Sora Ventures, a venture capital firm, has announced the launch of a $2 million liquid fund that will focus on projects building within the Bitcoin Ordinals ecosystem. This ecosystem 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 has received backing from prominent Web3 investors including Bankless Ventures, founders of Origin Protocol, Waterdrip Capital, and SeraFund.
The launch of this fund highlights the growing interest in Bitcoin Ordinals and protocols like Tap Protocol, which play a crucial role in advancing Ordinal Finance (OrdFi). Tap Protocol gained attention in December 2023 when it raised $4.2 million in a funding round aimed at accelerating tokenization and decentralized applications on the Bitcoin network.
Tap Protocol is designed to locate and track Ordinals for OrdFi applications without relying on complex Layer 2 solutions. The protocol’s TAP token standard prioritizes ease of use and offers advanced features such as token staking, swaps, and mass-sending capabilities. The protocol mirrors the BRC-20 standard externally, enabling integration with established marketplaces and wallets.
Trac Systems, the company behind Tap Protocol, recently launched Trac Core for TAP Protocol, further emphasizing its focus on simplifying data indexing within the Bitcoin network. The user-friendly Trac Core for TAP Protocol aims to attract more developers to experiment with Bitcoin applications.
Sora Ventures Managing Partner Jason Fang expressed enthusiasm about Tap Protocol and the opportunity for investors 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.
The TTP ecosystem, built on Ordinals, offers remarkable diversity and has gained support from communities in both Eastern and Western markets. Projects within this ecosystem have achieved notable milestones, such as $NAT with a market cap exceeding $40 million and the community-driven project $KARMA, which has unveiled plans for cross-community airdrops. The UTXO-based Pipe ecosystem is also attracting interest from developers focused on UTXO expansions.
With more venture-backed projects and innovators exploring 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.
Please note that Sora Ventures is an investor in CryptoSlate.