Crypto News
$KARMA is the largest fungible token airdrop in Bitcoin history

REDMOND, WASHINGTON 4 March 2024 – $KARMA released the largest fungible token airdrop in Bitcoin history to over 61,000 wallets on February 27. In true Web3 tradition, the collection was launched by a seven-member $KARMA Council, bringing together 10 leading Ordinals communities behind $KARMA’s mission.
The $KARMA Council’s airdrop aims to foster a sense of community amongst early Ordinals participants and bolster the burgeoning ecosystem.
Strength in Numbers: Growing the Ordinals Ecosystem
$KARMA is a token launched by a seven-member council, including four representatives from the OnChainMonkey (OCM) community: Soldman Gachs (@DrSoldmanGachs), Fitzy (@fitzyOG), Rabbi (@RabbiGains), and Drheref (@DrHeref). They are joined by BennyTheDev (@rarity_garden) and Alex Philippine (@Skrylabs) from Tap Protocol, bringing their technical expertise. Jason Fang (@JasonSoraVC) from Sora Ventures, a lead investor in Metagood, creators of OnChainMonkey, and the Tap Protocol is the final member of the Council.
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. Accordingly, a significant number of tokens have been earmarked for future ‘Karmunity’ Incentives.
The $KARMA community incentive pot will continue to activate future partnerships or activations that will help to further expand the $KARMA and Ordinals community. This could include rewarding valuable community members, partnering with additional projects, or general growth initiatives.
The Ordinals Community Airdrop
With this in mind, the $KARMA Council decided to airdrop 49,968,900 $KARMA tokens to communities within the Ordinals ecosystem. This was designed to push towards $Karma Council’s goal of expanding both the OCM & Ordinals ecosystems.
The Council sought to take an objective selection process. For this initial airdrop, they selected the top 9 collections by market capitalization at the time of the snapshot at Block Height 828,888 (4 February 2024).
The 9 communities eligible to receive $KARMA tokens in the Community Airdrop are:
Bitmap (https://ordinalswallet.com/collection/bitmap)Bitcoin Punks (https://bitcoinpunks.com/)Bitcoin Puppets (https://magiceden.io/ordinals/marketplace/bitcoin-puppets)Bitcoin Frogs (https://bitcoinfrogs.com/)Nodemonkes (https://nodemonkes.com/)OMB (https://magiceden.io/ordinals/marketplace/omb)RSIC (https://magiceden.io/ordinals/marketplace/rsic)PIPE (https://trac.network/Pipe/)TRAC (https://trac.network/)
Rewarding the OCM Community
A total of 560 million $KARMA tokens are being allocated to holders of OnChainMonkey NFTs. Eligibility for the OnChainMonkey community was based on assets being migrated from Ethereum to Bitcoin. Except for the OCM Karma collection (https://opensea.io/collection/karma-monkey), which has had their allocation of $KARMA reserved until that collection is upgraded to Bitcoin. Since the snapshot has not been completed for OCM Karma, people can still purchase the assets on ETH and when they migrate to Bitcoin, they will be eligible for the $KARMA airdrop.
“Trac is the governance token for Tap Protocol, the first decentralized indexer economy on the Ordinals protocol enabling similar features of ERC20 but on Bitcoin L1. The TAP standard that created $KARMA was conducted by members of the OCM community but has now expanded towards 9 other Ordinals communities,” Jason Fang, founder of Sora Ventures said. “Tap protocol contains many more features compared to BRC20 that enables developers and projects to stake, send cost effective airdrops, and enable token distributions that make building on Bitcoin most cost effective, safer, and scalable.”
“$Karma embodies the spirit of innovation and community, serving as a beacon for the next generation of decentralized ecosystems. We’re thrilled to champion this groundbreaking initiative led by our OnChainMonkey community members and investors,” remarked Amanda Terry, co-founder and COO of Metagood. “At OnChainMonkey, we’re a community of builders and innovation and impact are woven into our DNA. Just as Bitcoin revolutionized finance, $Karma is poised to redefine collaboration, economic empowerment, and impact, with strong communities early to Ordinals at its core.”
Technical Milestones for Airdrops
The airdrop of the $KARMA tokens was performed in an efficient manner utilizing “Tapping,” a core feature of the TAP Protocol. “Tapping” is a process of transacting that makes it considerably cheaper and faster to distribute tokens to a large amount of addresses. Using the existing BRC-20 standard, conducting an airdrop for 61,000 wallets would have required over 122,000 transactions. The KarmaCouncil was able to complete the entire airdrop using under 55 transactions, therefore setting a precedent for the future of community inclusions for future airdrops on Bitcoin.
