Zap secures $15M to build reputation-based token distribution protocol
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Saint Vincent, Grenadines, July 25th, 2024, Chainwire
ZAP, the reputation-based token distribution protocol and Big Bang winner on Blast L2, today announced a successful raise of $15 million in a funding round led by Rarestone Capital, Cypher Capital and Sharding Capital. The round also saw participation from Auros Global, Presto Labs, and angels Larry Cermak (CEO, The Block), Chelsea Jiang (Foresight Ventures), and Luca Netz (CEO, Pudgy Penguins), plus notable angels from LayerZero.
ZAP is a community-driven token distribution protocol that validates user contribution to ensure fair and meritocratic rewards, enabling projects to sustainably build and grow their communities. ZAP features a comprehensive suite of products: A questing and airdrops protocol, a no-code token launcher, and a curated launchpad offering access to VC backed projects. These are all supported by Mission Control, ZAP’s questing and reputation system, ensuring fair and community-driven access to token distributions.
ZAP previously raised $11m in March through a “Vault Sale”, using a similar model to the recently popular Node sales used by XAI and Aethir. More recently, they announced a partnership with analytics platform Nansen, who will help the protocol to build advanced, data-driven insights into on-chain users, enhancing ZAP’s offerings and optimizing their questing and airdrops protocols.
“It’s great to be backed not just by industry titans but also have such overwhelming support from the community,” said Carlo, Product Lead at ZAP. “Their support validates our vision of a more inclusive and fair token distribution ecosystem. With this funding, we will further enhance our platform and expand our suite of products to better serve our community and the broader blockchain space.”
ZAP is set to expand its innovative solutions by building new features, growing to new geo-locations, and broadening its reach to different blockchain ecosystems—starting with Base in July. ZAP’s ongoing developments aim to democratize access to early-stage investments and ensure that all participants can engage on a level playing field.
In conjunction with their recent funding milestone, ZAP also launched the Blast Gigadrops Campaign aimed at fostering greater user engagement within the Blast ecosystem. Running from May 27 and still ongoing, it introduces a chapter-based airdrop system, rewarding users for both their social and on-chain interactions with over 20 leading Blast protocols and decentralized applications (dApps). The campaign boasts a prize pool nearing $1 million and includes collaboration with major partners such as Thruster, Particle, and MetaStreet among others.
About Zap
Zap is a community-driven token launch protocol designed to solve the challenges in the token launch space and provide value to both founders and investors. By offering a merit-based model, Zap ensures that all investors have an equal opportunity to participate.
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