Venture capital firm Sora Ventures has launched a $2 million liquidity fund focused on projects built within the TTP ecosystem. The ecosystem consists of several assets such as $TRAC, Tap Protocol, and $PIPE, and is the first decentralized indexer ecosystem powered by Ordinals Protocol.
The UTXO Management team behind Bitcoin Magazine is leading the Sora TTP Fund. The fund is backed by his notable Web3 investors, including Ben Lakoff (Bankless Ventures), founder of Origin Protocol, Waterdrip Capital, and SeraFund.
This funding reinforces the growing interest in protocols such as Bitcoin Ordinals and Tap Protocol, which are pivotal in the advancement of Ordinal Finance (OrdFi). Tap Protocol made headlines in December 2023 after securing a $4.2 million funding round to accelerate tokenization and decentralized applications (dApps) on the Bitcoin network.
How the tap protocol works
The Tap protocol is designed to find and track ordinal numbers in OrdFi applications and works without complex layer 2 solutions. The TAP token standard prioritizes ease of use. In particular, the protocol's “tapping” mechanism efficiently validates transactions.
Inspired by the BRC-20 standard, TAP is unique in its decentralized structure that encourages community-driven improvements and upgrades. Strategic ticker length reservation supports future compatibility with BRC-20 tokens.
Tap Protocol externally mirrors BRC-20 and enables integration with established marketplaces and wallets. Internally, TAP boasts advanced features such as token staking, swaps, and bulk sending capabilities, which are managed by $TRAC token holders.
Trac Systems, the company behind Tap Protocol, recently announced Trac Core for the TAP protocol. The announcement highlights the company's focus on simplifying data indexing within the Bitcoin network. His user-friendly Trac Core for the TAP protocol is easy to deploy and may encourage more developers to experiment with Bitcoin applications.
“Many people are bullish on Tap Protocol, and last year’s round was significantly over capacity at 10 million participants.
Sora Ventures Managing Partner Jason Fang says this is a great opportunity for investors to participate and gain exposure to the ecosystem. ” and added, “This fund is the first in a series of his Sora products that support the Ordinals ecosystem.”
Diverse decentralized ecosystem
The TTP ecosystem exhibits remarkable diversity as protocol layers built on an ordinal basis. Sora highlights that thanks to its decentralized indexer structure, it enjoys wide support from communities in both Eastern and Western markets. Leveraging a consensus chain spanning BRC20, Tap, and UTXO basic models, he ensures enough validators to stake on the Tap protocol when available.
Projects within the TTP ecosystem have already achieved notable milestones. For example, $NAT boasts a market capitalization of over $40 million. $KARMA, a community-driven project launched by OnChainMonkey supporters, has announced plans for a community-to-community airdrop. Similarly, his UTXO-based Pipe ecosystem has attracted interest from developers focused on extending UTXO.
As venture-backed projects and innovators increasingly consider Ordinals for product development, Tap Protocol has become a popular option due to its robust decentralized indexer, custom batch airdrop capabilities, and direct Bitcoin capabilities. It is expected that
Disclaimer: Sora Ventures is an investor in CryptoSlate.