L2 Base Launchpad Zora Announces TGE Amid Jesse Pollak 'Content Coin' Campaign

Zora, a social media platform that turns every post into a token on Coinbase's Base chain, is holding its token generation event on Wednesday, April 23, amid criticism of the timing of a "content coin" campaign led by Base creator Jesse Pollak. A Base token called "Base is for everyone" reached a $16.9 million market cap on Wednesday last week, then fell 92% to $1.3 million within two hours, according to the article. According to Dune data, Zora daily traders rose 601% from 40,638 to an all-time high of 284,931 on Sunday. Pollak says the coin effort was a coincidence and that the Zora team didn't know about it until after it happened, while pseudonymous trader IcoBeast called the timing suspicious.