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, the team responsible for Bitcoin Magazine, leads the Sora TTP Fund. Prominent Web3 investors, such as Ben Lakoff (Bankless Ventures), 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…