A protocol named ZAP has recently made significant strides, reaching a remarkable $100 million valuation with its latest funding round. As a specialized writer well-versed in the intricacies of the digital asset ecosystem, I’m excited to delve into the details and implications of this milestone achievement.
ZAP’s Token Distribution Protocol Raises $15.1 Million
ZAP, a token distribution protocol built on the Ethereum Layer 2 network Blast, has announced that it has raised a total of $15.1 million in funding. This funding was raised across three distinct rounds: a $900,000 seed round last December, a $2.1 million private round last month, and an ongoing “vault sale” that has already generated $12.1 million.
According to ZAP’s pseudonymous founder and CEO, Francis, the seed and private rounds were structured as simple agreements for future tokens (SAFTs), while the vault sale is akin to a node sale, providing buyers with a daily stream of yet-to-launch ZAP tokens and additional benefits such as token airdrops from other ecosystem projects.
Impressive Valuation Growth
The remarkable growth in ZAP’s valuation is a testament to the protocol’s strong performance and the increasing demand for its services. At the time of its seed round, the protocol was valued at $15 million. This valuation then increased to $30 million during the private token round and has now reached an impressive $100 million, as per Francis.
“Our ongoing vault sale puts our implied fully diluted token valuation at around $100 million,” Francis revealed, highlighting the substantial investor interest and confidence in ZAP’s potential.
ZAP’s Vision: Reputation-Based Token Distribution
ZAP was founded last November with the goal of building a “reputation-based” token distribution protocol on the Blast network. The protocol aims to validate user contributions, ensuring fair and meritocratic token rewards, enabling projects to sustainably develop and grow their communities.
Recently, ZAP launched the “Blast Gigadrops” campaign, rewarding users for their social and on-chain interactions with over 20 Blast ecosystem projects. This campaign boasts a prize pool of around $1 million and has partnerships with projects such as Thruster, Particle, and MetaStreet.
Expanding Beyond Blast
While ZAP’s token distribution protocol is currently built on the Blast network, the protocol has plans to expand to other blockchains, with Base being the next target. Additionally, ZAP is developing a “no-code” token launcher and a token launchpad to offer users access to venture-capital-backed projects, further diversifying its offerings.
“We’re rethinking the token launch experience from first principles,” said ZAP’s pseudonymous head of product, Carlo. “By offering crypto founders a seamless way to distribute tokens according to their goals, whether that’s building community, raising capital, rewarding certain user profiles, or a combination of the three, we can’t wait to see how founders, investors and communities leverage ZAP to bring insane value to their projects.”
Conclusion
The journey of ZAP’s token distribution protocol is a compelling story within the rapidly evolving cryptocurrency landscape. With its innovative approach to token distribution, impressive valuation growth, and plans for further expansion, ZAP is positioned to play a significant role in shaping the future of token economies and community-driven projects. As a specialized writer, I’m eager to follow the continued progress and impact of this promising protocol in the months and years to come.