DeFi Platform Unveils Zapper Protocol and New Utility Token

UTC by Mayowa Adebajo · 2 min read
DeFi Platform Unveils Zapper Protocol and New Utility Token
Photo: Depositphotos

While announcing the Zapper Protocol launch, the Zapper team has also revealed plans for its utility token.

DeFi (Decentralized Finance) aggregator Zapper is taking a new approach to making complex blockchain data more accessible to everyone. That is, with its new reveal the “Zapper Protocol”. This initiative aims to actively engage users to participate in interpreting and contextualizing on-chain information, while also earning rewards for their efforts. With the new protocol, Zapper aims to foster a more informed and engaged DeFi community.

Zapper Takes Aim at Changing On-Chain Data with User Incentives

According to Zapper, a future where “on-chain literacy” is the norm is very possible. This projection is vested in the belief that by simplifying access to blockchain data, they can unlock the true potential of Ethereum, often referred to as the “social network of blockchains”. That is what Zapper Protocol sets out to achieve by offering a user-friendly platform that breaks down complex data into formats that are easily readable and understandable, even for a layman. A statement on X reads:

“By making Ethereum readable, we’re revealing to everyone what it truly is. Ethereum is a social network, and we’re surfacing it.”

Zapper Protocol is launching with a focus on what the company says is the “interpretation layer”. This will allow users to contribute in two major ways. Firstly, there are the Event Interpreters, who will act as translators, transforming complex blockchain transaction data into human-readable formats. The other contributors are the Position Interpreters. These users will focus on filling in missing data points within Zapper’s system, ensuring the platform maintains accurate and comprehensive information.

The Utility Token

While announcing the Zapper Protocol launch, the Zapper team has also revealed plans for its utility token. The ZAP token would serve as an incentive for user participation. This means that users who contribute valuable data interpretations will be rewarded with ZAP tokens. Also, ZAP tokens will be used to facilitate data access within the Zapper Protocol ecosystem.

Notably, this user-driven approach brings several advantages to Zapper. It allows it to continuously improve its data analysis capabilities while also creating a community of engaged users who have made it a business to see the platform succeed.

Founded in 2020, Zapper has already established itself as a big name in the DeFi space. Since launching, the company has recorded various milestones of success, including a $15 million Series A funding round, where it saw backing from renowned investors like Mark Cuban and Sound Ventures.

Altcoin News, Blockchain News, Cryptocurrency News, News
Related Articles