In a seismic shift within the cryptocurrency landscape, Base, the Ethereum Layer 2 network powered by Coinbase, has eclipsed Solana in daily token issuances, according to recent data from Dune Analytics. The catalyst? Zora, an emerging on-chain social network where each post transforms into a financial asset, is propelling this dramatic rise. This development follows Coinbase’s July transformation of its Base App into a consumer-centric gateway for on-chain social finance, or “SocialFi,” blending social media dynamics with token minting. As detailed in Coinbase’s Base App Rebrand Sends a Little-Known Token Soaring 440% Amid SocialFi Boom, the rebranding has played a significant role in this shift.
Zora’s Meteoric Rise and the Base App’s Influence
The reimagined Base App has ignited a surge of interest in Zora, leading to a remarkable spike in the ZORA token’s value—soaring by 440% within a single week during the app’s debut. Although the token experienced a 14% dip in the past week, it still boasts an impressive 500% increase over the past month, as per CoinMarketCap data. The relaunch has set Zora’s activities ablaze, with over 1.6 million Creator Coins minted, nearly 3 million unique traders, and a staggering $470 million in total volume.
“The Creator Coin model is simple but powerful,” remarked Dune Analytics in a statement. “Each coin has a fixed supply of 1 billion, with half streamed to creators over five years and the remainder available to the market. Every trade sends 1% in $ZORA back to the content originator, linking engagement directly to earnings.” This innovative model has seemingly simplified token creation to the level of traditional social media, where every post is instantly tradable.
Critics and Speculation: The Double-Edged Sword
Yet, not all is rosy in this burgeoning landscape. Critics argue that the momentum of content token creation and user influx on Zora might be driven more by short-term speculation than genuine engagement. TK Research highlights that a significant portion of Zora users are traders, echoing concerns often associated with memecoins and their perceived lack of practical use cases. This sentiment is mirrored by Solana’s co-founder, who recently referred to meme coins as “digital slop” despite their surge in popularity.
The governance, or perceived lack thereof, within Zora has also drawn some flak across social media platforms. However, despite these debates, the “creator economy” appears to have found fertile ground for retail-driven activity, with Zora sitting at its core.
While some question whether content coins are merely a passing trend or herald the future of digital economies, one thing is undeniable: Base’s memecoin and creator economies are expanding rapidly, with Zora as a pivotal player. As the debate continues, the market remains captivated by the potential of this novel intersection of social media and cryptocurrency.
Looking Ahead: Unanswered Questions
As we move forward, the question remains whether this trend will maintain its momentum or if it will fizzle out amidst scrutiny and skepticism. The integration of financial assets with social media could redefine user engagement across platforms, but it also raises concerns about market stability and the sustainability of such a model.
In the coming months, the cryptocurrency community will be closely watching how these dynamics evolve. Will Zora’s creator economy continue to thrive, or will regulatory challenges and market volatility temper its growth? Only time will tell, but the implications for the future of digital finance are profound and far-reaching.
Source
This article is based on: Base Takes Solana’s Crown in Token Creation as Coinbase’s ‘SocialFi’ Ignites Zora Boom
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
