PANews reported on July 12 that according to The Block, ZAP, a token distribution protocol based on Ethereum Layer2 network Blast, announced that it has raised a total of $15.1 million in funds. The funds were raised in the last three rounds of financing, namely a $900,000 seed round in December last year, a $2.1 million private placement last month, and $12.1 million in ongoing "treasury sales". The structure of seed and private placement financing is simple future token agreements (SAFTs), while treasury sales are similar to node sales. Investors in ZAP's seed and private rounds include Rarestone Capital, Cypher Capital, Sharding Capital, Luca Netz of Pudgy Penguins, Larry Cermak of The Block, and Chelsea Jiang of Foresight Ventures. ZAP was valued at $15 million in the seed round, and the valuation increased to $30 million in the private token round, and is currently valued at approximately $100 million.

According to reports, ZAP was founded in November last year with the aim of building a "reputation-based" token distribution protocol on Blast. ZAP said that its protocol verifies user contributions to ensure fair and meritocratic token rewards, enabling projects to grow sustainably and expand their communities.