Base, the Ethereum Layer 2 network backed by Coinbase, has overtaken Solana (known for its memecoin support) in daily token issuances, Dune analytics data shows.
The change is in large part driven by Zora, a burgeoning rising on-chain social network where every post becomes a financial asset. It comes on the heels of Coinbase’s July rebrand of the Base App into a consumer-facing gateway for on-chain social finance, or “SocialFi.”
The redesigned app fuses social feeds with token minting, letting users create tokens directly from their posts. That move has helped the little-known ZORA token—which runs on the Base network—jump as much as 440% weekly during the app’s launch. Although the token has slumped nearly 14% in the last seven days, it is still up more than 500% in the last month, according to CoinMarketCap data.
Since the Base App relaunch, activities in Zora have hit all-time highs: over 1.6 million Creator Coins minted, nearly 3 million unique traders, and more than $470 million in total volume, according to Dune.
“The Creator Coin model is simple but powerful,” Dune said in an email.
“Each coin has a fixed 1 billion supply, half streamed to the creator over five years, half open to the market. Every trade sends 1% in $ZORA back to the content originator, linking engagement directly to earnings.”
While the “creator coin” model seems to have simplified token creation to the point that it resembles traditional social media, where every post is instantly tradable, it’s not without its critics.
According to TK Research, the momentum of content token creation and new users in Zora is strong. However, it seems that the majority of Zora users are traders, implying a potential focus on short-term speculation. However, some might argue the same about memecoins due to their lack of use cases.
Meanwhile, Zora’s governance, or lack thereof, has also caused backlash on social media.
Despite the debate, for now, it seems the “creator economy” has found a home for retail-driven activity.
“While debate continues over whether content coins are a fad or the future, one thing is clear: Base’s memecoin and creator economies are growing fast, and Zora is at the center of it,” Dune wrote in the email.