- ZAP declared that a total of $15.1 million had been raised for funding.
- The CEO and founder of ZAP, Francis, went by pseudonym, informed that the token valuation of the Blast-based token distribution technology has hit $100 million.
ZAP, a token distribution solution built on the Ethereum Layer 2 network Blast, disclosed funding totaling $15.1 million.
ZAP’s founder and CEO, Francis, went by pseudonym, said that the cash was raised in three recent rounds: a $2.1 million private round last month, a $900,000 seed in December of last year, and a vault sale now raising $12.1 million.
According to Francis, the seed and private rounds were set up as basic agreements for future tokens, or SAFTs. He compared the vault sale to a node sale and mentioned that purchasers would receive token airdrops from other ecosystem projects in addition to a daily supply of ZAP tokens that have not yet been released.
When we hold our token generation event in the coming months, the vault sale will come to an end, according to Francis. We will have raised $50 million in total if every vault sells out.
According to Francis, ZAP’s valuation climbed from $15 million during its seed phase to $30 million during the private token sale, and it is currently estimated to be worth approximately $100 million. Francis stated that our indicated fully diluted token valuation, based on our ongoing vault sale, is approximately $100 million.
ZAP: What is it?
November of last year saw the creation of ZAP, a reputation-based token distribution system on Blast. According to ZAP, its system verifies user participation to provide equitable and merit-based token payouts, allowing projects to expand and sustainably build their communities.
With the introduction of the Blast Gigadrops campaign, ZAP is rewarding users for interacting with over 20 Blast ecosystem projects on-chain and social media. The campaign involves collaborations with projects including Thruster, Particle, and MetaStreet and offers a reward fund of about $1 million.
ZAP is looking to expand its token distribution mechanism to other blockchains, starting with Base, even though it is currently built on Blast. In addition, ZAP is developing a token launchpad and a no-code token launcher to provide consumers with access to venture capital-backed enterprises.
According to ZAP’s chief of product, Carlo, who goes by pseudonym, “we’re rethinking the token launch experience from first principles,” he said. We can’t wait to see how founders, investors, and communities use ZAP to add incredible value to their projects by providing crypto founders with a smooth means to distribute tokens in accordance with their objectives, be it fostering community, raising money, rewarding specific user profiles, or a mix of the three.
ZAP presently employs twelve individuals in London and the United Arab Emirates, according to Francis, and he is hoping to add a few more for the engineering department.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
