ZAP, a token distribution protocol built on the Layer 2 network Blast, announced raising $15.1 million in total funding.
ZAP, a token distribution protocol built on the Ethereum Layer 2 network Blast, announced raising $15.1 million in total funding.
"The vault sale will end when we conduct our token generation event in the next few months, Francis said. "If all vaults sell out, we will end up raising a total of $50 million." ZAP was valued at $15 million at the time of its seed round, then its valuation increased to $30 million during the private token round and is now valued at around $100 million, Francis said. "Our ongoing vault sale puts our implied fully diluted token valuation at around $100 million," Francis said.ZAP was founded last November to build a "reputation-based" token distribution protocol on Blast.
While ZAP's token distribution protocol is currently built on Blast, it looks to expand to more blockchains, starting with Base. ZAP is also building a "no-code" token launcher and a token launchpad to offer users access to venture-capital-backed projects.
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