Zapper to launch native utility token ZAP in Q4

Zapper, a DeFi aggregator and portfolio manager, has announced plans for a new token that will power the Zapper Protocol ecosystem.

This will be an open protocol that incentivizes the interpretation and contextualization of on-chain information.  ZAP token will launch in Q4, 2024, the Zapper team noted in an announcement.

Zapper Protocol

Zapper is a top DeFi and NFT tracker platform in the Ethereum ecosystem, and the project envisions bringing more to the community through on-chain literacy.

“By making Ethereum readable, we’re revealing to everyone what it truly is. Ethereum is a social network, and we’re surfacing it. Onchain literacy is freedom. Somewhere onchain, there’s an opportunity to create meaningful connections – just like participating in DeFi in 2019, or creating the generative art ecosystem in 2020,” the Zapper team posted on X.

Zapper Protocol aims to extend this vision within the DeFi, NFTs, Gaming and Onchain Social ecosystem.

Bringing this reality to the market needs tools that make on-chain experience simple for everyday users across the millions of apps available.

The Zapper team has introduced an interpretation layer as the first part of Zapper Protocol. This includes indexing templates designed to simplify data integration via human-readable transactions.

Users will also access two types of interpreters – event interpreters and position interpreters.

With position interpreters, anyone can add missing positions or balances. Meanwhile, event interpreters “translate complex onchain transactions into easy-to-understand, human-readable outputs.”

Zapper’s website indicates key metrics as 4.59 billion total human-readable transactions, 2,500 position interpreters, and 7,200 event interpreters and 12 chains supported.

ZAP utility token

When the protocol launches, Zapper users will earn ZAP as reward for data interpreters. The utility token will launch in Q4. Other than providing incentives, it will power Zapper’s entire ecosystem.

Per the Zapper Protocol litepaper, ZAP will also be distributed to curators that provide valuable service towards increasing the platform’s contextualized on-chain data. 

ZAP will also be a payment currency for access to API services and data.

The post Zapper to launch native utility token ZAP in Q4 appeared first on Invezz