ZAP, a token distribution protocol built on the Ethereum Layer 2 network Blast, announced raising $15.1 million in total funding.

The funding was raised in three recent rounds — $900,000 seed last December, $2.1 million private round last month and $12.1 million in an ongoing "vault sale" — ZAP's pseudonymous founder and CEO Francis told The Block. The seed and private rounds were structured as simple agreements for future tokens (SAFTs), Francis said. As for the vault sale, it is like a node sale, he said, adding that it gives buyers a daily stream of yet-to-launch ZAP tokens and other benefits, such as token airdrops from other ecosystem projects.

"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 …