TLDR:
- ZAP, a token distribution protocol, has reached a $100 million valuation with its latest funding of $15.1 million.
- The funding was raised through different rounds, including a seed round, a private round, and an ongoing “vault sale.”
ZAP, a token distribution protocol built on the Ethereum Layer 2 network Blast, announced that it has raised $15.1 million in total funding, reaching a token valuation of $100 million. The funding was raised through a seed round, a private round, and an ongoing “vault sale.” Investors in the seed and private rounds included Rarestone Capital, Cypher Capital, Sharding Capital, and others.
ZAP was founded in November to build a “reputation-based” token distribution protocol on Blast. The protocol validates user contributions to ensure fair and meritocratic token rewards, enabling projects to develop and grow their communities sustainably. ZAP recently launched the “Blast Gigadrops” campaign with partnerships with projects like Thruster, Particle, and MetaStreet. The protocol is looking to expand to more blockchains, starting with Base.
ZAP’s ongoing vault sale is structured like a node sale, offering buyers a daily stream of yet-to-launch ZAP tokens and other benefits. The protocol’s fully diluted token valuation is implied to be $100 million. ZAP is also building a “no-code” token launcher and a token launchpad to offer users access to venture-capital-backed projects.
With 12 people currently working for ZAP in London and the United Arab Emirates, the protocol is looking to hire more for the engineering function. The protocol aims to revolutionize the token launch experience and bring value to projects, investors, and communities.