BRC20 requires 2 transactions for a single transfer of tokens between 2 parties. The TAP Protocol allows for many transfers within 2 transactions. 1 transaction with many receivers at once and a 2nd transaction to approve the transfers (called “tapping”). This reduces the costs for airdrops significantly in comparison to BRC20 as there is almost half of the transactions needed. It also helps to put the Bitcoin network under less stress due to lesser amounts of transactions required.
TAP Protocol’s token authority feature allows it even to reduce it further using only 1 transaction, which makes it also attractive for simple individual transfers. Token authorities require additional setup configurations however, while airdrops work out of the box.
A Note on Tap Protocol and the Technology
Trac Core is an indexing solution (created by Trac Systems) designed to enable decentralized tracking of Ordinals metaprotocols on Bitcoin. Trac Systems is also the creator of the Tap Protocol. Creating the $KARMA tokens on the Tap Protocol was conducted by the community. Tap Protocol is a similar to BRC-20 and allows for features and hooks into DeFi that otherwise wouldn’t be possible natively. In layman-terms, Tap Protocol can be seen as BRC-20 “on steroids”.
Taps airdrop feature is cheap because it combines receivers of different token types and amounts into 1 inscription.
About $KARMA (https://karmacoin.xyz/)
$KARMA is more than a token; it’s a commitment to growth, community, and innovation. Designed as a catalyst to expand the OCM and Ordinals ecosystems, $KARMA is set to redefine engagement and opportunity for the entire Ordinals community and beyond. $KARMA is a network of founders, builders, industry leaders and seasoned collectors in the Ordinals ecosystem.
About OnChainMonkey (www.onchainmonkey.com)
OnChainMonkey is the first non-fungible token (NFT) 10,000 profile picture collection created on-chain in a single transaction on Ethereum. OnChainMonkey marked history again, becoming the first 10k PFP NFT collection inscribed on Bitcoin in a single inscription. The collection of 10,000 randomly generated NFTs is led by an experienced team, including Danny Yang, who founded Taiwan’s largest cryptocurrency exchange; Amanda Terry, who served as a digital media business development executive at Twitter and NBC; and Bill Tai, a legendary venture capitalist who was the first investor in Zoom and early investor in Canva, Dapper Labs as well as over 20 companies that have become publicly listed. The OnChainMonkey community aims to create value for their token holders and promote positive real world impact through Web 3.
Bitcoin NFTs, known as Ordinals emerged in January 2023, and continue to explode in popularity. Bitcoin Ordinals can store all data directly on Bitcoin’s premier blockchain, meaning important events like the largest fungible token drop in Bitcoin history keep accumulating. This is no fad. It’s Airdrop season. The times, they are a changin’.
Crypto News
El Salvador Is Still Bitcoin Country

El Salvador is still Bitcoin country, despite the fact that bitcoin is no longer legal tender in the country — at least from where I’m sitting.
Let’s start with some background on the matter.
On January 29, 2025, the Legislative Assembly in El Salvador voted to remove bitcoin’s status as legal tender.
This means that businesses in the country no longer have to accept bitcoin (not that this rule was ever strictly enforced while bitcoin was classified as legal currency, as far as I know; however, I have been told that big businesses that operate in the country (e.g., McDonalds, Walmart) may stop accepting bitcoin as payment now, which could have a detrimental effect on adoption).
This change occurred approximately one month after the International Monetary Fund (IMF) struck a deal with authorities in El Salvador that stipulated the following:
- El Salvador would receive a $1.4 billion loan to support the government’s “reform agenda”
- Bitcoin-related risks be mitigated; bitcoin acceptance in the private sector must be voluntary, while the public sector’s participation in Bitcoin-related activities would be “confined” (bitcoin can no longer be used to settle government debts or pay taxes)
- Operations for the government-created Bitcoin wallet, Chivo, would be “unwound”
While the news of the Salvadoran government’s reversing its policy on bitcoin as legal tender as a result of influence from the IMF feels like a gut punch even to me, someone who isn’t Salvadoran and doesn’t live in the country, I can’t help but believe that El Salvador is still Bitcoin country.
And this feeling has only grown stronger based on what I’ve seen Bitcoiners in El Salvador posting on X.
