Sora Ventures launches $2 million Liquid Fund for Bitcoin TTP ecosystem News ▸ Bitcoin ▸ Investments
Sora Ventures launches $2 million Liquid Fund for Bitcoin TTP ecosystem
Led by UTXO Management, the new fund boosts Bitcoin Ordinals to support pioneering Tap Protocol projects.
2 min read
Updated: Feb. 18, 2024 at 3:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Venture capital firm Sora Ventures has launched a $2 million liquid fund focused on projects building within the TTP ecosystem. This ecosystem comprises several assets, including $TRAC, Tap Protocol, and $PIPE, and is the first decentralized indexer ecosystem powered by the Ordinals Protocol.
UTXO Management leads the Sora TTP Fund. Prominent Web3 investors, such as BTSE, founders of Origin Protocol, Waterdrip Capital, and SeraFund, are backing the fund.
This funding reinforces the growing interest in Bitcoin Ordinals and protocols like Tap Protocol, which are pivotal in advancing Ordinal Finance (OrdFi). Tap Protocol garnered attention in December 2023 by securing a $4.2 million funding round for accelerating tokenization and decentralized applications (dApps) on the Bitcoin network.
How Tap Protocol Works
Tap Protocol is designed to locate and track Ordinals for OrdFi applications, operating without complex Layer 2 solutions. The TAP token standard prioritizes ease of use. Notably, the protocol’s “tapping” mechanism efficiently verifies transactions.
Inspired by the BRC-20 standard, TAP is unique in its decentralized structure, inviting community-led improvements and upgrades. Strategic ticker length reservations support future compatibility with BRC-20 tokens.
Tap Protocol mirrors BRC-20 externally, enabling integration with established marketplaces and wallets. Internally, TAP boasts advanced features like token staking, swaps, and a mass-sending capability — functions governed by the $TRAC token holders.
Trac Systems, the company behind Tap Protocol, recently rolled out Trac Core for TAP Protocol. This launch emphasizes the company’s focus on simplifying data indexing within the Bitcoin network. The user-friendly Trac Core for TAP Protocol can be effortlessly deployed, potentially attracting more developers to experiment with Bitcoin applications.
“A lot of people are bullish on Tap Protocol, the round last year was well oversubscribed by 10M,
so this is a great opportunity for investors to get involved and gain exposure to the ecosystem”, Sora Ventures Managing Partner Jason Fang commented, adding, “This fund marks the first in a series of Sora products supporting the Ordinals ecosystem.”
A Diverse, Decentralized Ecosystem
The TTP ecosystem exhibits remarkable diversity for a protocol layer constructed on Ordinals. Sora highlights that it enjoys broad support from communities in both Eastern and Western markets due partly to its decentralized indexer construction. It leverages a consensus chain spanning BRC20, Tap, and a UTXO base model to ensure ample validators for staking on Tap Protocol when available.
Projects within the TTP ecosystem have already achieved notable milestones. $NAT, for instance, boasts a market cap exceeding $40 million. The community-driven project $KARMA, initiated by OnChainMonkey supporters, has unveiled cross-community airdrop plans. Similarly, the UTXO-based Pipe ecosystem garners interest from developers focused on UTXO expansions.
With venture-backed projects and innovators increasingly exploring Ordinals for product development, Tap Protocol is expected to become a popular option due to its robust decentralized indexer, custom batch airdrop capabilities, and direct Bitcoin functionality.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
Feb 18, 2024: Correction removed reference of Bitcoin Magazine which was misrepresented. UTXO Management and Bitcoin Magazine share a parent company but are wholly independent entities.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Sora Ventures
Sora Ventures is an Asia-based investment firm focused on blockchain technology and digital currencies.
BTSE
BTSE is a leading digital asset exchange that offers a simple and secure way to trade cryptocurrencies.
Jason Fang co-founded and manages Sora Ventures, a venture capital firm.