Solana News Today: Base Overtakes Solana in Daily Token Creation Driven by Zora's Content Coins

Base, Coinbase’s Layer 2 blockchain, has surpassed Solana as the leading network for daily token creation, marking a significant shift in the on-chain ecosystem since 2023. The surge in activity is largely attributed to Zora, a protocol that allows users to tokenize digital content into tradable assets known as "content coins" [1].

According to data compiled by Sealaunch on Dune Analytics, Base saw over 100,000 new tokens minted on July 27 and 28 alone, with the majority generated through Zora. In contrast, Solana-based platforms such as Pump.fun and LetsBonk saw significantly lower token creation during the same period [1].

Jesse Pollak, the creator of Base, emphasized the milestone, stating that Base now leads in on-chain token issuance. Conor Grogan, a Coinbase executive, also highlighted the development as a major shift in the blockchain landscape [1].

Zora has emerged as a key driver of this trend, enabling users to monetize digital content through tokenization. Although the platform gained initial attention before its April airdrop, recent activity shows renewed interest in content-based tokens [1].

However, critics argue that Zora’s system is largely speculative. Blockchain analysis firm TK Research reported that 93% of Zora participants are classified as traders, while only 6.1% act as creators and less than 1% engage in both roles [1]. AI researcher Sterling Crispin has called these tokens "shitcoins," citing their low liquidity and speculative nature. He described the ecosystem as a "zero-sum game" where retail investors often suffer losses due to pump-and-dump schemes and automated trading bots [1].

Pollak, however, defends the model, arguing that tokens can help correct the long-standing undervaluation of digital content and creators [1].

The shift underscores a broader trend in the evolution of blockchain-based content monetization, with Base now leading in daily token creation for the first time. As platforms like Zora continue to shape user-generated content into tradable assets, the debate around the economic value versus speculative nature of these tokens is likely to persist.

Source: [1] Base surpasses Solana in daily token creation, powered by Zora’s content coins (https://cryptoslate.com/base-surpasses-solana-in-daily-token-creation-powered-by-zoras-content-coins/)