Tap Protocol, a pioneering force in the Bitcoin network, has successfully secured a substantial $4.2 million in funding led by Sora Ventures. This funding not only propels Tap Protocol into a position for significant growth but also solidifies its role as a crucial player in the Bitcoin ecosystem.
About Tap Protocol
Tap Protocol is the brainchild of Trac Systems, a German company. This innovative protocol has been at the forefront of the Bitcoin network, introducing features like fractionalization of Ordinals art and facilitating decentralized finance applications on Ordinals. Its versatility extends to gaming applications, token redemption, and multisend capabilities.
Venture Capital Support
The funding round saw enthusiastic participation from venture capital firms such as Cypher Capital, Rw3, Oak Grove Capital, Petrock Capital, Kosmos Ventures, New Tribe Capital, Cogitent Ventures, Compute Ventures, and MSA Novo. Angel investments from executives at Animoca Brands and Quantstamp further underscore the growing confidence in Tap Protocol’s potential within the Bitcoin network.
About the Funding
Sora Ventures, led by Jason Fang, emphasized the pivotal role Tap Protocol plays in the Bitcoin community. Fang’s positive outlook reflects the belief in Bitcoin’s transformative potential and the promising projects associated with it. With this funding, Tap Protocol is well-positioned to scale the future of Bitcoin adoption.
Expansion Plans
Post-fundraising, Trac Systems is gearing up for expansion, focusing on recruiting skilled developers to enhance the Bitcoin Ordinals-based protocol. Benny the Dev, CEO of Trac Systems, expressed excitement about the fundraising success and outlined plans to leverage Trac Core and TAP Protocol for innovation in tokenization, gamification, and decentralized finance.
Unique Features of TAP Protocol
TAP Protocol stands out for its unique design, which allows it to track Ordinals and facilitate OrdFi applications without complex Layer 2 chains. The introduction of the TAP token standard simplifies transaction verification through its core mechanism called “tapping.” The decentralized API of Trac empowers developers to create innovative applications within the Ordinals space.
TAP operates on the principles of BRC-20 but differentiates itself through decentralization, community-led improvements, and integrations. TAP’s features include token staking, swaps, mass-sending, Token-Send for mass transfers, Token-Trade for text-inscription-based trading, and Token-Auth for third-party issuance of signed redeem inscriptions.
Conclusion
In conclusion, the TAP Protocol signifies a substantial leap in Bitcoin Ordinals, catering to external marketplaces and internal users alike. With its versatile features and community-driven governance, TAP promises a bright future for Bitcoin-based token operations and decentralized applications. Backed by Sora Ventures and a consortium of investors, Tap Protocol is poised to spearhead a new era of innovation and adoption within the Bitcoin ecosystem.
FAQs
What is TAP Protocol’s role in the Bitcoin ecosystem?
TAP Protocol plays a crucial role in the Bitcoin ecosystem by introducing features like fractionalization of Ordinals art, facilitating decentralized finance applications, and offering versatile functionalities for gaming applications.
How does TAP Protocol differentiate itself from other token standards?
TAP Protocol differentiates itself through decentralization, community-led improvements, and unique features such as token staking, swaps, and mass-sending, all governed by the community using $TRAC tokens.
What are the expansion plans for Trac Systems post-fundraising?
Trac Systems plans to expand its operations by hiring skilled developers to further develop the Bitcoin Ordinals-based protocol. The focus is on leveraging Trac Core and TAP Protocol for innovation in tokenization, gamification, and decentralized finance.
