So, what is WAAP? It is an evolution of the WAF, conceptually and it stands for Web Application & API Protection (WAAP). It is similar to WAF in that the primary focus is to defend against layer 7 attacks - slowloris, brute force, L7 DOS, etc. - and also to provide protocol enforcement at layer 4. Another similarity is that both WAF and WAAP focus on the OWASP Top 10 as a framework for development. The glaring difference between the two is the necessitated inclusion of the OWASP Top 10 for APIs, as it is estimated that some 80% of the internet's traffic is now API related. WAAP has an understood bot defense component, as well. In the days of WAF, this was not as prevalent, but I think we all know that bot traffic is nothing short of explosive these days.
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