Evelyn Lemus, co-founder and Director of Education at Bitcoin Berlin, a Bitcoin circular economy within the country, doesn’t plan to stop teaching everyday Salvadorans about Bitcoin.
Just saying it out loud.
Bitcoiners will not stop teaching about Bitcoin and making the adoption happen just because Bitcoin is not legal tender anymore. This means we need to keep pushing harder and keep doing what we do 🇸🇻
LFG🙌
Bitcoin in the hands of people 🫡 pic.twitter.com/hnMpJmL5c7— Evelyn Lemus (@Evelynlemus2906) February 2, 2025
The team at Bit Driver don’t plan to change their business model — accepting bitcoin as taxi fare — any time soon.
We’re still a Bitcoin a company.
— Bitdriver (@bitdriver_sv) February 2, 2025
While John Dennehy, founder of Mi Primer Bitcoin, expressed concern about the government of El Salvador’s rolling back its policy on bitcoin as legal currency, he and the ever-growing team at Mi Primer Bitcoin plan to double down on the work they’re doing.
Good morning from El Salvador!
We are now in DAY NINE since the government rescinded Bitcoin as legal tender, at the request of the IMF (effective after 90 days)
This means grassroots, independent Bitcoin education is now MORE important than ever
In response, at… pic.twitter.com/iTXdf0gAoL
— John Dennehy (@jdennehy_writes) February 7, 2025
The legendary Max and Stacy haven’t publicly voiced any plans to give up on El Salvador anytime soon.
And El Salvador’s Bitcoin Office, run by Stacy, is still stacking bitcoin and helping to run Bitcoin education programs in the country.
🇸🇻EL SALVADOR STACKS ANOTHER 1 BTC TO STRATEGIC RESERVE
El Salvador is still stacking.
Every day.
➡️Total SBR Holdings: 6,071.18 BTC
➡️Total Added Today: +1 BTC
➡️Total Added Past 7 Days: +22 BTC
➡️Total Added Past 30 Days: +60 BTC… pic.twitter.com/y4kv2693BX— The Bitcoin Office (@bitcoinofficesv) February 7, 2025
The lesson here is that while the law around Bitcoin may have changed in El Salvador, the Bitcoiners on the ground in the country have hardly flinched.
Because we are Bitcoin, what matters most is that everyday Salvadorans and everyone else involved in the Bitcoin movement in El Salvador continues to push forward with the Bitcoin mission.
The IMF may have landed a blow, but Bitcoiners in El Salvador remain steadfast in their efforts to foster broader Bitcoin adoption.
El Salvador is still Bitcoin country.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Bitcoin may no longer be legal tender in El Salvador, but Bitcoiners in the country haven’t given up on the mission.
Crypto News
Introducing the Bitcoin Everything Indicator

Wouldn’t it be great if we had one all-encompassing metric to guide our Bitcoin investing decisions? That’s precisely what has been created, the Bitcoin Everything Indicator. Recently added to Bitcoin Magazine Pro, this indicator aims to consolidate multiple metrics into a single framework, making Bitcoin analysis and investment decision-making more streamlined.
For a more in-depth look into this topic, check out a recent YouTube video here: The Official Bitcoin EVERYTHING Indicator
Why We Need a Comprehensive Indicator
Investors and analysts typically rely on various metrics, such as on-chain data, technical analysis, and derivative charts. However, focusing too much on one aspect can lead to an incomplete understanding of Bitcoin’s price movements. The Bitcoin Everything Indicator attempts to solve this by integrating key components into one clear metric.
The Core Components of the Bitcoin Everything Indicator
Bitcoin’s price action is deeply influenced by global liquidity cycles, making macroeconomic conditions a fundamental pillar of this indicator. The correlation between Bitcoin and broader financial markets, especially in terms of Global M2 money supply, is clear. When liquidity expands, Bitcoin typically appreciates.
Fundamental factors like Bitcoin’s halving cycles and miner strength play an essential role in its valuation. While halvings decrease new Bitcoin supply, their impact on price appreciation has diminished as over 94% of Bitcoin’s total supply is already in circulation. However, miner profitability remains crucial. The Puell Multiple, which measures miner revenue relative to historical averages, provides insights into market cycles. Historically, when miner profitability is strong, Bitcoin tends to be in a favorable position.
On-chain indicators help assess Bitcoin’s supply and demand dynamics. The MVRV Z-Score, for example, compares Bitcoin’s market cap to its realized cap (average purchase price of all coins). This metric identifies accumulation and distribution zones, highlighting when Bitcoin is overvalued or undervalued.
