Sora Ventures Launches $2M Fund for Next-Gen Bitcoin Projects
Sora Ventures, a venture capital entity, has introduced a $2 million fund tailored for projects within the TTP ecosystem.
This ecosystem encompasses assets like $TRAC, Tap Protocol, and $PIPE, forming a decentralized indexer ecosystem powered by the Ordinals Protocol.
UTXO Management, known for its involvement with Bitcoin Magazine, leads the Sora TTP Fund. This initiative has garnered support from various Web3 investors, including BTSE, Origin Protocol founders, Waterdrip Capital, and SeraFund.
This funding underscores the rising interest in Bitcoin Ordinals and associated protocols like Tap Protocol. Tap Protocol notably secured a $4.2 million funding round in December 2023 to expedite tokenization and decentralized applications (dApps) on the Bitcoin network.
Tap Protocol, functioning without complex Layer 2 solutions, efficiently verifies transactions through its “tapping” mechanism. The TAP token standard prioritizes simplicity and encourages community-led enhancements, resembling the BRC-20 standard while offering advanced features like token staking and swaps.
Trac Systems, the entity behind Tap Protocol, recently launched Trac Core for TAP Protocol to simplify data indexing within the Bitcoin network, potentially attracting more developers to explore Bitcoin applications.
Sora Ventures Managing Partner Jason Fang noted the bullish sentiment around Tap Protocol and emphasized the fund as the first in a series supporting the Ordinals ecosystem.