1/ Zora’s announcement of its native token $ZORA has sparked debate in light of the recent Base is for everyone coin. Let’s dive into the data and cut through the noise to better understand the fundamentals of the protocol🧵

2/ New token mints have increased substantially over the past week, topping 25 thousand in one day.

3/ Transaction counts are down in 2025, with users only doing a few hundred thousand transactions per day on average.

4/ Revenue spiked as high as nearly $140K on a single day last week, although it has dropped sharply since.

5/ Finally, the aggregate coin market cap sits above $12M. Note that this is just a fraction of @pumpdotfun's aggregate coin market cap which is just above $3B.

6/ On April 23, 2025, Zora will launch its native $ZORA token on Base (10B total supply): • Airdrop: 10% • Community Incentives: 20% • Treasury: 20% (unlocked over four years) • Liquidity: 5% • Team: 18.9% • Contributors/Advisors: 26.1%

7/ Although activity has been increasing as of late, it is still small in absolute terms. With the token labeled “for fun only” with no governance or revenue rights, Zora must address strategic ambiguity to sustain genuine creator value.

8/ Subscribe to Blockworks Research to view our full Zora dashboard!