Following the statement made at TGE: https://zap-launchpad.notion.site/ZAP-TGE-Statement-3dc11f8506ea44d4ac0b3341bfe1dcf3

We wanted to dig in a little more on some of the details for the sake of transparency, and outline our plans to provide the community with clarity on what it means for ZAP holders.

It’s been a very difficult and volatile week, with lots of tokens hitting the market and a catastrophe on the product side with claiming. While we originally felt prepared for this, with the inexcusable delays from our team on claims and staking, sentiment continued to fall and people understandably panicked, which caused cascaded selling. 

The ZAP team made many mistakes that led to these events, and they will all be addressed in public in the Discord today starting at 10am UTC, where all senior team members, including our lead developer will be present to answer questions. We’re all also making an active effort to ask for feedback, suggestions, and engage with you directly. So please bring your ideas!

On a positive note - we’re increasingly confident that we have found some stability in both the product and the market and have a good plan to turn things around. 

Vaults & Staking

The next halving will be pushed back by 3 months, meaning your tokens will continue to stream at the current pace. Aside from this, for the next 3 months, we are topping up all vault rewards and staking pools from the community treasury.

50% of the liquid community treasury will be used to increase daily vault rewards for 3 months.

20% of the liquid community treasury will be used to increase staking rewards for everyone.

This is a front-loaded and short term solution to give us flexibility to identify the best use of community treasury funds. As things stabilize, we will have a better long term plan. 

We also understand many users claimed their tokens directly from the contract, rather than the claim site, and as a result were unable to stake their vaults. We’ll need a bit of time to get this change implemented, but can use the normal staking contracts and you will be rewarded as if you staked vaults. 

We will also close the vault sale permanently today to avoid dilution of existing holders.

Finally, we will also boost the APY of all staking pools. 

FLEXX x ZAP Labs

The FLEXX.GG team - our first ZAP Labs incubation project, have agreed to airdrop 5% of their total supply to ZAP holders and stakers. While you do not need to stake to earn the airdrop, those that do will be rewarded with a multiplier. ZAP is committed to bringing great teams to the launchpad, with more to be announced this month. 

Flexx is a link-in-bio product focused on crypto consumers, that allows you to flex your crypto holdings without doxxing your wallet. A completely customisable link in bio page with ZAP mission control integration that will allow you to offer your followers quests and earn a passive income. 

Exchanges & Liquidity

Our market makers are continuing to build depth on both Bybit and Gate, but that will also allow price discovery. We have also provided liquidity on Aerodrome and Uniswap. Aside from this, ZAP will continue speaking with other exchanges.

Buy Backs

ZAP will use a portion of our USD reserves to buy back ZAP from the market, this will be steady and done over the next 30 days.

ZAP Airdrop Delay

The 1% community airdrop will be delayed, rest assured that it will be distributed when the market stabilizes. We think it’s irresponsible to unlock 1% of supply that’s completely liquid at this point, and plan to run the airdrop when we are confident we can absorb the selling. While this is not ideal, we think it’s the right decision for the community. 

What’s Next

We know that this week was disappointing. We first want to thank all of you for being patient, and for raising your concerns and complaints. The entire ZAP team is fully committed to moving through this and making things right, and we will continue to discuss internally on possible options to help do right by the ZAP community and bounce back. 

On top of this, we are still committed to making ZAP a global success. Next week, we’ll also share an updated Marketing & Product Roadmap. This will outline our Web2 strategy to bring on Tiktok and Instagram and allow sign on with social media, and fiat ramps to allow new entrants to join ZAP.

Thanks for your continued support,

Francis