to 400 $KARMA to every 1 $TRAC swapped.
$KARMA Council
The $KARMA token is steered by a seven-member council, combining expertise from the OCM community and technical proficiency from the Tap Protocol. This diverse council, featuring individuals like Soldman Gachs, Fitzy, Rabbi, Drheref, BennyTheDev, Alex Philippine, and Jason Fang, ensures a well-rounded approach to guiding $KARMA towards success.
Final Thoughts
The airdrop of $KARMA is just the start of the plans that the OCM team have for the token. If Jason Fang’s bullish insight below is anything to go by, a view to collaborate with other leading brands across web3 is firmly in their sights:
Imagine a world with $KARMA as the major currency, and integrated with @BoredApeYC, @Azuki, and all the top IPs across all the major blockchain.
Don’t believe it? We’re already working on it. Monkeyverse is coming. That’s your alpha for this week! @OnChainMonkey @realkarmacoin pic.twitter.com/mdCugDX1o0
— Jason Fang (@JasonSoraVC) February 2, 2024
$KARMA symbolizes yet another strategic leap for the OnChainMonkey community. With a robust foundation in tokenomics, a dedicated council, and a commitment to community inclusivity, $KARMA is poised to be one of the most anticipated drops of the year so far.
Opinions expressed here are opinions of the Author. Influencive does not endorse or review brands mentioned; does not and cannot investigate relationships with brands, products, and people mentioned and is up to the Author to disclose. Accounts and articles may be professional fee-based.