5.8 C
Monday, February 26, 2024
HomeNFTsOnChainMonkey introduces KARMA tokens, aims to bolster ecosystem with strategic airdrop

OnChainMonkey introduces KARMA tokens, aims to bolster ecosystem with strategic airdrop


Related stories

Can BRICS Launch a New Currency & Jeopardize the US Dollar?

The BRICS alliance is aiming to launch a new...

BRICS to Launch a Single Currency Similar to Euro?

The BRICS alliance is looking to work on an...

Cryptocurrency: 3 Coins That Could Surge in March

March is shaping up to be a pivotal month...

BRICS: 30 New Countries Prepare To Join Alliance in 2024

A handful of developing countries are preparing to join...

US Dollar Weakened: Gold Price Passes $2040

The US dollar has continued to weaken over the...

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! đź‘‹ You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.56 trillion with a 24-hour volume of $48.15 billion. The price of Bitcoin is $40,039.47 and BTC market dominance is 50.4%. The price of Ethereum is $2,232.38 and ETH market dominance is 17.2%. The best performing cryptoasset sector is Cannabis, which gained 11%.
OnChainMonkey pushes ecosystem expansion with KARMA token launch and strategic community airdrops.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Popular NFT project OnChainMonkey (OCM) has unveiled KARMA tokens as part of its efforts to expand its burgeoning ecosystem, according to a Jan. 24 statement shared with CryptoSlate.
OCM explained that KARMA is strategically designed to elevate its brand presence and capture the market’s attention towards its platform. The digital asset is poised to play a pivotal role in advancing the overall growth strategy of the platform.
KARMA is a cryptocurrency designed to reward OnChainMonkey NFT holders and engage the broader crypto community, boasting a total supply of 1 billion tokens. Notably, 70% (700 million tokens) are earmarked for strategic airdrops to the OCM, TRAC, and PIPE communities, ensuring a robust initial distribution.
Of the 700 million tokens designated for airdrops, 560 million will be allocated to OnChainMonkey NFT holders. Each Celestial NFT receives 1 million tokens, Dimensions 300 NFTs receive 135,000 tokens, Genesis NFT holders get 40,950 tokens, and Karma 1 and Karma 2 holders are entitled to 4,500 tokens each.
It’s important to note that only assets migrated to Bitcoin from Ethereum will qualify for the airdrop. Tokens will be reserved for Karma holders until their migration, with Genesis holders strongly encouraged to emigrate by Jan. 24.
Furthermore, 112 million KARMA tokens will be distributed to TRAC token holders, and PIPE token holders will receive 28 million KARMA.
A significant portion of the total supply, 20% (200 million tokens), will be available for a token swap exclusively for TRAC token holders. In addition, the community treasury will get 10% (100 million tokens) to fuel ecosystem growth.
The 200 million KARMA tokens allocated for the Token Swap will empower the community treasury to generate 500,000 TRAC. TRAC holders can swap their tokens for KARMA at a favorable ratio of 1 TRAC to 400 KARMA.
Consequently, the generated 500,000 units of TRAC would be staked on Trac Core to validate the network on Tap Protocol because “the team strongly believes in the vision of Tap Protocol and the importance of building a decentralized indexer.”
OCM is a collection of 10,000 Ethereum NFT profile pictures (PFPs) minted in 2021, according to OpenSea. Last year, the project joined the raving interest in Bitcoin Ordinals, spending over $1 million to inscribe all its existing artwork on the top blockchain network.
More information on the OCM migration and KARMA token can be found here.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
We explore the first 5 days of Bitcoin ETF trading, analyzing their inflows and implications on the broader market.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2024 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy

Please add [email protected] to your email whitelist.
Stay connected via

Source: www.cryptoslate.com


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here