Venture Capital Firm Sora Ventures Launches $2 Million Liquid Fund for TTP Ecosystem
Venture capital firm Sora Ventures has launched a $2 million liquid fund that focuses on projects within the TTP ecosystem. TTP includes assets such as $TRAC, Tap Protocol, and $PIPE and is powered by the Ordinals Protocol. The Sora TTP Fund is led by UTXO Management, the team behind Bitcoin Magazine. The fund is backed by prominent Web3 investors, including Ben Lakoff (Bankless Ventures) and founders of Origin Protocol, Waterdrip Capital, and SeraFund.
The funding is indicative of the growing interest in Bitcoin Ordinals and protocols like Tap Protocol, which are crucial in advancing Ordinal Finance (OrdFi). In December 2023, Tap Protocol secured $4.2 million in funding 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, without the need for complex Layer 2 solutions. The protocol’s “tapping” mechanism efficiently verifies transactions. TAP, the token standard of Tap Protocol, prioritizes ease of use. It mirrors the BRC-20 standard externally, enabling integration with established marketplaces and wallets, while internally offering advanced features like token staking, swaps, and mass-sending capability governed by $TRAC token holders.
Recently, Trac Systems, the company behind Tap Protocol, launched Trac Core for TAP Protocol. This launch highlights the company’s focus on simplifying data indexing within the Bitcoin network. The user-friendly Trac Core for TAP Protocol can be easily deployed, potentially attracting more developers to experiment with Bitcoin applications.
According to Sora Ventures Managing Partner Jason Fang, Tap Protocol has garnered significant interest from investors, and this funding round presents a great opportunity for them to gain exposure to the ecosystem. He also mentioned that this fund is the first in a series of Sora products supporting the Ordinals ecosystem.
A Diverse, Decentralized Ecosystem
The TTP ecosystem is commendably diverse for a protocol layer built on Ordinals. Sora emphasizes that it enjoys broad support from communities in both Eastern and Western markets, thanks in part to its decentralized indexer construction. The ecosystem utilizes a consensus chain spanning BRC20, Tap, and a UTXO base model to ensure sufficient validators for staking on Tap Protocol.
Projects within the TTP ecosystem have already achieved significant milestones. For example, $NAT boasts a market cap exceeding $40 million, while the community-driven project $KARMA, initiated by supporters of OnChainMonkey, has unveiled cross-community airdrop plans. The UTXO-based Pipe ecosystem is also gaining attention from developers focused on UTXO expansions.
As venture-backed projects and innovators continue to explore Ordinals for product development, Tap Protocol is expected to become a popular choice due to its robust decentralized indexer, custom batch airdrop capabilities, and direct Bitcoin functionality.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
Analyst comment
Positive news: Venture capital firm Sora Ventures has launched a $2 million liquid fund focused on projects within the TTP ecosystem, backed by prominent Web3 investors. Tap Protocol, a key component of the ecosystem, has secured funding and launched Trac Core for simplifying data indexing on the Bitcoin network. The TTP ecosystem is diverse and gaining support in both Eastern and Western markets. Tap Protocol is expected to become popular for its decentralized indexer and direct Bitcoin functionality. The market is expected to see increased interest in Ordinals and protocols like Tap Protocol.
