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Base Outpaces Solana in Daily Token Launches - Unchained
Coinbase’s layer 2 network Base has overtaken Solana in daily launchpad token launches, ending the latter’s two years of dominance.
Data from analytics firm SeaLaunch suggests that onchain social network Zora drove most of that activity. Tokens created on Zora spiked after Base integrated with the protocol earlier this month, soaring to a record 54,000 on July 27.
Notably, Zora also saw three consecutive days of token creations that outpaced the combined number of tokens created on popular launchpads LetsBonk and Pump.fun.
“DEX volume of Zora Coins has also spiked and this is a key metric since both creators and referrers earn a % of volume,” said SeaLaunch on X, while noting that it was a small set of tokens driving most of the volume.
This story is an excerpt from the Unchained Daily newsletter.
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“It is an expected pattern in content creation, but the broader the volume distribution across more tokens, the higher the number of creators who get to earn.”
Still, it’s early days for launchpad tokens on Base. As Helius Labs CEO Mert Mumtaz pointed out, the collective market cap of Base launchpad tokens sits at $422 million as against the $5.9 billion on Solana
“For context: zora is a social network and every single new post is a new token. obviously quite a different model than what’s being compared on other chains. not trying to dunk, but adding mcap does show the difference,” said Mumtaz on X.