In the last few years, electric utility companies have increasingly invested into transactive energy systems. This trend was primarily caused by the integration of distributed energy resources (DERs) and internet-of-things (IoT) devices into their existing distribution networks. Influenced by the general interest in blockchain technologies, many industry specialists are considering new, more efficient peer-to-peer market structures for DERs. Since blockchain-based energy exchanges can automate transactions between their members and provide increased levels of security thanks to smart contracts, these new initiatives may eventually revolutionize how customers interact with utility companies. In this paper, we explore the trade-off between cost and traceability in the form of on-chain and off-chain solutions. We also propose ZipZap, a first step towards a blockchain-based local smart grid system. ZipZap is an ERC-1155 compliant solution with four different prototypes: Heavyweight, Featherweight, Lightweight and Weightless. The first three prototypes were developed in Solidity and deployed using Ethereum. Heavyweight is fully on-chain, whereas Featherweight and Lightweight showcase various levels of hybridization. Weightless, in turn, was deployed using Quorum, a gas-free alternative to Ethereum. Our evaluation uses realistic parameters and measures the impact of different types of metadata storage scopes, with some Ethereum prototypes showcasing gas cost reductions of more than 97% in comparison to our fully on-chain baseline.