Another critical on-chain metric is the Spent Output Profit Ratio (SOPR), which examines the profitability of coins being spent. When Bitcoin holders realize massive profits, it often signals a market peak, whereas high losses indicate a market bottom.
The Bitcoin Crosby Ratio is a technical metric that assesses Bitcoin’s overextended or discounted conditions purely based on price action. This ensures that market sentiment and momentum are also accounted for in the Bitcoin Everything Indicator.
Network usage can offer vital clues about Bitcoin’s strength. The Active Address Sentiment Indicator measures the percentage change in active addresses over 28 days. A rise in active addresses generally confirms a bullish trend, while stagnation or decline may signal price weakness.
How the Bitcoin Everything Indicator Works
By blending these various metrics, the Bitcoin Everything Indicator ensures that no single factor is given undue weight. Unlike models that rely too heavily on specific signals, such as the MVRV Z-Score or the Pi Cycle Top, this indicator distributes influence equally across multiple categories. This prevents overfitting and allows the model to adapt to changing market conditions.
Historical Performance vs. Buy-and-Hold Strategy
One of the most striking findings is that the Bitcoin Everything Indicator has outperformed a simple buy-and-hold strategy since Bitcoin was valued at under $6. Using a strategy of accumulating Bitcoin during oversold conditions and gradually selling in overbought zones, investors using this model would have significantly increased their portfolio’s performance with lower drawdowns.
For instance, this model maintains a 20% drawdown compared to the 60-90% declines typically seen in Bitcoin’s history. This suggests that a well-balanced, data-driven approach can help investors make more informed decisions with reduced downside risk.
Conclusion
The Bitcoin Everything Indicator simplifies investing by merging the most critical aspects influencing Bitcoin’s price action into a single metric. It has historically outperformed buy-and-hold strategies while mitigating risk, making it a valuable tool for both retail and institutional investors.
For more detailed Bitcoin analysis and to access advanced features like live charts, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
A Single Metric to Rule Them All – The Bitcoin Everything Indicator combines multiple key metrics into one comprehensive tool for better investment decisions.
Crypto News
Here’s The Secret To Investing In Bitcoin

Over the course of the last week, we’ve seen reports of massive bitcoin liquidations.
For those unfamiliar with the term “liquidation” as it applies to finance, it refers to when a trader is forced to close a leveraged trade because the margin for the trade has been depleted.
In everyday pleb terms, it’s when someone borrows money to bet on the direction of the price of bitcoin and they get it wrong, resulting in their losing the money they put up for the trade (or more, in some cases).
When it comes to trading bitcoin with leverage, I keep in mind the first line from the post below:
A fool and his leveraged #bitcoin are soon parted.
To quote one of my teachers, “up 6% today, down 100% tomorrow.”—@aantonop
To quote another, “#notyourkeysnotyourcoins”
Be careful out there. @michaeljburry is right—there’s a lot of hidden leverage in #bitcoin. Caveat emptor.
— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) June 20, 2021
So, lesson number one in investing in bitcoin is don’t do so with leverage. (Not financial advice.)
Even now that bitcoin has about a $2 trillion market cap, it’s still a highly volatile asset. Its price fluctuates notably in response to news. Because of this, it’s much safer to just buy some bitcoin on the spot market and hold it for the long run (at least four years).
What is more, when and if you choose to buy some bitcoin in the spot market, consider remaining underexposed to bitcoin instead of overexposed to it (those terms are subjective; interpret them as you will).
When you’re overexposed to bitcoin, or if you’re new to the market and you’ve gone all in on bitcoin, it’s more likely that you’ll panic sell if its price tanks in the short term.
How will you know if you’re overexposed? You’ll likely begin losing sleep over it and/or being investing emotional energy in hoping that bitcoin’s price moves in a certain direction (up only).
I share this based on experience. I was overexposed to bitcoin in 2021-2022, and I often felt sick because of it. Once I lessened my exposure, I felt better and was able to think more clearly.
Find an investment threshold with which you’re comfortable, and, again, plan to hold for the long haul.
Aiming to get rich quick with bitcoin is nearly a sure fire recipe for getting yourself rekt.
Take it slow, and heed the very wise advice of legendary Bitcoiner Matt Odell: stay humble, stack sats.
(The inverse of such sage advice would be: be irrational, bet on bitcoin irresponsibly.)
Be careful out there.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Don’t use leverage, and don’t overexpose yourself to it.
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