OnChainMonkey (OCM) has recently introduced KARMA tokens as part of its strategy to expand its ecosystem and attract attention to its platform. KARMA is a cryptocurrency designed to reward OnChainMonkey NFT holders and engage the broader crypto community, with a total supply of 1 billion tokens. 70% of these tokens will be distributed through strategic airdrops to the OCM, TRAC, and PIPE communities.
The distribution of KARMA tokens includes 560 million tokens for OnChainMonkey NFT holders, with different allocation amounts for different NFT types. Additionally, 112 million tokens will be distributed to TRAC token holders and 28 million to PIPE token holders. A token swap exclusively for TRAC token holders will offer 200 million KARMA tokens, and the community treasury will receive 10% of the total supply to fuel ecosystem growth.
The 200 million KARMA tokens allocated for the Token Swap will enable TRAC holders to swap their tokens at a ratio of 1 TRAC to 400 KARMA. The generated TRAC will be staked on Trac Core to validate the network on Tap Protocol, aligning with OCM’s belief in the vision of Tap Protocol and decentralized indexing.
OnChainMonkey is a collection of 10,000 Ethereum NFT profile pictures minted in 2021, with the project recently investing over $1 million to inscribe all its existing artwork on the Bitcoin network. More information on the OCM migration and KARMA token distribution can be found on their website.
In conclusion, the introduction of KARMA tokens by OnChainMonkey is a strategic move to expand its ecosystem and reward NFT holders. The distribution of tokens through airdrops to different communities and the token swap for TRAC holders demonstrates OCM’s commitment to engaging its user base and fueling ecosystem growth. The project’s investment in decentralized indexing and alignment with Tap Protocol’s vision further solidifies its position in the cryptocurrency space.
